Janus Investment Fund (2022)

Janus Investment Fund

▼ October 28, 2010Fixed IncomeJanus Flexible Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Janus High-Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Janus Short-Term Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . .Class ASharesTickerClass C Class S Class IShares Shares SharesTicker Ticker TickerClass R Class T*Shares SharesTickerTickerJDFAXJHYAXJSHAXJFICXJDHCXJSHCXJDFRXJHYRXN/AJADFXJDHYXJSHSXJFLEXJHYFXJSHIXJAFIXJAHYXJASBXJanus Investment FundProspectus*Formerly named Class J SharesThe Securities and Exchange Commission has not approved or disapproved of these securities or passed on the accuracy oradequacy of this Prospectus. Any representation to the contrary is a criminal offense.This Prospectus describes three portfolios (each, a “Fund” and collectively, the “Funds”) of Janus Investment Fund(the “Trust”). Janus Capital Management LLC (“Janus Capital” or “Janus”) serves as investment adviser to eachFund.The Funds offer multiple classes of shares in order to meet the needs of various types of investors. Class A Shares,Class C Shares, Class S Shares, Class I Shares, Class R Shares, and Class T Shares (individually and/or collectively,the “Shares”) are offered by this Prospectus.The Shares are not offered directly to individual investors. Certain financial intermediaries may not offer allclasses of Shares. For additional information about these classes of shares and whether or not you are eligible topurchase these Shares, please refer to the Shareholder’s Guide section of the Prospectus.TABLEFUNDOF CONTENTSSUMMARYJanus Flexible Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Janus High-Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7Janus Short-Term Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12ADDITIONALINFORMATION ABOUT THEFUNDSFees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Additional investment strategies and general portfolio policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Risks of the Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22MANAGEMENTOF THEFUNDSInvestment adviser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Management expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Investment personnel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .DISTRIBUTIONS AND TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .SHAREHOLDER’S GUIDEPricing of fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Choosing a share class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Distribution, servicing, and administrative fees . . . . . . . . . . . . . . . . .Payments to financial intermediaries by Janus Capital or its affiliates .Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Redemption fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Excessive trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Shareholder communications . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32333536374141434446FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .GLOSSARY OF INVESTMENT TERMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .EXPLANATION OF RATING CATEGORIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47Janus Investment Fund..................................................................................................................................................................................................................................................................................................30..........1..........286469FUNDSUMMARYJanus Flexible Bond FundTicker:JDFAX Class A SharesJFICX Class C SharesJADFX Class S SharesJFLEX Class I SharesJDFRX Class R SharesJAFIX Class T SharesINVESTMENT OBJECTIVEJanus Flexible Bond Fund seeks to obtain maximum total return, consistent with preservation of capital.FEES AND EXPENSES OF THE FUNDThis table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class hasdifferent expenses, but represents an investment in the same Fund. For Class A Shares, you may qualify for sales chargediscounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Janus mutualfunds. More information about these and other discounts, as well as eligibility requirements for each share class, is availablefrom your financial professional and in the “Purchases” section on page 37 of the Fund’s Prospectus and in the “Purchases”section on page 76 of the Fund’s Statement of Additional Information.SHAREHOLDER FEES(fees paid directly from your investment)Maximum Sales Charge (load) Imposed on Purchases (as a percentage ofoffering price)Maximum Deferred Sales Charge (load) (as a percentage of the lower oforiginal purchase price or redemption proceeds)ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value ofyour investment)Management FeesDistribution/Service (12b-1) FeesOther ExpensesTotal Annual Fund Operating Expenses(1)Fee Waiver(1)Net Annual Fund Operating Expenses After Fee Waiver(1)Class AClass CClass SClass IClass RClass T4.75%NoneNoneNoneNoneNoneNone1.00%NoneNoneNoneNoneClass AClass CClass SClass IClass RClass T0.41%0.25%0.10%0.76%0.00%0.76%0.41%1.00%0.10%1.51%0.00%1.51%0.41%0.25%0.29%0.95%0.00%0.95%0.41%None0.18%0.59%0.04%0.55%0.41%0.50%0.29%1.20%0.00%1.20%0.41%None0.29%0.70%0.00%0.70%(1) Janus Capital has contractually agreed to waive the Fund’s total annual fund operating expenses (excluding the distribution and shareholder servicing fees(applicable to Class A Shares, Class C Shares, Class S Shares, and Class R Shares), administrative services fees payable pursuant to the Transfer AgencyAgreement (applicable to Class S Shares, Class R Shares, and Class T Shares), brokerage commissions, interest, dividends, taxes, and extraordinaryexpenses including, but not limited to, acquired fund fees and expenses) to 0.55% until at least November 1, 2011. The contractual waiver may beterminated or modified at any time prior to this date only at the discretion of the Board of Trustees.EXAMPLE:The following Example is based on expenses without waivers. The Example is intended to help you compare the cost ofinvesting in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in theFund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that yourinvestment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. Althoughyour actual costs may be higher or lower, based on these assumptions your costs would be:If Shares are redeemed:1 Year 3 Years 5 Years 10 YearsClassClassClassClassClassClass$ 549$ 254$ 97$ 60$ 122$ 72A SharesC SharesS SharesI SharesR SharesT Shares2Janus Flexible Bond Fund$$$$$$706477303189381224$$$$$$877824525329660390$$$$$$1,3721,8021,1667381,455871If Shares are not redeemed:1 Year 3 Years 5 Years 10 YearsClassClassClassClassClassClass$ 549$ 154$ 97$ 60$ 122$ 72A SharesC SharesS SharesI SharesR SharesT Shares$$$$$$706477303189381224$$$$$$877824525329660390$$$$$$1,3721,8021,1667381,455871Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in theExample, affect the Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 130% ofthe average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIESThe Fund pursues its investment objective by primarily investing, under normal circumstances, at least 80% of its net assetsin bonds. Bonds include, but are not limited to, government bonds, corporate bonds, convertible bonds, mortgage-backedsecurities, and zero-coupon bonds. The Fund will invest at least 65% of its assets in investment grade debt securities and willmaintain an average-weighted effective maturity of five to ten years. The Fund will limit its investment in high-yield/high-riskbonds, also known as “junk bonds,” to 35% or less of its net assets. The Fund generates total return from a combination ofcurrent income and capital appreciation, but income is usually the dominant portion. Due to the nature of the securities inwhich the Fund invests, it may have relatively high portfolio turnover compared to other Funds.In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, the portfoliomanagers apply a “bottom up” approach in choosing investments. This means that the portfolio managers look at incomeproducing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent withthe Fund’s investment policies.The Fund may also invest in foreign debt securities, which may include investments in emerging markets.The Fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to 1⁄3 of its total assetsas determined at the time of the loan origination.PRINCIPAL INVESTMENT RISKSAlthough the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund’s returns andyields will vary, and you could lose money.Fixed-Income Securities Risk. The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-incomesecurities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interestrate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund’snet asset value to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interestrates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk,prepayment risk, valuation risk, and liquidity risk.Mortgage-Backed Securities Risk. Mortgage-backed securities tend to be more sensitive to changes in interest rates thanother types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowersextend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off theirmortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition,investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higherdegree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.High-Yield/High-Risk Bond Risk. High-yield/high-risk bonds may be more sensitive than other types of bonds to economicchanges, political changes, or adverse developments specific to the company that issued the bond, which may adversely affecttheir value.3Janus Flexible Bond FundPortfolio Turnover Risk. Increased portfolio turnover may result in higher costs, which may have a negative effect on theFund’s performance.Foreign Exposure Risk. The Fund may have significant exposure to foreign markets, including emerging markets, which canbe more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree byfluctuations in currency exchange rates or political or economic conditions in a particular country. A market swing in one ormore countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on theFund’s performance than it would in a more geographically diversified portfolio. The Fund’s investments in emerging marketcountries may involve risks greater than, or in addition to, the risks of investing in more developed countries.Securities Lending Risk. The Fund may seek to earn additional income through lending its securities to certain qualifiedbroker-dealers and institutions. There is the risk that when portfolio securities are lent, the securities may not be returned ona timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral. Ifthe Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in themarket. There is a risk that the value of the collateral could decrease below the value of the replacement security, resulting ina loss to the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation orany other government agency.PERFORMANCE INFORMATIONThe following information provides some indication of the risks of investing in the Fund by showing how the Fund’sperformance has varied over time. Class T Shares (formerly named Class J Shares, the initial share class) of the Fundcommenced operations with the Fund’s inception. Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class RShares of the Fund commenced operations on July 6, 2009.• The performance shown for Class T Shares is calculated using the fees and expenses of Class T Shares in effect during theperiods shown, net of any fee and expense limitations or waivers.• The performance shown for Class A Shares, Class C Shares, Class S Shares, and Class R Shares for periods prior to July 6,2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of each respectiveshare class, without the effect of any fee and expense limitations or waivers.• The performance shown for Class I Shares for periods prior to July 6, 2009, reflects the performance of the Fund’s formerClass J Shares, calculated using the fees and expenses of Class J Shares, without the effect of any fee and expense limitationsor waivers.If Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class R Shares of the Fund had been available duringperiods prior to July 6, 2009, the performance shown for each respective share class may have been different. Theperformance shown for periods following the Fund’s commencement of Class A Shares, Class C Shares, Class S Shares, Class IShares, and Class R Shares reflects the fees and expenses of each respective share class, net of any fee and expense limitationsor waivers.The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do notinclude any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of theFund. If sales charges were included, the returns would be lower. The table compares the Fund’s average annual returns forthe periods indicated to a broad-based securities market index. The index is not actively managed and is not available fordirect investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund’s performancereflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have beenlower.The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updatedperformance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.4Janus Flexible Bond FundAnnual Total Returns for Class T Shares (calendar year-end)4.89%20007.23%200112.54%9.93%6.37%2002Best Quarter: Third Quarter 20093.82%20035.58%20041.79%20054.12%2006Worst Quarter: Second Quarter 20046.87%5.64%20072008200910 YearsSinceInception(7/7/87)⫺2.99%The Fund’s year-to-date return as of the calendar quarter ended September 30, 2010 was 8.62%.Average Annual Total Returns (periods ended 12/31/09)1 Year5 YearsClass T SharesReturn Before Taxes12.54%6.13%6.28%7.59%Return After Taxes on Distributions10.64%4.45%4.35%4.92%Return After Taxes on Distributions and Sale of Fund Shares(1)8.12%4.23%4.20%4.87%Barclays Capital U.S. Aggregate Bond Index(reflects no deduction for expenses, fees, or taxes)5.93%4.97%6.33%6.31%Return Before Taxes(2)7.06%5.07%5.74%7.35%Barclays Capital U.S. Aggregate Bond Index(reflects no deduction for expenses, fees, or taxes)5.93%4.97%6.33%6.31%Return Before Taxes(3)9.97%5.39%5.56%6.91%Barclays Capital U.S. Aggregate Bond Index(reflects no deduction for expenses, fees, or taxes)5.93%4.97%6.33%6.31%12.07%5.89%6.05%7.44%5.93%4.97%6.33%6.31%12.54%6.13%6.27%7.59%5.93%4.97%6.33%6.31%11.59%5.65%5.81%7.18%5.93%4.97%6.33%6.31%Class A SharesClass C SharesClass S SharesReturn Before TaxesBarclays Capital U.S. Aggregate Bond Index(reflects no deduction for expenses, fees, or taxes)Class I SharesReturn Before TaxesBarclays Capital U.S. Aggregate Bond Index(reflects no deduction for expenses, fees, or taxes)Class R SharesReturn Before TaxesBarclays Capital U.S. Aggregate Bond Index(reflects no deduction for expenses, fees, or taxes)(1) If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s otherreturn figures.(2) Calculated assuming maximum permitted sales loads.(3) The one year return is calculated to include the contingent deferred sales charge.5Janus Flexible Bond FundAfter-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initialshare class). After-tax returns are calculated using the historically highest individual federal marginal income tax rates and donot reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differfrom those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares heldthrough a tax-deferred account, such as a 401(k) plan or an IRA.After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will varyfrom those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.MANAGEMENTInvestment Adviser: Janus Capital Management LLCPortfolio Managers: Gibson Smith, Co-Chief Investment Officer of Janus Capital, is Executive Vice President and CoPortfolio Manager of the Fund, which he has co-managed since May 2007. Darrell Watters is Executive Vice President andCo-Portfolio Manager of the Fund, which he has co-managed since May 2007.PURCHASE AND SALE OF FUND SHARESMinimum Investment Requirements*Class A Shares, Class C Shares**, Class S Shares, Class R Shares, and Class T SharesNon-retirement accounts$2,500Certain tax-deferred accounts or UGMA/UTMA accounts$500Class I SharesInstitutional investors (investing directly with Janus)$1,000,000Through an intermediary institution• non-retirement accounts• certain tax-deferred accounts or UGMA/UTMA accounts$$2,500500* Exceptions to these minimums may apply for certain tax-deferred, tax-qualified and retirement plans, and accounts held through certain wrap programs.** The maximum purchase in Class C Shares is $500,000 for any single purchase. The sales charge and expense structure of Class A Shares may be moreadvantageous for investors purchasing more than $500,000 of Fund shares.Purchases, exchanges, and redemptions can generally be made only through institutional channels, such as financialintermediaries and retirement platforms. Class I Shares may be purchased directly by certain institutional investors. Youshould contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund.Requests must be received in good order by the Fund or its agents (financial intermediary or plan sponsor, if applicable)prior to the close of the regular trading session of the New York Stock Exchange in order to receive that day’s net asset value.For additional information, refer to “Purchases,” “Exchanges,” and/or “Redemptions” in the Prospectus.TAX INFORMATIONThe Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through atax-deferred arrangement, such as a 401(k) plan or an individual retirement account.PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIESIf you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its relatedcompanies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict ofinterest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over anotherinvestment or to recommend one share class over another. Ask your salesperson or visit your financial intermediary’s websitefor more information.6Janus Flexible Bond FundFUNDSUMMARYJanus High-Yield FundTicker:JHYAX Class A SharesJDHCX Class C SharesJDHYX Class S SharesJHYFX Class I SharesJHYRX Class R SharesJAHYX Class T SharesINVESTMENT OBJECTIVESJanus High-Yield Fund seeks to obtain high current income. Capital appreciation is a secondary investment objective whenconsistent with its primary investment objective.FEES AND EXPENSES OF THE FUNDThis table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class hasdifferent expenses, but represents an investment in the same Fund. For Class A Shares, you may qualify for sales chargediscounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Janusmutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, isavailable from your financial professional and in the “Purchases” section on page 37 of the Fund’s Prospectus and in the“Purchases” section on page 76 of the Fund’s Statement of Additional Information.SHAREHOLDER FEES(fees paid directly from your investment)Maximum Sales Charge (load) Imposed on Purchases (as a percentage ofoffering price)Maximum Deferred Sales Charge (load) (as a percentage of the lower oforiginal purchase price or redemption proceeds)Redemption fee on Shares held for 90 days or less (as a percentage ofamount redeemed)ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value ofyour investment)Management FeesDistribution/Service (12b-1) FeesOther ExpensesTotal Annual Fund Operating Expenses(1)Class AClass CClass SClass IClass RClass T4.75%NoneNoneNoneNoneNoneNone1.00%NoneNoneNoneNoneNoneNone2.00%2.00%2.00%2.00%Class AClass CClass SClass IClass RClass T0.58%0.25%0.09%0.92%0.58%1.00%0.07%1.65%0.58%0.25%0.29%1.12%0.58%None0.06%0.64%0.58%0.50%0.29%1.37%0.58%None0.30%0.88%(1) Janus Capital has contractually agreed to waive the Fund’s total annual fund operating expenses (excluding the distribution and shareholder servicing fees(applicable to Class A Shares, Class C Shares, Class S Shares, and Class R Shares), administrative services fees payable pursuant to the Transfer AgencyAgreement (applicable to Class S Shares, Class R Shares, and Class T Shares), brokerage commissions, interest, dividends, taxes, and extraordinaryexpenses including, but not limited to, acquired fund fees and expenses) to 0.78% until at least November 1, 2011. The contractual waiver may beterminated or modified at any time prior to this date only at the discretion of the Board of Trustees.EXAMPLE:The following Example is based on expenses without waivers. The Example is intended to help you compare the cost ofinvesting in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in theFund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your7Janus High-Yield Fundinvestment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. Althoughyour actual costs may be higher or lower, based on these assumptions your costs would be:If Shares are redeemed:1 Year 3 Years 5 Years 10 YearsClassClassClassClassClassClass$$$$$$A SharesC SharesS SharesI SharesR SharesT Shares5642681146513990$$$$$$754520356205434281$$$$$$960897617357750488$$$$$$1,5531,9551,3637981,6461,084If Shares are not redeemed:1 Year 3 Years 5 Years 10 YearsClassClassClassClassClassClass$$$$$$A SharesC SharesS SharesI SharesR SharesT Shares5641681146513990$$$$$$754520356205434281$$$$$$960897617357750488$$$$$$1,5531,9551,3637981,6461,084Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in theExample, affect the Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 91% ofthe average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIESThe Fund pursues its investment objectives by investing, under normal circumstances, at least 80% of its net assets in highyield/high-risk securities rated below investment grade. Securities rated below investment grade may include their unratedequivalents or other high-yielding securities the portfolio managers believe offer attractive risk/return characteristics. TheFund may at times invest all of its assets in such securities. Due to the nature of securities in which the Fund invests, it mayhave relatively high portfolio turnover compared to other funds.In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, the portfoliomanagers apply a “bottom up” approach in choosing investments. This means that the portfolio managers look at incomeproducing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent withthe Fund’s investment policies.The Fund may also invest in foreign debt securities, which may include investments in emerging markets.The Fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to 1⁄3 of its total assetsas determined at the time of the loan origination.PRINCIPAL INVESTMENT RISKSAlthough the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund’s returns andyields will vary, and you could lose money.Fixed-Income Securities Risk. The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-incomesecurities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interestrate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund’snet asset value to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interestrates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk,prepayment risk, valuation risk, and liquidity risk.8Janus High-Yield FundHigh-Yield/High-Risk Bond Risk. The Fund may invest without limit in higher-yielding/higher-risk bonds, also known as“junk” bonds. High-yield/high-risk bonds may be more sensitive than other types of bonds to economic changes, politicalchanges, or adverse developments specific to the company that issued the bond, which may adversely affect their value.Portfolio Turnover Risk. Increased portfolio turnover may result in higher costs, which may have a negative effect on theFund’s performance.Foreign Exposure Risk. The Fund may have significant exposure to foreign markets, including emerging markets, which canbe more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree byfluctuations in currency exchange rates or political or economic conditions in a particular country. A market swing in one ormore countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on theFund’s performance than it would in a more geographically diversified portfolio. The Fund’s investments in emerging marketcountries may involve risks greater than, or in addition to, the risks of investing in more developed countries.Securities Lending Risk. The Fund may seek to earn additional income through lending its securities to certain qualifiedbroker-dealers and institutions. There is the risk that when portfolio securities are lent, the securities may not be returned ona timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral. Ifthe Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in themarket. There is a risk that the value of the collateral could decrease below the value of the replacement security, resulting ina loss to the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation orany other government agency.PERFORMANCE INFORMATIONThe following information provides some indication of the risks of investing in the Fund by showing how the Fund’sperformance has varied over time. Class T Shares (formerly named Class J Shares, the initial share class) of the Fundcommenced operations with the Fund’s inception. Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class RShares of the Fund commenced operations on July 6, 2009.• The performance shown for Class T Shares is calculated using the fees and expenses of Class T Shares in effect during theperiods shown, net of any fee and expense limitations or waivers.• The performance shown for Class A Shares, Class C Shares, Class S Shares, and Class R Shares for periods prior to July 6,2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of each respectiveshare class, without the effect of any fee and expense limitations or waivers.• The performance shown for Class I Shares for periods prior to July 6, 2009, reflects the performance of the Fund’s formerClass J Shares, calculated using the fees and expenses of Class J Shares, without the effect of any fee and expense limitationsor waivers.If Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class R Shares of the Fund had been available duringperiods prior to July 6, 2009, the performance shown for each respective share class may have been different. Theperformance shown for periods following the Fund’s commencement of Class A Shares, Class C Shares, Class S Shares, Class IShares, and Class R Shares reflects the fees and expenses of each respective share class, net of any fee and expense limitationsor waivers.The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do notinclude any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of theFund. If sales charges were included, the returns would be lower. The table compares the Fund’s average annual returns forthe periods indicated to a broad-based securities market index. The index is not actively managed and is not available fordirect investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund’s performancereflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have beenlower.The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updatedperformance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.9Janus High-Yield FundAnnual Total Returns for Class T Shares (calendar year-end)40.86%16.04%2.50%4.59%9.42%2.56%2.77%11.10%1.35%⫺19.32%200020012002Best Quarter: Second Quarter 20092003200414.93%20052006Worst Quarter: Fourth Quarter 2008200720082009⫺12.96%The Fund’s year-to-date return as of the calendar quarter ended September 30, 2010 was 10.35%.Average Annual Total Returns (periods ended 12/31/09)1 Year5 Years10 YearsSinceInception(12/29/95)Class T SharesReturn Before Taxes40.86%5.63%6.26%7.63%Return After Taxes on Distributions35.12%2.51%3.24%4.27%Return After Taxes on Distributions and Sale of Fund Shares(1)26.01%2.91%3.48%4.44%Barclays Capital U.S. Corporate High-Yield Bond Index(reflects no deduction for expenses, fees, or taxes)58.21%6.46%6.71%6.79%Class A SharesReturn Before Taxes(2)33.78%4.49%5.68%7.20%Barclays Capital U.S. Corporate High-Yield Bond Index(reflects no deduction for expenses, fees or taxes)58.21%6.46%6.71%6.79%Class C SharesReturn Before Taxes(3)37.78%4.80%5.46%6.83%Barclays Capital U.S. Corporate High-Yield Bond Index(reflects no deduction for expenses, fees, or taxes)58.21%6.46%6.71%6.79%Class S SharesReturn Before Taxes40.10%5.29%5.96%7.34%Barclays Capital U.S. Corporate High-Yield Bond Index(reflects no deduction for expenses, fees, or taxes)58.21%6.46%6.71%6.79%Class I SharesReturn Before Taxes40.86%5.63%6.26%7.63%Barclays Capital U.S. Corporate High-Yield Bond Index(reflects no deduction for expenses, fees, or taxes)58.21%6.46%6.71%6.79%Class R SharesReturn Before Taxes39.42%5.02%5.70%7.08%Barclays Capital U.S. Corporate High-Yield Bond Index(reflects no deduction for expenses, fees, or taxes)58.21%6.46%6.71%6.79%(1) If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s otherreturn figures.(2) Calculated assuming maximum permitted sales loads.(3) The one year return is calculated to include the contingent deferred sales charge.10Janus High-Yield FundAfter-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initialshare class). After-tax returns are calculated using the historically highest individual federal marginal income tax rates and donot reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differfrom those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares heldthrough a tax-deferred account, such as a 401(k) plan or an IRA.After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will varyfrom those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.MANAGEMENTInvestment Adviser: Janus Capital Management LLCPortfolio Managers: Gibson Smith, Co-Chief Investment Officer of Janus Capital, is Executive Vice President and CoPortfolio Manager of the Fund, which he has managed or co-managed since 2003. Darrell Watters is Executive VicePresident and Co-Portfolio Manager of the Fund, which he has co-managed since July 2008.PURCHASE AND SALE OF FUND SHARESMinimum Investment Requirements*Class A Shares, Class C Shares**, Class S Shares, Class R Shares, and Class T SharesNon-retirement accounts$2,500Certain tax-deferred accounts or UGMA/UTMA accounts$500Class I SharesInstitutional investors (investing directly with Janus)$1,000,000Through an intermediary institution• non-retirement accounts• certain tax-deferred accounts or UGMA/UTMA accounts$$2,500500* Exceptions to these minimums may apply for certain tax-deferred, tax-qualified and retirement plans, and accounts held through certain wrap programs.** The maximum purchase in Class C Shares is $500,000 for any single purchase. The sales charge and expense structure of Class A Shares may be moreadvantageous for investors purchasing more than $500,000 of Fund shares.Purchases, exchanges, and redemptions can generally be made only through institutional channels, such as financialintermediaries and retirement platforms. Class I Shares may be purchased directly by certain institutional investors. Youshould contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund.Requests must be received in good order by the Fund or its agents (financial intermediary or plan sponsor, if applicable)prior to the close of the regular trading session of the New York Stock Exchange in order to receive that day’s net asset value.For additional information, refer to “Purchases,” “Exchanges,” and/or “Redemptions” in the Prospectus.TAX INFORMATIONThe Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through atax-deferred arrangement, such as a 401(k) plan or an individual retirement account.PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIESIf you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its relatedcompanies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict ofinterest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over anotherinvestment or to recommend one share class over another. Ask your salesperson or visit your financial intermediary’s websitefor more information.11Janus High-Yield FundFUNDSUMMARYJanus Short-Term Bond FundTicker:JSHAX Class A SharesJSHCX Class C SharesJSHSX Class S SharesJSHIX Class I SharesJASBX Class T SharesINVESTMENT OBJECTIVEJanus Short-Term Bond Fund seeks as high a level of current income as is consistent with preservation of capital.FEES AND EXPENSES OF THE FUNDThis table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. Each share class hasdifferent expenses, but represents an investment in the same Fund. For Class A Shares, you may qualify for sales chargediscounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Janusmutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, isavailable from your financial professional and in the “Purchases” section on page 37 of the Fund’s Prospectus and in the“Purchases” section on page 76 of the Fund’s Statement of Additional Information.SHAREHOLDER FEES(fees paid directly from your investment)Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offeringprice)Maximum Deferred Sales Charge (load) (as a percentage of the lower of originalpurchase price or redemption proceeds)ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment)Management FeesDistribution/Service (12b-1) FeesOther ExpensesTotal Annual Fund Operating Expenses(1)Fee Waiver(1)Net Annual Fund Operating Expenses After Fee Waiver(1)Class AClass CClass SClass IClass T2.50%NoneNoneNoneNoneNone1.00%NoneNoneNoneClass AClass CClass SClass IClass T0.55%0.25%0.04%0.84%0.04%0.80%0.55%1.00%0.04%1.59%0.04%1.55%0.55%0.25%0.29%1.09%0.04%1.05%0.55%None0.04%0.59%0.04%0.55%0.55%None0.29%0.84%0.04%0.80%(1) Janus Capital has contractually agreed to waive the Fund’s total annual fund operating expenses (excluding the distribution and shareholder servicing fees(applicable to Class A Shares, Class C Shares, and Class S Shares), administrative services fees payable pursuant to the Transfer Agency Agreement(applicable to Class S Shares and Class T Shares), brokerage commissions, interest, dividends, taxes, and extraordinary expenses including, but notlimited to, acquired fund fees and expenses) to 0.55% until at least November 1, 2011. The contractual waiver may be terminated or modified at anytime prior to this date only at the discretion of the Board of Trustees.EXAMPLE:The following Example is based on expenses without waivers. The Example is intended to help you compare the cost ofinvesting in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in theFund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that yourinvestment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. Althoughyour actual costs may be higher or lower, based on these assumptions your costs would be:If Shares are redeemed:1 Year 3 Years 5 Years 10 YearsClassClassClassClassClass$ 334$ 262$ 111$ 60$ 86A SharesC SharesS SharesI SharesT Shares12Janus Short-Term Bond Fund$$$$$511502347189268$$$$$704866601329466$$$$$1,2611,8891,3297381,037If Shares are not redeemed:1 Year 3 Years 5 Years 10 YearsClassClassClassClassClass$ 334$ 162$ 111$ 60$ 86A SharesC SharesS SharesI SharesT Shares$$$$$511502347189268$$$$$704866601329466$$$$$1,2611,8891,3297381,037Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in theExample, affect the Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 50% ofthe average value of its portfolio.PRINCIPAL INVESTMENT STRATEGIESThe Fund invests, under normal circumstances, at least 80% of its net assets in short- and intermediate-term securities suchas corporate bonds or notes or government securities, including agency securities. The Fund may invest up to 35% of its netassets in high-yield/high risk bonds, also known as “junk bonds.” The Fund expects to maintain an average-weighted effectivematurity of three years or less under normal circumstances. Due to the nature of securities in which the Fund invests, it mayhave relatively high portfolio turnover compared to other funds.“Effective” maturity differs from actual maturity, which may be longer. In calculating the “effective” maturity the portfoliomanagers will estimate the effect of expected principal payments and call provisions on securities held in the portfolio. Thisgives the portfolio managers some additional flexibility in the securities they purchase, but all else being equal, could resultin more volatility than if the Fund calculated an actual maturity target.In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, the portfoliomanagers apply a “bottom up” approach in choosing investments. This means that the portfolio managers look at incomeproducing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent withthe Fund’s investment policies.The Fund may also invest in foreign debt securities, which may include investments in emerging markets.The Fund may invest its assets in derivatives (by taking long and/or short positions). The Fund may use derivatives fordifferent purposes, including hedging (to offset risks associated with an investment, currency exposure, or market conditions)and to earn income and enhance returns.The Fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to 1⁄3 of its total assetsas determined at the time of the loan origination.PRINCIPAL INVESTMENT RISKSAlthough the Fund may be less volatile than funds that invest most of their assets in common stocks, the Fund’s returns andyields will vary, and you could lose money.Fixed-Income Securities Risk. The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-incomesecurities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interestrate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund’snet asset value to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interestrates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk,prepayment risk, valuation risk, and liquidity risk.Mortgage-Backed Securities Risk. Mortgage-backed securities tend to be more sensitive to changes in interest rates thanother types of securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowersextend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off theirmortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition,13Janus Short-Term Bond Fundinvestments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higherdegree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.High-Yield/High-Risk Bond Risk. High-yield/high-risk bonds may be more sensitive than other types of bonds to economicchanges, political changes, or adverse developments specific to the company that issued the bond, which may adversely affecttheir value.Portfolio Turnover Risk. Increased portfolio turnover may result in higher costs, which may have a negative effect on theFund’s performance.Foreign Exposure Risk. The Fund may have significant exposure to foreign markets, including emerging markets, which canbe more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree byfluctuations in currency exchange rates or political or economic conditions in a particular country. A market swing in one ormore countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on theFund’s performance than it would in a more geographically diversified portfolio. The Fund’s investments in emerging marketcountries may involve risks greater than, or in addition to, the risks of investing in more developed countries.Derivatives Risk. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referencedsecurities. Gains or losses from a derivative can be substantially greater than the derivative’s original cost, and can thereforeinvolve leverage. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty willdefault on its payment obligations to the Fund.Securities Lending Risk. The Fund may seek to earn additional income through lending its securities to certain qualifiedbroker-dealers and institutions. There is the risk that when portfolio securities are lent, the securities may not be returned ona timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral. Ifthe Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in themarket. There is a risk that the value of the collateral could decrease below the value of the replacement security, resulting ina loss to the Fund.An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation orany other government agency.PERFORMANCE INFORMATIONThe following information provides some indication of the risks of investing in the Fund by showing how the Fund’sperformance has varied over time. Class T Shares (formerly named Class J Shares, the initial share class) of the Fundcommenced operations with the Fund’s inception. Class A Shares, Class C Shares, Class S Shares, and Class I Shares of theFund commenced operations on July 6, 2009.• The performance shown for Class T Shares is calculated using the fees and expenses of Class T Shares in effect during theperiods shown, net of any fee and expense limitations or waivers.• The performance shown for Class A Shares, Class C Shares, Class S Shares, and Class I Shares for periods prior to July 6,2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of each respectiveshare class, without the effect of any fee and expense limitations or waivers.If Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund had been available during periods prior toJuly 6, 2009, the performance shown for each respective share class may have been different. The performance shown forperiods following the Fund’s commencement of Class A Shares, Class C Shares, Class S Shares, and Class I Shares reflects thefees and expenses of each respective share class, net of any fee and expense limitations or waivers.The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do notinclude any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of theFund. If sales charges were included, the returns would be lower. The table compares the Fund’s average annual returns forthe periods indicated to a broad-based securities market index. The index is not actively managed and is not available fordirect investment. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund’s performancereflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have beenlower.14Janus Short-Term Bond FundThe Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updatedperformance information is available at janus.com/advisor/mutual-funds or by calling 1-877-335-2687.Annual Total Returns for Class T Shares (calendar year-end)7.74%20008.56%6.85%20013.57%3.91%20022003Best Quarter: Second Quarter 20093.18%1.96%1.52%200420054.21%5.21%4.63%2006200720082009Worst Quarter: Second Quarter 2008⫺0.90%The Fund’s year-to-date return as of the calendar quarter ended September 30, 2010 was 3.29%.Average Annual Total Returns (periods ended 12/31/09)1 Year5 Years10 YearsSinceInception(9/1/92)Return Before Taxes8.56%4.80%4.79%4.91%Return After Taxes on Distributions7.23%3.48%3.35%3.09%Return After Taxes on Distributions and Sale of Fund Shares(1)5.54%3.32%3.24%3.05%Barclays Capital 1-3 Year U.S. Government/Credit Index(reflects no deduction for expenses, fees, or taxes)3.83%4.32%4.86%5.10%Return Before Taxes(2)3.02%3.35%3.82%4.15%Barclays Capital 1-3 Year U.S. Government/Credit Index(reflects no deduction for expenses, fees, or taxes)3.83%4.32%4.86%5.10%Return Before Taxes(3)6.79%3.82%3.73%3.79%Barclays Capital 1-3 Year U.S. Government/Credit Index(reflects no deduction for expenses, fees, or taxes)3.83%4.32%4.86%5.10%Return Before Taxes7.57%4.14%4.15%4.28%Barclays Capital 1-3 Year U.S. Government/Credit Index(reflects no deduction for expenses, fees, or taxes)3.83%4.32%4.86%5.10%Return Before Taxes8.06%4.52%4.53%4.67%Barclays Capital 1-3 Year U.S. Government/Credit Index(reflects no deduction for expenses, fees, or taxes)3.83%4.32%4.86%5.10%Class T SharesClass A SharesClass C SharesClass S SharesClass I Shares(1) If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s otherreturn figures.(2) Calculated assuming maximum permitted sales loads.(3) The one year return is calculated to include the contingent deferred sales charge.After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initialshare class). After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do15Janus Short-Term Bond Fundnot reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differfrom those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares heldthrough a tax-deferred account, such as a 401(k) plan or an IRA.After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will varyfrom those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.MANAGEMENTInvestment Adviser: Janus Capital Management LLCPortfolio Managers: Gibson Smith, Co-Chief Investment Officer of Janus Capital, is Executive Vice President and CoPortfolio Manager of the Fund, which he has co-managed since July 2010. Darrell Watters is Executive Vice President andCo-Portfolio Manager of the Fund, which he has co-managed since May 2007.PURCHASE AND SALE OF FUND SHARESMinimum Investment Requirements*Class A Shares, Class C Shares**, Class S Shares, and Class T SharesNon-retirement accounts$2,500Certain tax-deferred accounts or UGMA/UTMA accounts$500Class I SharesInstitutional investors (investing directly with Janus)$1,000,000Through an intermediary institution• non-retirement accounts• certain tax-deferred accounts or UGMA/UTMA accounts$$2,500500* Exceptions to these minimums may apply for certain tax-deferred, tax-qualified and retirement plans, and accounts held through certain wrap programs.** The maximum purchase in Class C Shares is $500,000 for any single purchase. The sales charge and expense structure of Class A Shares may be moreadvantageous for investors purchasing more than $500,000 of Fund shares.Purchases, exchanges, and redemptions can generally be made only through institutional channels, such as financialintermediaries and retirement platforms. Class I Shares may be purchased directly by certain institutional investors. Youshould contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund.Requests must be received in good order by the Fund or its agents (financial intermediary or plan sponsor, if applicable)prior to the close of the regular trading session of the New York Stock Exchange in order to receive that day’s net asset value.For additional information, refer to “Purchases,” “Exchanges,” and/or “Redemptions” in the Prospectus.TAX INFORMATIONThe Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through atax-deferred arrangement, such as a 401(k) plan or an individual retirement account.PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIESIf you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its relatedcompanies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict ofinterest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over anotherinvestment or to recommend one share class over another. Ask your salesperson or visit your financial intermediary’s websitefor more information.16Janus Short-Term Bond FundADDITIONALINFORMATION ABOUT THEFUNDSFEES AND EXPENSESPlease refer to the following important information when reviewing the “Fees and Expenses of the Fund” table in eachFund Summary of the Prospectus. The fees and expenses shown were determined based on net assets as of the fiscal periodended June 30, 2010.• “Shareholder Fees” are fees paid directly from your investment and may include sales loads or redemption fees. If you sellClass S Shares, Class I Shares, Class R Shares, or Class T Shares of Janus High-Yield Fund that you have held for 90 daysor less, you may pay a redemption fee.• “Annual Fund Operating Expenses” are paid out of a Fund’s assets and include fees for portfolio management andadministrative services, including recordkeeping, subaccounting, and other shareholder services. You do not pay these feesdirectly but, as the Example in each Fund Summary shows, these costs are borne indirectly by all shareholders.• The “Management Fee” is the investment advisory fee rate paid by each Fund to Janus Capital. Refer to “ManagementExpenses” in this Prospectus for additional information with further description in the Statement of Additional Information(“SAI”).• “Distribution/Service (12b-1) Fees.” Because 12b-1 fees are charged as an ongoing fee, over time the fee will increase thecost of your investment and may cost you more than paying other types of sales charges. Distribution/Service (12b-1) Feesinclude a shareholder servicing fee of up to 0.25% for Class C Shares.• A contingent deferred sales charge of up to 1.00% may be imposed on certain redemptions of Class A Shares boughtwithout an initial sales charge and then redeemed within 12 months of purchase. The contingent deferred sales charge isnot reflected in the Example in each Fund Summary.• A contingent deferred sales charge of 1.00% applies on Class C Shares redeemed within 12 months of purchase. Thecontingent deferred sales charge may be waived for certain investors, as described in the Shareholder’s Guide.• “Other Expenses” for Class A Shares, Class C Shares, and Class I Shares may include administrative fees charged byintermediaries for the provision of administrative services, including recordkeeping, subaccounting, order processing foromnibus or networked accounts, or other shareholder services provided on behalf of shareholders of the Funds. “OtherExpenses” for Class S Shares, Class R Shares, and Class T Shares include an administrative services fee of 0.25% of theaverage daily net assets of each class to compensate Janus Services LLC for providing, or arranging for the provision of,administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, orother shareholder services provided on behalf of retirement plan participants, pension plan participants, or other underlyinginvestors investing through institutional channels. “Other Expenses” may also include acquired fund fees and expenses.“Acquired Fund” means any underlying fund (including, but not limited to, exchange-traded funds) in which a Fundinvests or has invested during the period. A Fund’s “ratio of gross expenses to average net assets” appearing in the FinancialHighlights tables does not include “Acquired Fund Fees and Expenses” and may not correlate to the Fund’s “Total AnnualFund Operating Expenses.”• Janus Capital has contractually agreed to waive each Fund’s “Total Annual Fund Operating Expenses” to certain limits untilat least November 1, 2011. The expense limits are described in the “Management Expenses” section of this Prospectus.• All expenses in a Fund’s “Fees and Expenses of the Fund” table are shown without the effect of expense offset arrangements.Pursuant to such arrangements, credits realized as a result of uninvested cash balances are used to reduce custodian andtransfer agent expenses.ADDITIONAL INVESTMENT STRATEGIES AND GENERAL PORTFOLIO POLICIESThe Funds’ Board of Trustees may change each Fund’s investment objective or non-fundamental principal investmentstrategies without a shareholder vote. A Fund will notify you in writing at least 60 days before making any such change itconsiders material. If there is a material change to a Fund’s objective or principal investment strategies, you should considerwhether the Fund remains an appropriate investment for you. There is no guarantee that a Fund will achieve its investmentobjective.Unless otherwise stated, the following additional investment strategies and general policies apply to each Fund and providefurther information including, but not limited to, the types of securities a Fund may invest in when implementing its17Janus Investment Fundinvestment objective. For some Funds these strategies and policies may be part of a principal strategy. For other Funds, thesestrategies and policies may be utilized to a lesser extent. Except for the Funds’ policies with respect to investments in illiquidsecurities and borrowing, the percentage limitations included in these policies and elsewhere in this Prospectus and/or theSAI normally apply only at the time of purchase of a security. So, for example, if a Fund exceeds a limit as a result of marketfluctuations or the sale of other securities, it will not be required to dispose of any securities.Cash PositionThe Funds may not always stay fully invested. For example, when the portfolio managers believe that market conditions areunfavorable for profitable investing, or when they are otherwise unable to locate attractive investment opportunities, a Fund’scash or similar investments may increase. In other words, cash or similar investments generally are a residual – they representthe assets that remain after a Fund has committed available assets to desirable investment opportunities. Partly because theportfolio managers act independently of each other, the cash positions among the Funds may vary significantly. When aFund’s investments in cash or similar investments increase, it may not participate in market advances or declines to the sameextent that it would if the Fund remained more fully invested. To the extent a Fund invests its uninvested cash through asweep program (meaning its uninvested cash is pooled with uninvested cash of other funds and invested in certain securitiessuch as repurchase agreements), it is subject to the risks of the account or fund into which it is investing, including liquidityissues that may delay the Fund from accessing its cash.In addition, a Fund may temporarily increase its cash position under certain unusual circumstances, such as to protect itsassets or maintain liquidity in certain circumstances, for example, to meet unusually large redemptions. A Fund’s cashposition may also increase temporarily due to unusually large cash inflows. Under unusual circumstances such as these, aFund may invest up to 100% of its assets in cash or similar investments. In this case, the Fund may take positions that areinconsistent with its investment objective. As a result, the Fund may not achieve its investment objective.CounterpartiesFund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill itsobligation to a Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e.,financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen ornot. A counterparty’s inability to fulfill its obligation may result in significant financial loss to a Fund. A Fund may be unableto recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. A Fundmay be exposed to counterparty risk through participation in various programs including, but not limited to, lending itssecurities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cashmanagement vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives,including various types of swaps, futures, and options. Each Fund intends to enter into financial transactions withcounterparties that Janus Capital believes to be creditworthy at the time of the transaction. There is always the risk that JanusCapital’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent thata Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associatedwith one or more counterparties.Credit QualityThrough a Fund’s investments in fixed-income securities, a Fund is subject to the risks associated with the credit quality ofthe issuers of those fixed-income securities. Credit quality measures the likelihood that the issuer or borrower will meet itsobligations on a bond. One of the fundamental risks is credit risk, which is the risk that an issuer will be unable to makeprincipal and interest payments when due, or default on its obligations. Higher credit risk may negatively impact a Fund’sreturns and yield. U.S. Government securities are generally considered to be the safest type of investment in terms of creditrisk. Municipal obligations generally rank between U.S. Government securities and corporate debt securities in terms of creditsafety. Corporate debt securities, particularly those rated below investment grade, present the highest credit risk.Many fixed-income securities receive credit ratings from services such as Standard & Poor’s, Fitch, and Moody’s. Theseservices assign ratings to securities by assessing the likelihood of issuer default. The lower a bond issue is rated by an agency,the more credit risk it is considered to represent. Lower rated instruments and securities generally pay interest at a higherrate to compensate for the associated greater risk. Interest rates can fluctuate in response to economic or market conditionswhich can result in fluctuation in the price of a security and impact your return and yield. If a security has not received arating, a Fund must rely upon Janus Capital’s credit assessment, which can also impact the Fund’s return and yield. Pleaserefer to the “Explanation of Rating Categories” section of this Prospectus for a description of bond rating categories.18Janus Investment FundThe chart below shows how the Funds differ in terms of the type and credit quality risk of the securities in which theyinvest. You should consider these factors before you determine whether a Fund is a suitable investment.Primary Investment TypeCredit Quality RiskJanus Flexible Bond FundCorporate BondsHighJanus High-Yield FundCorporate BondsHighestJanus Short-Term Bond FundCorporate BondsModerateForeign SecuritiesThe portfolio managers seek companies that meet the selection criteria, regardless of where a company is located. Foreignsecurities are generally selected on a security-by-security basis without regard to any predetermined allocation amongcountries or geographic regions. However, certain factors, such as expected levels of inflation, government policies influencingbusiness conditions, the outlook for currency relationships, and prospects for economic growth among countries, regions, orgeographic areas, may warrant greater consideration in selecting foreign securities. There are no limitations on the countriesin which the Funds may invest, and the Funds may at times have significant foreign exposure, including exposure inemerging markets.High-Yield/High-Risk BondsA high-yield/high-risk bond (also called a “junk” bond) is a bond rated below investment grade by major rating agencies (i.e.,BB+ or lower by Standard & Poor’s Ratings Service (“Standard & Poor’s”) and Fitch, Inc. (“Fitch”), or Ba or lower by Moody’sInvestors Service, Inc. (“Moody’s”)) or is an unrated bond of similar quality. It presents greater risk of default (the failure tomake timely interest and principal payments) than higher quality bonds. Janus High-Yield Fund may invest in high-yield/high-risk bonds without limit. Under normal circumstances each of Janus Flexible Bond Fund and Janus Short-Term BondFund will limit its investments in high-yield/high-risk bonds to 35% or less of its net assets.Illiquid InvestmentsEach Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment is a security or otherposition that cannot be disposed of quickly in the normal course of business. For example, some securities are not registeredunder U.S. securities laws and cannot be sold to the U.S. public because of Securities and Exchange Commission regulations(these are known as “restricted securities”). Under procedures adopted by the Funds’ Board of Trustees, certain restrictedsecurities that are determined to be liquid will not be counted toward this 15% limit.Mortgage- and Asset-Backed SecuritiesEach Fund may purchase fixed or variable rate mortgage-backed securities issued by the Government National MortgageAssociation (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan MortgageCorporation (“Freddie Mac”), or other governmental or government-related entities. Historically, Fannie Maes and FreddieMacs were not backed by the full faith and credit of the U.S. Government, and may not be in the future. In September 2008,the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Macunder conservatorship to provide stability in the financial markets, mortgage availability and taxpayer protection bypreserving Fannie Mae and Freddie Mac’s assets, and placing them in a sound and solvent condition. Under theconservatorship, the management of Fannie Mae and Freddie Mac was replaced. The effect that the FHFA’s conservatorshipwill have on Fannie Mae and Freddie Mac’s debt and equities is unclear. Each Fund may purchase other mortgage- and assetbacked securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles,and other similar securities. Asset-backed securities may be backed by automobile loans, equipment leases, credit cardreceivables, or other collateral. In the event the underlying securities fail to perform, these investment vehicles could beforced to sell the assets and recognize losses on such assets, which could impact a Fund’s yield and your return.Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal.Prepayments of the principal of underlying loans at a faster pace than expected is known as “prepayment risk,” and mayshorten the effective maturities of these securities. This may result in a Fund having to reinvest proceeds at a lower interestrate.In addition to prepayment risk, investments in mortgage-backed securities, including those comprised of subprime mortgages,and investments in other asset-backed securities comprised of under-performing assets may be subject to a higher degree ofcredit risk, valuation risk, and liquidity risk.19Janus Investment FundMortgage- and asset-backed securities are also subject to extension risk, which is the risk that rising interest rates could causemortgages or other obligations underlying these securities to be paid more slowly than expected, increasing a Fund’ssensitivity to interest rate changes and causing its price to decline.Portfolio TurnoverIn general, each Fund intends to purchase securities for long-term investment, although, to a limited extent, a Fund maypurchase securities in anticipation of relatively short-term gains. Short-term transactions may also result from liquidity needs,securities having reached a price or yield objective, changes in interest rates or the credit standing of an issuer, or by reasonof economic or other developments not foreseen at the time of the initial investment decision. A Fund may also sell onesecurity and simultaneously purchase the same or a comparable security to take advantage of short-term differentials in bondyields or securities prices. Portfolio turnover is affected by market conditions, changes in the size of a Fund, the nature of aFund’s investments, and the investment style of the portfolio managers. Changes are normally made in a Fund’s portfoliowhenever the portfolio managers believe such changes are desirable. Portfolio turnover rates are generally not a factor inmaking buy and sell decisions. Due to the nature of the securities in which they invest, the Funds may have relatively highportfolio turnover compared to other funds.Increased portfolio turnover may result in higher costs for brokerage commissions, dealer mark-ups, and other transactioncosts, and may also result in taxable capital gains. Higher costs associated with increased portfolio turnover also may have anegative effect on a Fund’s performance. The “Financial Highlights” section of this Prospectus shows the Funds’ historicalturnover rates.Securities LendingA Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutionson a short-term or long-term basis. When a Fund lends its securities, it receives collateral (including cash collateral), at leastequal to the value of securities loaned. The Fund may earn income by investing this collateral in one or more affiliated ornon-affiliated cash management vehicles. It is also possible that, due to a decline in the value of a cash management vehicle,the Fund may lose money. There is also the risk that when portfolio securities are lent, the securities may not be returned ona timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral. Ifthe Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in themarket. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the timethe replacement investment is made, resulting in a loss to the Fund. Janus Capital intends to manage the cash collateral in anaffiliated cash management vehicle and will receive an investment advisory fee for managing such assets.Short SalesTo a limited extent, certain Funds may engage in short sales. No more than 10% of a fund’s net assets may be invested inshort positions (through short sales of stocks, structured products, futures, swaps, and uncovered written calls). The fundsmay engage in short sales “against the box” and options for hedging purposes that are not subject to this 10% limit. A shortsale is generally a transaction in which a fund sells a security it does not own or have the right to acquire (or that it ownsbut does not wish to deliver) in anticipation that the market price of that security will decline. To complete the transaction,the fund must borrow the security to make delivery to the buyer. The fund is then obligated to replace the security borrowedby purchasing the security at the market price at the time of replacement. A short sale is subject to the risk that if the priceof the security sold short increases in value, the fund will incur a loss because it will have to replace the security sold shortby purchasing it at a higher price. In addition, the fund may not always be able to close out a short position at a particulartime or at an acceptable price. A lender may request, or market conditions may dictate, that the securities sold short bereturned to the lender on short notice, and the fund may have to buy the securities sold short at an unfavorable price. If thisoccurs at a time that other short sellers of the same security also want to close out their positions, it is more likely that thefund will have to cover its short sale at an unfavorable price and potentially reduce or eliminate any gain, or cause a loss, asa result of the short sale. Because there is no upper limit to the price a borrowed security may reach prior to closing a shortposition, a fund’s losses are potentially unlimited in a short sale transaction. A fund’s gains and losses will also be decreasedor increased, as the case may be, by the amount of any dividends, interest, or expenses, including transaction costs andborrowing fees, the fund may be required to pay in connection with a short sale. Such payments may result in the fundhaving higher expenses than a fund that does not engage in short sales and may negatively affect the fund’s performance.A fund may also enter into short positions through derivative instruments such as option contracts, futures contract andswap agreements which may expose the fund to similar risks. To the extent that the fund enters into short derivative20Janus Investment Fundpositions, the fund may be exposed to risks similar to those associated with short sales, including the risk that the fund’slosses are theoretically unlimited.Due to certain foreign countries’ restrictions, a fund will not be able to engage in short sales in certain foreign countrieswhere it may maintain long positions. As a result, a fund’s ability to fully implement a short selling strategy that couldotherwise help the fund pursue its investment goals may be limited.Although Janus Capital believes that its rigorous “bottom up” approach will be effective in selecting short positions, there isno assurance that Janus Capital will be successful in applying this approach when engaging in short sales.Special SituationsThe Funds may invest in companies that demonstrate special situations or turnarounds, meaning companies that haveexperienced significant business problems but are believed to have favorable prospects for recovery. For example, a specialsituation or turnaround may arise when, in the opinion of a Fund’s portfolio managers, the securities of a particular issuerwill be recognized as undervalued by the market and appreciate in value due to a specific development with respect to thatissuer. Special situations may include significant changes in a company’s allocation of its existing capital, a restructuring ofassets, or a redirection of free cash flow. For example, issuers undergoing significant capital changes may include companiesinvolved in spin-offs, sales of divisions, mergers or acquisitions, companies emerging from bankruptcy, or companiesinitiating large changes in their debt to equity ratio. Companies that are redirecting cash flows may be reducing debt,repurchasing shares, or paying dividends. Special situations may also result from: (i) significant changes in industry structurethrough regulatory developments or shifts in competition; (ii) a new or improved product, service, operation, or technologicaladvance; (iii) changes in senior management or other extraordinary corporate event; (iv) differences in market supply of anddemand for the security; or (v) significant changes in cost structure. Investments in “special situations” companies can presentgreater risks than investments in companies not experiencing special situations, and a Fund’s performance could be adverselyimpacted if the securities selected decline in value or fail to appreciate in value.Swap AgreementsCertain Funds may utilize swap agreements as a means to gain exposure to certain common stocks and/or to “hedge” orprotect their portfolios from adverse movements in securities prices and interest rates. Swap agreements are two-partycontracts to exchange one set of cash flows for another. Swap agreements entail the risk that a party will default on itspayment obligations to a Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of thepayments that it contractually is entitled to receive. If a Fund utilizes a swap at the wrong time or judges market conditionsincorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return. Various types of swaps such ascredit default, equity, interest rate, and total return swaps are described in the “Glossary of Investment Terms.”U.S. Government SecuritiesThe Funds may invest in U.S. Government securities. U.S. Government securities include those issued directly by theU.S. Treasury and those issued or guaranteed by various U.S. Government agencies and instrumentalities. Some governmentsecurities are backed by the “full faith and credit” of the United States. Other government securities are backed only by therights of the issuer to borrow from the U.S. Treasury. Others are supported by the discretionary authority of theU.S. Government to purchase the obligations. Certain other government securities are supported only by the credit of theissuer. For securities not backed by the full faith and credit of the United States, a Fund must look principally to the agencyor instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against theUnited States if the agency or instrumentality does not meet its commitment. Although they are high-quality, such securitiesmay involve increased risk of loss of principal and interest compared to government debt securities that are backed by thefull faith and credit of the United States.Other Types of InvestmentsUnless otherwise stated within its specific investment policies, each Fund may also invest in other types of domestic andforeign securities and use other investment strategies, as described in the “Glossary of Investment Terms.” These securitiesand strategies are not principal investment strategies of the Funds. If successful, they may benefit the Funds by earning areturn on the Funds’ assets or reducing risk; however, they may not achieve the Funds’ investment objectives. Thesesecurities and strategies may include:• equity securities (such as stocks or any other security representing an ownership interest)• exchange-traded funds21Janus Investment Fund• pass-through securities including mortgage- and asset-backed securities and mortgage dollar rolls (without limit for JanusFlexible Bond Fund and Janus High-Yield Fund and up to 35% of Janus Short-Term Bond Fund’s net assets)• zero coupon, pay-in-kind, and step coupon securities (without limit for Janus Flexible Bond Fund and Janus High-YieldFund and up to 10% of Janus Short-Term Bond Fund’s net assets)• various derivative transactions (which could comprise a significant percentage of a fund’s portfolio) including, but notlimited to, options, futures, forwards, swap agreements (such as equity, interest rate, credit default, and total return swaps),participatory notes, structured notes, and other types of derivatives individually or in combination for hedging purposes orfor nonhedging purposes such as seeking to enhance return, to protect unrealized gains, or to avoid realizing losses; suchtechniques may also be used to gain exposure to the market pending investment of cash balances or to meet liquidity needs• securities purchased on a when-issued, delayed delivery, or forward commitment basis• bank loans, which may be acquired through loan participations and assignments (no more than 20% of a Fund’s totalassets)RISKS OF THE FUNDSThe value of your investment will vary over time, sometimes significantly, and you may lose money by investing in the Funds.The Funds invest substantially all of their assets in fixed-income securities or income-generating securities. The followinginformation is designed to help you better understand some of the risks of investing in the Funds. The impact of thefollowing risks on a Fund may vary depending on the Fund’s investments. The greater the Fund’s investment in a particularsecurity, the greater the Fund’s exposure to the risks associated with that security. Before investing in a Fund, you shouldconsider carefully the risks that you assume when investing in the Fund.Derivatives Risk. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referencedsecurities. Gains or losses from a derivative can be substantially greater than the derivative’s original cost, and can thereforeinvolve leverage. Derivatives can be complex instruments and may involve analysis that differs from that required for otherinvestment types used by a Fund. If the value of a derivative does not correlate well with the particular market or other assetclass to which the derivative is intended to provide exposure, the derivative may not produce the anticipated result.Derivatives can also reduce the opportunity for gain or result in losses by offsetting positive returns in other investments.Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on itspayment obligations to a Fund. If the counterparty to a derivative transaction defaults, a Fund would risk the loss of the netamount of the payments that it contractually is entitled to receive. To the extent a Fund enters into short derivative positions,a Fund may be exposed to risks similar to those associated with short sales, including the risk that a Fund’s losses aretheoretically unlimited.Fixed-Income Securities Risk. Each Fund invests in a variety of fixed-income securities. Typically, the values of fixed-incomesecurities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interestrate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause a Fund’snet asset value to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interestrates will depend on the specific characteristics of each security. For example, while securities with longer maturities tend toproduce higher yields, they also tend to be more sensitive to changes in prevailing interest rates and are therefore morevolatile than shorter-term securities and are subject to greater market fluctuations as a result of changes in interest rates.Fixed-income securities are also subject to credit risk, which is the risk that the credit strength of an issuer of a fixed-incomesecurity will weaken and/or that the issuer will be unable to make timely principal and interest payments and that thesecurity may go into default. In addition, there is prepayment risk, which is the risk that during periods of falling interestrates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaidby their issuers thereby reducing the amount of interest payments. This may result in a Fund having to reinvest its proceedsin lower yielding securities. Securities underlying mortgage- and asset-backed securities, which may include subprimemortgages, also may be subject to a higher degree of credit risk, valuation risk, and liquidity risk.It is also important to note that recent events in the fixed-income and credit markets have resulted, and may continue toresult, in an unusually high degree of volatility in the markets, both domestic and international. These events and theresulting market upheavals may have an adverse effect on a Fund such as a decline in the value and liquidity of manysecurities held by the Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a22Janus Investment Funddecrease in net asset value, and an increase in Fund expenses. Because the situation is unprecedented and widespread, it mayalso be unusually difficult to identify both investment risks and opportunities, which could limit or preclude the Fund’sability to achieve its investment objective. It is impossible to predict whether or for how long these conditions will continue.Therefore, it is important to understand that the value of your investment may fall, sometimes sharply, and you could losemoney.Foreign Exposure Risk. Within the parameters of its specific investment policies, each Fund may invest in foreign debt andequity securities either indirectly (e.g., depositary receipts, depositary shares, and passive foreign investment companies) ordirectly in foreign markets, including emerging markets. Investments in foreign securities, including those of foreigngovernments, may involve greater risks than investing in domestic securities because a Fund’s performance may depend onfactors other than the performance of a particular company. These factors include:• Currency Risk. As long as a Fund holds a foreign security, its value will be affected by the value of the local currencyrelative to the U.S. dollar. When a Fund sells a foreign currency denominated security, its value may be worth less inU.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreignissuers may also be affected by currency risk, as the value of these securities may also be affected by changes in theissuer’s local currency.• Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularlyin emerging markets which may have relatively unstable governments, immature economic structures, national policiesrestricting investments by foreigners, different legal systems, and economies based on only a few industries. In somecountries, there is the risk that the government may take over the assets or operations of a company or that thegovernment may impose taxes or limits on the removal of a Fund’s assets from that country.• Regulatory Risk. There may be less government supervision of foreign markets. As a result, foreign issuers may not besubject to the uniform accounting, auditing, and financial reporting standards and practices applicable to domestic issuers,and there may be less publicly available information about foreign issuers.• Foreign Market Risk. Foreign securities markets, particularly those of emerging market countries, may be less liquid andmore volatile than domestic markets. Certain markets may require payment for securities before delivery, and delays maybe encountered in settling securities transactions. In some foreign markets, there may not be protection against failure byother parties to complete transactions. Such factors may hinder a Fund’s ability to buy and sell emerging market securitiesin a timely manner, affecting the Fund’s investment strategies and potentially affecting the value of the Fund.• Transaction Costs. Costs of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs,may be higher than those involved in domestic transactions.High-Yield/High-Risk Bond Risk. High-yield/high-risk bonds (or “junk” bonds) are bonds rated below investment grade bythe primary rating agencies such as Standard & Poor’s, Fitch, and Moody’s or are unrated bonds of similar quality. The valueof lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield/highrisk bonds may not be as strong financially as those issuing bonds with higher credit ratings and are more vulnerable to realor perceived economic changes, political changes, or adverse developments specific to the issuer. In addition, the junk bondmarket can experience sudden and sharp price swings.The secondary market on which high-yield securities are traded may be less liquid than the market for investment gradesecurities. The lack of a liquid secondary market may have an adverse impact on the market price of the security. Secondarymarkets for high-yield securities are less liquid than the market for investment grade securities; therefore, it may be moredifficult to value the securities because valuation may require more research, and elements of judgment may play a larger rolein the valuation because there is less reliable, objective data available.Because Janus High-Yield Fund may invest without limit in high-yield/high-risk bonds, investors should be willing to toleratea corresponding increase in the risk of significant and sudden changes in net asset value.Please refer to the “Explanation of Rating Categories” section of this Prospectus for a description of bond rating categories.Industry Risk. Industry risk is the possibility that a group of related securities will decline in price due to industry-specificdevelopments. Companies in the same or similar industries may share common characteristics and are more likely to react23Janus Investment Fundsimilarly to industry-specific market or economic developments. Each Fund’s investments, if any, in multiple companies in aparticular industry increase that Fund’s exposure to industry risk.Interest Rate Risk. Generally, a fixed-income security will increase in value when prevailing interest rates fall and decrease invalue when prevailing interest rates rise. Longer-term securities are generally more sensitive to interest rate changes thanshorter-term securities, but they generally offer higher yields to compensate investors for the associated risks. High-yield bondprices and floating rate debt security prices are generally less directly responsive to interest rate changes than investmentgrade issues or comparable fixed rate securities, and may not always follow this pattern. The Funds manage interest rate riskby varying the average-weighted effective maturity of the portfolios to reflect their analysis of interest rate trends and otherfactors. The Funds’ average-weighted effective maturity will tend to be shorter when the portfolio managers expect interestrates to rise and longer when the portfolio managers expect interest rates to fall. The Funds may also use futures, options,and other derivatives to manage interest rate risk.The chart below shows how the Funds differ in terms of the type and interest rate risk of the securities in which they invest.You should consider these factors before you determine whether a Fund is a suitable investment.Primary Investment TypeInterest Rate RiskJanus Flexible Bond FundCorporate BondsHighJanus High-Yield FundCorporate BondsModerateJanus Short-Term Bond FundCorporate BondsLowManagement Risk. The Funds are actively managed investment portfolios and are therefore subject to the risk that theinvestment strategies employed for the Funds may fail to produce the intended results.Because the Funds may invest substantially all of their assets in fixed-income securities or income-generating securities, theyare subject to risks such as credit risk and interest rate fluctuations. The Funds’ performance may also be affected by risks ofcertain types of investments, such as foreign (non-U.S.) securities and derivative instruments.The Funds may use short sales, futures, options, swap agreements (including, but not limited to, equity, interest rate, creditdefault, and total return swaps), and other derivative instruments individually or in combination to “hedge” or protect theirportfolios from adverse movements in securities prices and interest rates. The Funds may also use a variety of currencyhedging techniques, including the use of forward currency contracts, to manage currency risk. There is no guarantee that aportfolio manager’s use of derivative investments will benefit the Funds. A Fund’s performance could be worse than if theFund had not used such instruments. Use of such investments may instead increase risk to the Fund, rather than reducerisk.Mortgage-Backed Securities Risk. Rising interest rates tend to extend the duration of, or reduce the rate of prepayments on,mortgage-backed securities, making them more sensitive to changes in interest rates (“extension risk”). As a result, in a periodof rising interest rates, the price of mortgage-backed securities may fall, causing a Fund that holds mortgage-backed securitiesto exhibit additional volatility. Mortgage-backed securities are also subject to prepayment risk. When interest rates decline,borrowers may pay off their mortgages sooner than expected. This can reduce a Fund’s returns because the Fund will have toreinvest that money at lower prevailing interest rates.In addition to extension risk and prepayment risk, investments in mortgage-backed securities, including those comprised ofsubprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various othertypes of fixed-income securities.24Janus Investment FundMANAGEMENTOF THEFUNDSINVESTMENT ADVISERJanus Capital Management LLC, 151 Detroit Street, Denver, Colorado 80206-4805, is the investment adviser to each Fund.Janus Capital is responsible for the day-to-day management of the Funds’ investment portfolios and furnishes continuousadvice and recommendations concerning the Funds’ investments. Janus Capital also provides certain administrative and otherservices and is responsible for other business affairs of each Fund.Janus Capital (together with its predecessors) has served as investment adviser to Janus Fund since 1970 and currently servesas investment adviser to all of the Janus funds, acts as subadviser for a number of private-label mutual funds, and providesseparate account advisory services for institutional accounts and other unregistered products.Janus Capital furnishes certain administrative, compliance, and accounting services for the Funds and may be reimbursed bythe Funds for its costs in providing those services. In addition, employees of Janus Capital and/or its affiliates serve as officersof the Trust, and Janus Capital provides office space for the Funds and pays the salaries, fees, and expenses of all Fundofficers (with some shared expenses with the Janus funds of compensation payable to the funds’ Chief Compliance Officerand compliance staff) and those Trustees who are considered interested persons of Janus Capital. As of the date of thisProspectus, none of the members of the Board of Trustees (“Trustees”) are “interested persons” of Janus Capital as that term isdefined by the Investment Company Act of 1940, as amended (the “1940 Act”), therefore, none of the Trustees are paid byJanus Capital.MANAGEMENT EXPENSESEach Fund pays Janus Capital an investment advisory fee and incurs expenses not assumed by Janus Capital, includingdistribution and shareholder servicing fees (12b-1 fee), administrative services fees payable pursuant to the Transfer AgencyAgreement, any other transfer agent and custodian fees and expenses, legal and auditing fees, printing and mailing costs ofsending reports and other information to existing shareholders, and Independent Trustees’ fees and expenses. Each Fund’sinvestment advisory fee is calculated daily and paid monthly. Each Fund’s advisory agreement details the investment advisoryfee and other expenses that each Fund must pay.The following table reflects each Fund’s contractual investment advisory fee rate (expressed as an annual rate), as well as theactual investment advisory fee rate paid by each Fund to Janus Capital (gross and net of fee waivers).The rate shown is a fixed rate based on each Fund’s average daily net assets.Actual InvestmentAdvisory FeeRate (%) (forthe fiscal period endedJune 30, 2010)Average DailyNet Assetsof the FundContractualInvestmentAdvisory Fee (%)(annual rate)Janus Flexible Bond Fund*First $300 MillionOver $300 Million0.500.400.40(1)Janus High-Yield FundFirst $300 MillionOver $300 Million0.650.550.58Janus Short-Term Bond FundFirst $300 MillionOver $300 Million0.640.540.51(1)Fund Name* Prior to July 6, 2009, the Fund’s investment advisory rate was based on a breakpoint schedule of 0.58% on the first $300 million of the average dailyclosing net asset value, and 0.48% on assets in excess of $300 million.(1) Janus Capital has agreed to waive the Fund’s total annual fund operating expenses (excluding the distribution and shareholder servicing fees,administrative services fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, and extraordinaryexpenses including, but not limited to, acquired fund fees and expenses) to a certain level until at least November 1, 2011. Application of the expensewaiver and its effect on annual fund operating expenses is reflected, when applicable, in the “Fees and Expenses of the Fund” table in the FundSummary of the Prospectus, and additional information is included under “Expense Limitations” below. The waiver is not reflected in the contractual feerate shown.25Janus Investment FundA discussion regarding the basis for the Trustees’ approval of the Funds’ investment advisory agreements will be included inthe Funds’ next annual or semiannual report to shareholders, following such approval. You can request the Funds’ annual orsemiannual reports (as they become available), free of charge, by contacting your plan sponsor, broker-dealer, or financialinstitution, or by contacting a Janus representative at 1-877-335-2687. The reports are also available, free of charge, atjanus.com/info.Expense LimitationsJanus Capital has contractually agreed to waive the advisory fee payable by each Fund in an amount equal to the amount, ifany, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding thedistribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, Class S Shares, and Class R Shares),administrative services fees payable pursuant to the Transfer Agency Agreement (applicable to Class S Shares, Class R Shares,and Class T Shares), brokerage commissions, interest, dividends, taxes, and extraordinary expenses including, but not limitedto, acquired fund fees and expenses, exceed the annual rate shown below. For information about how the expense limitaffects the total expenses of each Fund, see the “Fees and Expenses of the Fund” table in each Fund Summary of theProspectus. Janus Capital has agreed to continue each waiver until at least November 1, 2011.Fund NameExpense Limit Percentage (%)Janus Flexible Bond Fund0.55Janus High-Yield Fund0.78Janus Short-Term Bond Fund0.55INVESTMENT PERSONNELUnless otherwise noted, the Portfolio Manager has primary responsibility for the day-to-day management of the Funddescribed.Janus Flexible Bond FundCo-Portfolio Managers Gibson Smith and Darrell Watters jointly share responsibility for the day-to-day management of theFund, with no limitation on the authority of one co-portfolio manager in relation to the other.Gibson Smith is Co-Chief Investment Officer of Janus Capital. He is Executive Vice President and Co-Portfolio Manager ofJanus Flexible Bond Fund, which he has co-managed since May 2007. Mr. Smith is also Portfolio Manager of other Janusaccounts. He joined Janus Capital in 2001 as a fixed-income analyst. He holds a Bachelor’s degree in Economics from theUniversity of Colorado.Darrell Watters is Executive Vice President and Co-Portfolio Manager of Janus Flexible Bond Fund, which he hasco-managed since May 2007. Mr. Watters is also Portfolio Manager of other Janus accounts and performs duties as a fixedincome analyst. He joined Janus Capital in 1993 as a municipal bond trader. Mr. Watters holds a Bachelor’s degree inEconomics from Colorado State University.Janus High-Yield FundCo-Portfolio Managers Gibson Smith and Darrell Watters jointly share responsibility for the day-to-day management of theFund, with no limitation on the authority of one co-portfolio manager in relation to the other.Gibson Smith is Co-Chief Investment Officer of Janus Capital. He is Executive Vice President and Co-Portfolio Manager ofJanus High-Yield Fund, which he has managed or co-managed since 2003. Mr. Smith is also Portfolio Manager of otherJanus accounts. He joined Janus Capital in 2001 as a fixed-income analyst. He holds a Bachelor’s degree in Economicsfrom the University of Colorado.Darrell Watters is Executive Vice President and Co-Portfolio Manager of Janus High-Yield Fund, which he hasco-managed since July 2008. Mr. Watters is also Portfolio Manager of other Janus accounts and performs duties as a fixedincome analyst. He joined Janus Capital in 1993 as a municipal bond trader. Mr. Watters holds a Bachelor’s degree inEconomics from Colorado State University.26Janus Investment FundJanus Short-Term Bond FundCo-Portfolio Managers Gibson Smith and Darrell Watters jointly share responsibility for the day-to-day management of theFund, with no limitation on the authority of one co-portfolio manager in relation to the other.Gibson Smith is Co-Chief Investment Officer of Janus Capital. He is Executive Vice President and Co-Portfolio Manager ofJanus Short-Term Bond Fund, which he has co-managed since July 2010. Mr. Smith is also Portfolio Manager of otherJanus accounts. He joined Janus Capital in 2001 as a fixed-income analyst. Mr. Smith holds a Bachelor’s degree inEconomics from the University of Colorado.Darrell Watters is Executive Vice President and Co-Portfolio Manager of Janus Short-Term Bond Fund, which he has comanaged since May 2007. Mr. Watters is also Portfolio Manager of other Janus accounts and performs duties as a fixedincome analyst. He joined Janus Capital in 1993 as a municipal bond trader. Mr. Watters holds a Bachelor’s degree inEconomics from Colorado State University.Information about the portfolio managers’ compensation structure and other accounts managed, as well as the range of theirindividual ownership of securities of the specific Fund(s) they manage and the aggregate range of their individual ownershipin all mutual funds advised by Janus Capital, is included in the SAI.Conflicts of InterestJanus Capital manages many funds and numerous other accounts. Management of multiple accounts may involve conflicts ofinterest among those accounts, and may create potential risks, such as the risk that investment activity in one account mayadversely affect another account. For example, short sale activity in an account could adversely affect the market value oflong positions in one or more other accounts (and vice versa). Additionally, Janus Capital is the adviser to the Janus “funds offunds,” which are funds that invest primarily in other mutual funds managed by Janus Capital. Because Janus Capital is theadviser to the Janus “funds of funds” and the Funds, it is subject to certain potential conflicts of interest when allocating theassets of a Janus “fund of funds” among such Funds. To the extent that a Fund is an underlying fund in a Janus “fund offunds,” a potential conflict of interest arises when allocating the assets of the Janus “fund of funds” to the Fund. Purchasesand redemptions of fund shares by a Janus “fund of funds” due to reallocations or rebalancings may result in a fund havingto sell securities or invest cash when it otherwise would not do so. Such transactions could accelerate the realization oftaxable income if sales of securities resulted in gains and could also increase a fund’s transaction costs. Large redemptions bya Janus “fund of funds” may cause a fund’s expense ratio to increase due to a resulting smaller asset base. A further discussionof potential conflicts of interest and a discussion of certain procedures intended to mitigate such potential conflicts arecontained in the Funds’ SAI.27Janus Investment FundOTHERINFORMATIONCLOSED FUND POLICIESA Fund may limit sales of its Shares to new investors if Janus Capital and the Trustees believe continued sales may adverselyaffect the Fund’s ability to achieve its investment objective. If sales of a Fund are limited, it is expected that existingshareholders invested in the Fund would be permitted to continue to purchase Shares through their existing Fund accountsand to reinvest any dividends or capital gains distributions in such accounts, absent highly unusual circumstances. Requestsfor new accounts into a closed fund would be reviewed by management, taking into consideration eligibility requirementsand whether the addition to the fund is believed to negatively impact existing fund shareholders. The closed fund maydecline opening new accounts, including eligible new accounts, if it would be in the best interests of the fund and itsshareholders. Additional information regarding general policies and exceptions can be found in the closed funds’prospectuses.LIQUIDATION/REORGANIZATION OF A FUNDIt is important to know that, pursuant to the Trust’s Amended and Restated Agreement and Declaration of Trust and inaccordance with any applicable regulations and laws, the Trustees have the authority to merge, liquidate, and/or reorganize aFund into another fund without seeking shareholder vote or consent.PENDING LEGAL MATTERSIn the fall of 2003, the Securities and Exchange Commission (“SEC”), the Office of the New York State Attorney General(“NYAG”), the Colorado Attorney General (“COAG”), and the Colorado Division of Securities (“CDS”) announced that theywere investigating alleged frequent trading practices in the mutual fund industry. On August 18, 2004, Janus Capitalannounced that it had reached final settlements with the SEC, the NYAG, the COAG, and the CDS related to such regulators’investigations into Janus Capital’s frequent trading arrangements.A number of civil lawsuits were brought in several state and federal jurisdictions against Janus Capital and certain of itsaffiliates, the Janus funds, and related entities and individuals based on allegations similar to those announced by the aboveregulators. Such lawsuits alleged a variety of theories for recovery including, but not limited to, the federal securities laws,other federal statutes (including ERISA), and various common law doctrines. The Judicial Panel on Multidistrict Litigationtransferred these actions to the U.S. District Court for the District of Maryland (the “Court”) for coordinated proceedings. OnSeptember 29, 2004, five consolidated amended complaints were filed with the Court, two of which still remain: (i) claimsby a putative class of shareholders of Janus Capital Group Inc. (“JCGI”) asserting claims on behalf of the shareholders againstJCGI and Janus Capital (First Derivative Traders et al. v. Janus Capital Group, Inc. et al., U.S. District Court, District ofMaryland, MDL 1586, formerly referred to as Wiggins, et al. v. Janus Capital Group Inc., et al., U.S. District Court, District ofMaryland, Case No. 04-CV-00818); and (ii) derivative claims by investors in certain Janus funds ostensibly on behalf of suchfunds (Steinberg et al. v. Janus Capital Management, LLC et al., U.S. District Court, District of Maryland, CaseNo. 04-CV-00518).In the First Derivative Traders case (action (i) above), a Motion to Dismiss was previously granted and the matter wasdismissed in May 2007. Plaintiffs appealed that dismissal to the United States Court of Appeals for the Fourth Circuit(“Fourth Circuit”). In May 2009, the Fourth Circuit reversed the order of dismissal and remanded the case back to the trialcourt for further proceedings. In June 2010, the United States Supreme Court agreed to review the Fourth Circuit’s decision.As a result of these developments at the Supreme Court, the trial court has stayed all further proceedings until the SupremeCourt rules on the matter. In the Steinberg case (action (ii) above), the trial court entered an order on January 20, 2010,granting Janus Capital’s Motion for Summary Judgment and dismissing the remaining claims asserted against the company.However, in February 2010, Plaintiffs appealed the trial court’s decision with the Fourth Circuit of Appeals.Additional lawsuits may be filed against certain of the Janus funds, Janus Capital, and related parties in the future. JanusCapital does not currently believe that these pending actions will materially affect its ability to continue providing services ithas agreed to provide to the Janus funds.28Janus Investment FundDISTRIBUTION OF THE FUNDSThe Funds are distributed by Janus Distributors LLC (“Janus Distributors”), which is a member of the Financial IndustryRegulatory Authority, Inc. (“FINRA”). To obtain information about FINRA member firms and their associated persons, youmay contact FINRA at www.finra.org, or 1-800-289-9999.29Janus Investment FundDISTRIBUTIONSAND TAXESDISTRIBUTIONSTo avoid taxation of the Funds, the Internal Revenue Code requires each Fund to distribute all or substantially all of its netinvestment income and any net capital gains realized on its investments at least annually. A Fund’s income from certaindividends, interest, and any net realized short-term capital gains are paid to shareholders as ordinary income dividends.Certain dividend income may be reported to shareholders as “qualified dividend income,” which is generally subject toreduced rates of taxation. Net realized long-term capital gains, if any, are paid to shareholders as capital gains distributions,regardless of how long Shares of the Fund have been held. Distributions are made at the class level, so they may vary fromclass to class within a single Fund.Distribution ScheduleIncome dividends for the Funds are normally declared daily (Saturdays, Sundays, and holidays included) and distributed asof the last business day of each month. If a month begins on a Saturday, Sunday, or holiday, dividends for those days aredeclared and distributed at the end of the preceding month. Income dividends begin accruing the day after a purchase isprocessed by the Funds or their agents. If shares are redeemed, you will receive all dividends accrued through the day theredemption is processed by the Funds or their agents. Distributions of capital gains are normally declared and distributed inDecember. If necessary, dividends and net capital gains may be distributed at other times as well. The date you receive yourdistribution may vary depending on how your intermediary processes trades. Please consult your intermediary for details.How Distributions Affect a Fund’s NAVDistributions, other than daily income dividends, are paid to shareholders as of the record date of a distribution of a Fund,regardless of how long the shares have been held. Undistributed income and net capital gains are included in each Fund’sdaily net asset value (“NAV”). The share price of a Fund drops by the amount of the distribution, net of any subsequentmarket fluctuations. For example, assume that on December 31, a Fund declared a dividend in the amount of $0.25 pershare. If the Fund’s share price was $10.00 on December 30, the Fund’s share price on December 31 would be $9.75,barring market fluctuations. You should be aware that distributions from a taxable mutual fund do not increase the value ofyour investment and may create income tax obligations.“Buying a Dividend”If you purchase shares of a Fund just before a distribution, you will pay the full price for the shares and receive a portion ofthe purchase price back as a taxable distribution. This is referred to as “buying a dividend.” In the above example, if youbought shares on December 30, you would have paid $10.00 per share. On December 31, the Fund would pay you$0.25 per share as a dividend and your shares would now be worth $9.75 per share. Unless your account is set up as a taxdeferred account, dividends paid to you would be included in your gross income for tax purposes, even though you may nothave participated in the increase in NAV of the Fund, whether or not you reinvested the dividends. You should consult withyour financial intermediary or tax adviser as to potential tax consequences of any distributions that may be paid shortly afterpurchase.For your convenience, distributions of net investment income and net capital gains are automatically reinvested in additionalShares of the Fund without any sales charge. To receive distributions in cash, contact your financial intermediary, or a Janusrepresentative (1-800-333-1181) if you hold Class I Shares directly with Janus. Whether reinvested or paid in cash, thedistributions may be subject to taxes, unless your shares are held in a qualified tax-deferred plan or account.TAXESAs with any investment, you should consider the tax consequences of investing in the Funds. Any time you sell or exchangeshares of a fund in a taxable account, it is considered a taxable event. For federal income tax purposes, an exchange is treatedthe same as a sale. Depending on the purchase price and the sale price, you may have a gain or loss on the transaction;whether the gain or loss is long-term or short-term depends on how long you owned the shares. Any tax liabilities generatedby your transactions are your responsibility.The following discussion does not apply to qualified tax-deferred accounts or other non-taxable entities, nor is it a completeanalysis of the federal income tax implications of investing in the Funds. You should consult your tax adviser if you have anyquestions. Additionally, state or local taxes may apply to your investment, depending upon the laws of your state ofresidence.30Janus Investment FundTaxes on DistributionsDistributions by the Funds are subject to federal income tax, regardless of whether the distribution is made in cash orreinvested in additional shares of a Fund. When gains from the sale of a security held by a Fund are paid to shareholders,the rate at which the gain will be taxed to shareholders depends on the length of time the Fund held the security. In certainstates, a portion of the distributions (depending on the sources of a Fund’s income) may be exempt from state and localtaxes. A Fund’s net investment income and capital gains are distributed to (and may be taxable to) those persons who areshareholders of the Fund at the record date of such payments. Although a Fund’s total net income and net realized gain arethe results of its operations, the per share amount distributed or taxable to shareholders is affected by the number of Fundshares outstanding at the record date. Generally, account tax information will be made available to shareholders on or beforeJanuary 31st of each year. Information regarding distributions may also be reported to the Internal Revenue Service.Distributions made by a Fund with respect to Shares purchased through a qualified retirement plan will generally be exemptfrom current taxation if left to accumulate within the qualified plan.Generally, withdrawals from qualified plans may be subject to federal income tax at ordinary income rates and, if made beforeage 591⁄2, a 10% penalty tax may be imposed. The federal income tax status of your investment depends on the features ofyour qualified plan. For further information, please contact your plan sponsor.The Funds may be required to withhold U.S. federal income tax on all distributions and redemptions payable to shareholderswho fail to provide their correct taxpayer identification number, fail to make certain required certifications, or who have beennotified by the Internal Revenue Service that they are subject to backup withholding. The current backup withholding rate isapplied.Taxation of the FundsDividends, interest, and some capital gains received by the Funds on foreign securities may be subject to foreign taxwithholding or other foreign taxes. If a Fund is eligible, it may from year to year make the election permitted underSection 853 of the Internal Revenue Code to pass through such taxes to shareholders as a foreign tax credit. If such anelection is not made, any foreign taxes paid or accrued will represent an expense to the Funds.Certain fund transactions may involve short sales, futures, options, swap agreements, hedged investments, and other similartransactions, and may be subject to special provisions of the Internal Revenue Code that, among other things, can potentiallyaffect the character, amount, timing of distributions to shareholders, and utilization of capital loss carryforwards. The Fundswill monitor their transactions and may make certain tax elections and use certain investment strategies where applicable inorder to mitigate the effect of these tax provisions, if possible. Certain transactions or strategies utilized by a Fund maygenerate nonqualified income that can impact an investor’s taxes.The Funds do not expect to pay any federal income or excise taxes because they intend to meet certain requirements of theInternal Revenue Code, including the distribution each year of all their net investment income and net capital gains. It isimportant that the Funds meet these requirements so that any earnings on your investment will not be subject to federalincome taxes twice. Funds that invest in partnerships may be subject to state tax liabilities.31Janus Investment FundSHAREHOLDER’SGUIDEThe Funds offer multiple classes of shares in order to meet the needs of various types of investors.Class A Shares and Class C Shares are offered through financial intermediary platforms including, but not limited to,traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms. Class AShares may be offered without an initial sales charge through certain retirement platforms and through certain financialintermediary platforms, including but not limited to, fee-based broker-dealers or financial advisors, primarily on their wrapaccount platform(s) where such broker-dealer or financial advisor imposes additional fees for services connected to the wrapaccount. Class A Shares offer the ability for payment of up to 0.25% of net assets to financial intermediaries for the provisionof distribution services and/or shareholder services on behalf of their clients. Class C Shares offer the ability for payment ofup to 0.75% of net assets for payment to financial intermediaries for the provision of distribution services and up to 0.25%of net assets for the provision of shareholder services on behalf of their clients. In addition, the Shares offer the ability forpayment to financial intermediaries for the provision of administrative services, including recordkeeping, subaccounting,order processing for omnibus or networked accounts, or other shareholder services provided on behalf of their clients.Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms andasset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. Inaddition, the Shares may be available through certain financial intermediaries who have an agreement with Janus Capital orits affiliates to offer the Shares on their supermarket platforms. The Shares offer the ability for payment of up to 0.25% of netassets to financial intermediaries for the provision of distribution services and/or shareholder services and up to 0.25% of netassets for the provision of administrative services, including recordkeeping, subaccounting, order processing for omnibus ornetworked accounts, or other shareholder services provided on behalf of their clients.Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrapfee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirementplatforms. The Shares offer the ability for payment to financial intermediaries for the provision of administrative services,including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder servicesprovided on behalf of their clients. The Shares are also available to certain direct institutional investors including, but notlimited to, corporations, certain retirement plans, public plans and foundations/endowments.Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms. TheShares offer the ability for payment of up to 0.50% of net assets to financial intermediaries for the provision of distributionservices and, to a certain extent, shareholder services and up to 0.25% of net assets for the provision of administrativeservices, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholderservices provided on behalf of the plan or plan participants.Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fundwrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirementplatforms. In addition, the Shares may be available through certain financial intermediaries who have an agreement withJanus Capital or its affiliates to offer the Shares on their supermarket platforms. The Shares offer the ability for payment of upto 0.25% of net assets to financial intermediaries for the provision of administrative services, including recordkeeping,subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided on behalf oftheir clients.The Shares are not offered directly to individual investors. Consult with your financial intermediary representative foradditional information on whether the Shares are an appropriate investment choice. Certain funds may not be availablethrough certain of these intermediaries and not all financial intermediaries offer all classes of shares. If your financialintermediary offers more than one class of shares, you should carefully consider which class of shares to purchase.Certain classes have higher expenses than other classes, which may lower the return on your investment. Forinstructions on how to purchase, exchange, or redeem Shares, contact your financial intermediary or refer to your plandocuments. For Class I Shares held directly with Janus, please contact a Janus representative at 1-800-333-1181.With certain limited exceptions, the Funds are available only to U.S. citizens or residents.PRICING OF FUND SHARESThe per share NAV for each class is computed by dividing the total value of assets allocated to the class, less liabilitiesallocated to that class, by the total number of outstanding shares of the class. A Fund’s NAV is calculated as of the close of32Janus Investment Fundthe regular trading session of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. New York time) each day that theNYSE is open (“business day”). However, the NAV may be calculated earlier if trading on the NYSE is restricted, or aspermitted by the SEC. The value of a Fund’s holdings may change on days that are not business days in the United Statesand on which you will not be able to purchase or redeem a Fund’s Shares.The price you pay for purchases of Shares is the public offering price, which is the NAV next determined after your requestis received in good order by a Fund or its agents, plus, for Class A Shares, any applicable initial sales charge. The price youpay to sell Shares is also the NAV, although, for Class A Shares and Class C Shares, a contingent deferred sales charge may betaken out of the proceeds. Your financial intermediary may charge you a separate or additional fee for processing purchasesand redemptions of Shares. In order to receive a day’s price, your order must be received in good order by a Fund or itsagents by the close of the regular trading session of the NYSE.Securities held by the Funds are generally valued at market value. Certain short-term instruments maturing within 60 days orless are valued at amortized cost, which approximates market value. If a market quotation for a security is not readilyavailable or is deemed unreliable, or if an event that is expected to affect the value of the security occurs after the close of theprincipal exchange or market on which the security is traded, and before the close of the NYSE, a fair value of the security(except for short-term instruments maturing within 60 days or less) will be determined in good faith under policies andprocedures established by and under the supervision of the Funds’ Trustees. Such events include, but are not limited to: (i) asignificant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specificdevelopment; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action;(iii) a non-significant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of anon-valued security and a restricted or non-public security. While fair value pricing may be more commonly used withforeign equity securities, it may also be used with, among other things, thinly-traded domestic securities or fixed-incomesecurities. The Funds may use a systematic fair valuation model provided by an independent pricing service to value foreignequity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and theclose of the NYSE.Due to the subjective nature of fair value pricing, a Fund’s value for a particular security may be different from the lastquoted market price. Fair value pricing may reduce arbitrage activity involving the frequent buying and selling of mutualfund shares by investors seeking to take advantage of a perceived lag between a change in the value of a Fund’s portfoliosecurities and the reflection of such change in that Fund’s NAV, as further described in the “Excessive Trading” section of thisProspectus. While funds that invest in foreign securities may be at a greater risk for arbitrage activity, such activity may alsoarise in funds which do not invest in foreign securities, for example, when trading in a security held by a fund is halted anddoes not resume prior to the time the fund calculates its NAV (referred to as “stale pricing”). Funds that hold thinly-tradedsecurities, such as certain small-capitalization securities, may be subject to attempted use of arbitrage techniques. To theextent that a Fund’s valuation of a security is different from the security’s market value, short-term arbitrage traders buyingand/or selling Shares of a Fund may dilute the NAV of that Fund, which negatively impacts long-term shareholders. TheFunds’ fair value pricing and excessive trading policies and procedures may not completely eliminate short-term trading incertain omnibus accounts and other accounts traded through intermediaries.The value of the securities of other open-end funds held by a Fund, if any, will be calculated using the NAV of such openend funds, and the prospectuses for such open-end funds explain the circumstances under which they use fair value pricingand the effects of using fair value pricing.All purchases, exchanges, redemptions, or other account activity must be processed through your financial intermediary orplan sponsor. Your financial intermediary or plan sponsor is responsible for promptly transmitting purchase, redemption, andother requests to the Funds under the arrangements made between your financial intermediary or plan sponsor and itscustomers. The Funds are not responsible for the failure of any financial intermediary or plan sponsor to carry out itsobligations to its customers.CHOOSING A SHARE CLASSClass A Shares, Class C Shares, Class S Shares, Class I Shares, Class R Shares, and Class T Shares are offered by thisProspectus. The Funds offer multiple classes of shares in order to meet the needs of various types of investors. For moreinformation about these classes of Shares and whether or not you are eligible to purchase these Shares, please call1-877-335-2687.33Janus Investment FundEach class represents an interest in the same portfolio of investments, but has different charges and expenses, allowing you tochoose the class that best meets your needs. When choosing a share class, you should consider:• how much you plan to invest;• how long you expect to own the shares;• the expenses paid by each class; and• for Class A Shares and Class C Shares, whether you qualify for any reduction or waiver of any sales charges.You should also consult your financial intermediary about which class is most suitable for you. In addition, you shouldconsider the factors below with respect to each class of Shares:Class A SharesInitial sales charge on purchases• reduction of initial sales charge for purchases of $50,000 or more• initial sales charge waived for purchases of $1 million or moreUp to 4.75%(1)Deferred sales charge (CDSC)None except on certain redemptions of Sharespurchased without an initial sales charge(1)Administrative FeesPays administrative, networking or omnibus fees tocertain intermediariesMinimum initial investment$2,500Maximum purchaseNoneMinimum aggregate account balanceNone12b-1 feeUp to 0.25% annual distribution/service feeClass C SharesInitial sales charge on purchasesNoneDeferred sales charge (CDSC)1.00% on Shares redeemed within 12 months ofpurchase(1)Administrative FeesPays administrative, networking or omnibus fees tocertain intermediariesMinimum initial investment$2,500Maximum purchase$500,000Minimum aggregate account balanceNone12b-1 fee1.00% annual fee (up to 0.75% distribution fee andup to 0.25% shareholder servicing fee)Class S SharesInitial sales charge on purchasesNoneDeferred sales charge (CDSC)NoneAdministrative Services Fees0.25%Minimum initial investment$2,500Maximum purchaseNoneMinimum aggregate account balanceNone12b-1 feeUp to 0.25% annual distribution/service fee34Janus Investment FundClass I SharesInitial sales charge on purchasesNoneDeferred sales charge (CDSC)NoneAdministrative FeesPays administrative, networking or omnibus fees tocertain intermediariesMinimum initial investment• institutional investors (investing directly with Janus)• through an intermediary institution$1,000,000$2,500Maximum purchaseNoneMinimum aggregate account balanceNone12b-1 feeNoneClass R SharesInitial sales charge on purchasesNoneDeferred sales charge (CDSC)NoneAdministrative Services Fees0.25%Minimum initial investment$2,500 (None for defined contribution plans)Maximum purchaseNoneMinimum aggregate account balanceNone12b-1 feeUp to 0.50% annual distribution/service feeClass T SharesInitial sales charge on purchasesNoneDeferred sales charge (CDSC)NoneAdministrative Services Fees0.25%Minimum initial investment$2,500Maximum purchaseNoneMinimum aggregate account balanceNone12b-1 feeNone(1) May be waived under certain circumstances.DISTRIBUTION, SERVICING, AND ADMINISTRATIVE FEESDistribution and Shareholder Servicing PlansUnder separate distribution and shareholder servicing plans adopted in accordance with Rule 12b-1 under the 1940 Act forClass A Shares, Class S Shares, and Class R Shares (each a “Plan”) and Class C Shares (the “Class C Plan”), the Funds maypay Janus Distributors, the Trust’s distributor, a fee for the sale and distribution and/or shareholder servicing of the Sharesbased on the average daily net assets of each, up to the following annual rates:Class12b-1 Fee for the FundsClass A Shares0.25%Class C Shares1.00%(1)Class S Shares0.25%Class R Shares0.50%(1) Up to 0.75% of this fee is for distribution services and up to 0.25% of this fee is for shareholder services.Under the terms of each Plan, the Trust is authorized to make payments to Janus Distributors for remittance to retirementplan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, ascompensation for distribution and/or shareholder services performed by such entities for their customers who are investors inthe Funds.35Janus Investment FundFinancial intermediaries may from time to time be required to meet certain criteria in order to receive 12b-1 fees. JanusDistributors is entitled to retain some or all fees payable under each Plan in certain circumstances, including when there isno broker of record or when certain qualification standards have not been met by the broker of record.Janus Distributors is entitled to retain all fees paid under the Class C Plan for the first 12 months on any investment inClass C Shares to recoup its expenses with respect to the payment of commissions on sales of Class C Shares. Financialintermediaries will become eligible for compensation under the Class C Plan beginning in the 13th month following thepurchase of Class C Shares, although Janus Distributors may, pursuant to a written agreement between Janus Distributors anda particular financial intermediary, pay such financial intermediary 12b-1 fees prior to the 13th month following the purchaseof Class C Shares. Janus Distributors is entitled to retain some or all fees payable under the Plans in certain circumstances,including when there is no broker of record or when certain qualification standards have not been met by the broker ofrecord.Because 12b-1 fees are paid out of the Funds’ assets on an ongoing basis, over time they will increase the cost of yourinvestment and may cost you more than paying other types of sales charges.Administrative FeesClass A Shares, Class C Shares, and Class I SharesCertain, but not all, intermediaries may charge fees for administrative services, including recordkeeping, subaccounting, orderprocessing for omnibus or networked accounts, or other shareholder services provided by intermediaries on behalf of theshareholders of the Funds. Order processing includes the submission of transactions through the National Securities ClearingCorporation (“NSCC”) or similar systems, or those processed on a manual basis with Janus. These administrative fees arepaid by the Shares of the Funds to Janus Services, which uses such fees to reimburse intermediaries. Because the form andamount charged varies by intermediary, the amount of the administrative fee borne by the class is an average of all feescharged by intermediaries. In the event an intermediary receiving payments from Janus Services on behalf of the Fundsconverts from a networking structure to an omnibus account structure, or otherwise experiences increased costs, fees borneby the Shares may increase.Class S Shares, Class R Shares, and Class T SharesJanus Services LLC (“Janus Services”), the Trust’s transfer agent, receives an administrative services fee at an annual rate of upto 0.25% of the average daily net assets of Class S Shares, Class R Shares, and Class T Shares of each Fund for providing, orarranging for the provision by intermediaries of, administrative services, including recordkeeping, subaccounting, orderprocessing for omnibus or networked accounts, or other shareholder services provided on behalf of shareholders of theFunds. Order processing includes the submission of transactions through the NSCC or similar systems, or those processed ona manual basis with Janus. Janus Services expects to use all or a significant portion of this fee to compensate intermediariesand retirement plan service providers for providing these services to their customers who invest in the Funds. Janus Servicesor its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediariesexceed the 0.25% of net assets charged to the Funds.PAYMENTS TO FINANCIAL INTERMEDIARIES BY JANUS CAPITAL OR ITS AFFILIATESClass A Shares and Class C SharesFrom its own assets, Janus Capital or its affiliates may pay selected brokerage firms or other financial intermediaries that sellClass A and Class C Shares of the Janus funds for distribution, marketing, promotional, or related services. Such paymentsmay be based on gross sales, assets under management, or transactional charges, or on a combination of these factors. Theamount of these payments is determined from time to time by Janus Capital, may be substantial, and may differ for differentfinancial intermediaries. Payments based primarily on sales create an incentive to make new sales of shares, while paymentsbased on assets create an incentive to retain previously sold shares. Sales- and asset-based payments currently range up to25 basis points on sales and up to 20 basis points on average annual net assets of shares held through the intermediary andare subject to change. Payments based on transactional charges may include the payment or reimbursement of all or a portionof “ticket charges.” Ticket charges are fees charged to salespersons purchasing through a financial intermediary firm inconnection with mutual fund purchases, redemptions, or exchanges. The payment or reimbursement of ticket charges createsan incentive for salespersons of an intermediary to sell shares of Janus funds over shares of funds for which there is lesser orno payment or reimbursement of any applicable ticket charge. Janus Capital and its affiliates consider a number of factors inmaking payments to financial intermediaries, including the distribution capabilities of the intermediary, the overall quality of36Janus Investment Fundthe relationship, expected gross and/or net sales generated by the relationship, redemption and retention rates of assets heldthrough the intermediary, the willingness of the intermediary to cooperate with Janus Capital’s marketing efforts, access tosales personnel, and the anticipated profitability of sales through the institutional relationship. These factors may change fromtime to time. Currently, these payments are limited to the top 100 distributors (measured by sales or expected sales of sharesof the Janus funds). Broker-dealer firms currently receiving or expected to receive these fees are listed in the SAI.In addition, from their own assets, Janus Capital, Janus Distributors, or their affiliates may pay fees to brokerage firms, banks,financial advisors, retirement plan service providers, and other financial intermediaries for providing other marketing ordistribution-related services, as well as recordkeeping, subaccounting, transaction processing, and other shareholder oradministrative services (including payments for processing transactions via NSCC or other means) in connection withinvestments in the Janus funds. These fees are in addition to any fees that may be paid by the Janus funds for these types ofservices or other services.Class S Shares, Class I Shares, Class R Shares, and Class T SharesJanus Capital, Janus Distributors, or their affiliates may pay fees, from their own assets, to financial intermediaries forproviding other marketing or distribution-related services (with the exception of Class S Shares, Class I Shares, and Class RShares), as well as recordkeeping, subaccounting, transaction processing, and other shareholder or administrative services(including payments for processing transactions via NSCC or other means) in connection with investments in the Janusfunds. These fees are in addition to any fees that may be paid by the Janus funds for these types of services or other services.All Share ClassesJanus Capital or its affiliates may also share certain marketing expenses with intermediaries, or pay for or sponsorinformational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or businessbuilding programs for such intermediaries to raise awareness of the Funds. Such payments may be in addition to, or in lieuof, payments described above. These payments are intended to promote the sales of Janus funds and to reimburse financialintermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educationalseminars, meetings, and training efforts about the Janus funds to enable the intermediaries and their salespersons to makesuitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Janus fundsavailable to their customers.The receipt of (or prospect of receiving) payments, reimbursements and other forms of compensation described above mayprovide a financial intermediary and its salespersons with an incentive to favor sales of Janus funds’ shares over sales of othermutual funds (or non-mutual fund investments) or to favor sales of one class of Janus funds’ shares over sales of anotherJanus funds’ share class, with respect to which the financial intermediary does not receive such payments or receives them ina lower amount. The receipt of these payments may cause certain financial intermediaries to elevate the prominence of theJanus funds within such financial intermediary’s organization by, for example, placement on a list of preferred orrecommended funds and/or the provision of preferential or enhanced opportunities to promote the Janus funds in variousways within such financial intermediary’s organization.The payment arrangements described above will not change the price an investor pays for Shares nor the amount that aJanus fund receives to invest on behalf of the investor. You should consider whether such arrangements exist when evaluatingany recommendations from an intermediary to purchase or sell Shares of the Funds and, if applicable, when consideringwhich share class of a Fund is most appropriate for you. Please contact your financial intermediary or plan sponsor for detailson such arrangements.PURCHASESWith the exception of Class I Shares, purchases of Shares may generally be made only through institutional channels such asfinancial intermediaries and retirement platforms. Class I Shares may be purchased directly with the Funds in certaincircumstances as described in the “Minimum Investment Requirements” section. Contact your financial intermediary, a Janusrepresentative (1-800-333-1181) if you hold Class I Shares directly with Janus, or refer to your plan documents forinformation on how to invest in each Fund, including additional information on minimum initial or subsequent investmentrequirements. Your financial intermediary may charge you a separate or additional fee for processing purchases of Shares.Only certain financial intermediaries are authorized to receive purchase orders on the Funds’ behalf. As discussed under“Payments to financial intermediaries by Janus Capital or its affiliates,” Janus Capital and its affiliates may make payments tobrokerage firms or other financial intermediaries that were instrumental in the acquisition or retention of shareholders for the37Janus Investment FundFunds or that provide services in connection with investments in the Funds. You should consider such arrangements whenevaluating any recommendation of the Funds.Each Fund reserves the right to reject any purchase order, including exchange purchases, for any reason. The Funds are notintended for excessive trading. For more information about the Funds’ policy on excessive trading, refer to “ExcessiveTrading.”In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept andObstruct Terrorism Act of 2001 (“USA PATRIOT Act”), your financial intermediary is required to verify certain information onyour account application as part of its Anti-Money Laundering Program. You will be required to provide your full name, dateof birth, social security number, and permanent street address to assist in verifying your identity. You may also be asked toprovide documents that may help to establish your identity. Until verification of your identity is made, your financialintermediary may temporarily limit additional share purchases. In addition, your financial intermediary may close an accountif they are unable to verify a shareholder’s identity. Please contact your financial intermediary if you need additional assistancewhen completing your application or additional information about the intermediary’s Anti-Money Laundering Program.In order to ensure compliance with this law, Janus’ Anti-Money Laundering Program (the “Program”) provides for thedevelopment of internal practices, procedures and controls, designation of anti-money laundering compliance officers, anongoing training program, and an independent audit function to determine the effectiveness of the Program.Minimum Investment RequirementsClass A Shares, Class C Shares, Class S Shares, and Class T SharesThe minimum investment is $2,500 per Fund account for non-retirement accounts and $500 per Fund account for certaintax-deferred accounts or UGMA/UTMA accounts. Investors in a defined contribution plan through a third party administratorshould refer to their plan document or contact their plan administrator for additional information. In addition, accounts heldthrough certain wrap programs may not be subject to these minimums. Investors should refer to their intermediary foradditional information.The maximum purchase in Class C Shares is $500,000 for any single purchase. The sales charge and expense structure ofClass A Shares may be more advantageous for investors purchasing more than $500,000 of Fund shares.Class I SharesThe minimum investment is $1 million for institutional investors investing directly with Janus. Institutional investorsgenerally may meet the minimum investment amount by aggregating multiple accounts within the same Fund. Accountsoffered through an intermediary institution must meet the minimum investment requirements of $2,500 per Fund accountfor non-retirement accounts and $500 per Fund account for certain tax-deferred accounts or UGMA/UTMA accounts.Directors, officers, and employees of JCGI and its affiliates, as well as Trustees and officers of the Funds, may purchase ClassI Shares through certain financial intermediaries’ institutional platforms. For more information about this program andeligibility requirements, please contact a Janus representative at 1-800-333-1181. Exceptions to these minimums may applyfor certain tax-deferred, tax-qualified and retirement plans, and accounts held through certain wrap programs. For additionalinformation, contact your intermediary, plan sponsor, administrator, or a Janus representative, as applicable.Class R SharesInvestors in a defined contribution plan through a third party administrator should refer to their plan document or contacttheir plan administrator for information regarding account minimums. For all other account types, the minimum investmentis $2,500.Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class T SharesEach Fund reserves the right to annually request that intermediaries close Fund accounts that are valued at less than $100,other than as a result solely of depreciation in share value. Certain accounts held through intermediaries may not be subjectto closure due to the policies of the intermediaries. You may receive written notice from your intermediary to increase youraccount balance to the required minimum to avoid having your account closed. If you hold Class I Shares directly with aFund, you may receive written notice prior to the closure of your Fund account so that you may increase your accountbalance to the required minimum. Please note that you may incur a tax liability as a result of a redemption.Each Fund reserves the right to change the amount of these minimums or maximums from time to time or to waive them inwhole or in part.38Janus Investment FundSystematic Purchase PlanYou may arrange for periodic purchases by authorizing your financial intermediary (or a Janus representative, if you holdClass I Shares directly with a Fund) to withdraw the amount of your investment from your bank account on a day or daysyou specify. Not all financial intermediaries offer this plan. Contact your financial intermediary or a Janus representative fordetails.Initial Sales ChargeClass A SharesAn initial sales charge may apply to your purchase of Class A Shares of the Funds based on the amount invested, as set forthin the table below. The sales charge is allocated between Janus Distributors and your financial intermediary. Sales charges, asexpressed as a percentage of offering price and as a percentage of your net investment, are shown in the table. The dollaramount of your initial sales charge is calculated as the difference between the public offering price and the net asset value ofthose shares. Since the offering price is calculated to two decimal places using standard rounding criteria, the number ofshares purchased and the dollar amount of your sales charge as a percentage of the offering price and of your net investmentmay be higher or lower than the amounts set forth in the table depending on whether there was a downward or upwardrounding.Class A SharesSales Charge as aPercentage ofOffering Price(1)Amount of Purchase at Offering PriceClass A SharesSales Charge as aPercentage ofNet Amount InvestedJanus Flexible Bond Fund and Janus High-Yield FundUnder $50,0004.75%4.99%$50,000 but under $100,0004.50%4.71%$100,000 but under $250,0003.50%3.63%$250,000 but under $500,0002.50%2.56%$500,000 but under $1,000,0002.00%None(2)$1,000,000 and above2.04%NoneJanus Short-Term Bond Fund(3)Under $50,0002.50%2.56%$50,000 but under $100,0002.25%2.30%$100,000 but under $250,0002.00%2.04%$250,000 but under $500,0001.50%1.52%$500,000 but under $1,000,0001.00%1.01%$1,000,000 and aboveNone(2)None(1) Offering Price includes the initial sales charge.(2) A contingent deferred sales charge of 1.00% may apply to Class A Shares purchased without an initial sales charge if redeemed within 12 months ofpurchase.(3) A shareholder who exchanges Shares into a Fund with a higher sales charge may be required to pay the new Fund’s initial sales charge or the differencebetween the Fund’s sales charge and the sales charge applicable to the new Fund.Janus Distributors may pay financial intermediaries commissions on purchases of Class A Shares as follows:• 1.00% on amounts from $1,000,000 to $4,000,000;• plus 0.50% on amounts greater than $4,000,000 to $10,000,000;• plus 0.25% on amounts over $10,000,000.The purchase totals eligible for these commissions are aggregated on a rolling one year basis so that the rate payable resets tothe highest rate annually.Qualifying for a Reduction or Waiver of Class A Shares Sales ChargeYou may be able to lower your Class A Shares sales charge under certain circumstances. For example, you can combineClass A Shares and Class C Shares you already own (either in these Funds or certain other Janus funds) with your currentpurchase of Class A Shares of the Funds and certain other Janus funds (including Class C Shares of those funds) to take39Janus Investment Fundadvantage of the breakpoints in the sales charge schedule as set forth above. Certain circumstances under which you maycombine such ownership of Shares and purchases are described below. Contact your financial intermediary for moreinformation.Class A Shares of the Funds may be purchased without an initial sales charge by the following persons (and their spousesand children under 21 years of age): (i) registered representatives and other employees of intermediaries that have sellingagreements with Janus Distributors to sell Class A Shares; (ii) directors, officers, and employees of JCGI and its affiliates; and(iii) trustees and officers of the Trust. In addition, the initial sales charge may be waived on purchases of Class A Sharesthrough financial intermediaries that have entered into an agreement with Janus Distributors that allows the waiver of thesales charge.In order to obtain a sales charge discount, you should inform your financial intermediary of other accounts in which thereare Fund holdings eligible to be aggregated to meet a sales charge breakpoint. These other accounts may include the accountsdescribed under “Aggregating Accounts.” You may need to provide documents such as account statements or confirmationstatements to prove that the accounts are eligible for aggregation. The Letter of Intent described below requires historical costinformation in certain circumstances. You should retain records necessary to show the price you paid to purchase Fundshares, as the Funds, their agents, or your financial intermediary may not retain this information.Right of Accumulation. You may purchase Class A Shares of a Fund at a reduced sales charge determined by aggregating thedollar amount of the new purchase (measured by the offering price) and the total prior day’s net asset value (net amountinvested) of all Class A Shares of the Fund and of certain other classes (Class A Shares and Class C Shares of the Trust) ofJanus funds then held by you, or held in accounts identified under “Aggregating Accounts,” and applying the sales chargeapplicable to such aggregate amount. In order for your purchases and holdings to be aggregated for purposes of qualifyingfor such discount, they must have been made through one financial intermediary and you must provide sufficient informationto your financial intermediary at the time of purchase to permit verification that the purchase qualifies for the reduced salescharge. The right of accumulation is subject to modification or discontinuance at any time with respect to all sharespurchased thereafter.Letter of Intent. You may obtain a reduced sales charge on Class A Shares by signing a Letter of Intent indicating yourintention to purchase $50,000 or more of Class A Shares (including Class A Shares in other series of the Trust) over a13-month period. The term of the Letter of Intent will commence upon the date you sign the Letter of Intent. You must referto such Letter when placing orders. With regard to a Letter of Intent, the amount of investment for purposes of applying thesales load schedule includes (i) the historical cost (what you actually paid for the shares at the time of purchase, includingany sales charges) of all Class A Shares acquired during the term of the Letter of Intent, minus (ii) the value of anyredemptions of Class A Shares made during the term of the Letter of Intent. Each investment made during the period receivesthe reduced sales charge applicable to the total amount of the investment goal. A portion of shares purchased may be held inescrow to pay for any sales charge that may be applicable. If the goal is not achieved within the period, you must pay thedifference between the sales charges applicable to the purchases made and the charges previously paid, or an appropriatenumber of escrowed shares will be redeemed. Please contact your financial intermediary to obtain a Letter of Intentapplication.Aggregating Accounts. To take advantage of lower Class A Shares sales charges on large purchases or through the exercise ofa Letter of Intent or right of accumulation, investments made by you, your spouse, and your children under age 21 may beaggregated if made for your own account(s) and/or certain other accounts such as:• trust accounts established by the above individuals (or the accounts of the primary beneficiary of the trust if the personwho established the trust is deceased);• solely controlled business accounts; and• single participant retirement plans.To receive a reduced sales charge under rights of accumulation or a Letter of Intent, you must notify your financialintermediary of any eligible accounts that you, your spouse, and your children under age 21 have at the time of yourpurchase.40Janus Investment FundYou may access information regarding sales loads, breakpoint discounts, and purchases of the Funds’ shares, free of charge,and in a clear and prominent format, on our website at janus.com/breakpoints, and by following the appropriate hyperlinksto the specific information.Commission on Class C SharesJanus Distributors may compensate your financial intermediary at the time of sale at a commission rate of 1.00% of the netasset value of the Class C Shares purchased. Service providers to qualified plans will not receive this amount if they receive12b-1 fees from the time of initial investment of qualified plan assets in Class C Shares.EXCHANGESContact your financial intermediary, a Janus representative (1-800-333-1181) if you hold Class I Shares directly with a Fund,or consult your plan documents to exchange into other funds in the Trust. Be sure to read the prospectus of the fund intowhich you are exchanging. An exchange from one fund to another is generally a taxable transaction (except for certain taxdeferred accounts).• You may generally exchange Shares of a Fund for Shares of the same class of any other fund in the Trust offered throughyour financial intermediary or qualified plan.• You may also exchange shares of one class for another class of shares within the same fund, provided the eligibilityrequirements of the class of shares to be received are met. Same-fund exchanges will only be processed in instances wherethere is no contingent deferred sales charge (“CDSC”) on the shares to be exchanged and no initial sales charge on theshares to be received. A Fund’s fees and expenses differ between share classes. Please read the Prospectus for the share classyou are interested in prior to investing in that share class. Contact your financial intermediary or consult your plandocuments for additional information.• You must meet the minimum investment amount for each fund.• The exchange privilege is not intended as a vehicle for short-term or excessive trading. A Fund may suspend or terminateyour exchange privilege if you make more than one round trip in the Fund in a 90-day period and may bar futurepurchases in the Fund or any of the other Janus funds. The Funds will work with intermediaries to apply the Funds’exchange limit. However, the Funds may not always have the ability to monitor or enforce the trading activity in suchaccounts. For more information about the Funds’ policy on excessive trading, refer to “Excessive Trading.”• Each Fund reserves the right to reject any exchange request and to modify or terminate the exchange privilege at any time.• An exchange of Class S Shares, Class I Shares, Class R Shares, and Class T Shares from Janus High-Yield Fund held for 90days or less may be subject to the Fund’s redemption fee. For more information on redemption fees, including a discussionof the circumstances in which the redemption fee may not apply, refer to “Redemption Fee.”Waiver of Sales ChargesClass A Shares received through an exchange of Class A Shares of another fund of the Trust will not be subject to any initialsales charge of the Funds’ Class A Shares. Class A Shares or Class C Shares received through an exchange of Class A Sharesor Class C Shares, respectively, of another fund of the Trust will not be subject to any applicable CDSC at the time of theexchange. Any CDSC applicable to redemptions of Class A Shares or Class C Shares will continue to be measured on theShares received by exchange from the date of your original purchase. For more information about the CDSC, please refer to“Redemptions.” While Class C Shares do not have any front-end sales charges, their higher annual fund operating expensesmean that over time, you could end up paying more than the equivalent of the maximum allowable front-end sales charge.REDEMPTIONSRedemptions, like purchases, may generally be effected only through financial intermediaries, retirement platforms, and bycertain direct institutional investors holding Class I Shares. Please contact your financial intermediary, a Janus representative(1-800-333-1181) if you hold Class I Shares directly with a Fund, or refer to the appropriate plan documents for details.Your financial intermediary may charge a processing or service fee in connection with the redemption of Shares.Shares of each Fund may be redeemed on any business day on which the Fund’s NAV is calculated. Redemptions are dulyprocessed at the NAV next calculated after your redemption order is received in good order by a Fund or its agents.41Janus Investment FundRedemption proceeds, less any applicable CDSC for Class A Shares or Class C Shares or redemption fee for Class S Shares,Class I Shares, Class R Shares, or Class T Shares, will normally be sent the business day following receipt of the redemptionorder.Each Fund reserves the right to postpone payment of redemption proceeds for up to seven calendar days. Additionally, theright to require the Funds to redeem their Shares may be suspended, or the date of payment may be postponed beyondseven calendar days, whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (exceptfor holidays and weekends); (ii) the SEC permits such suspension and so orders; or (iii) an emergency exists as determinedby the SEC so that disposal of securities or determination of NAV is not reasonably practicable.Each Fund reserves the right to annually request that intermediaries close Fund accounts that are valued at less than $100,other than as a result solely of depreciation in share value. Certain accounts held through intermediaries may not be subjectto closure due to the policies of the intermediaries. You may receive written notice from your intermediary to increase youraccount balance to the required minimum to avoid having your account closed. If you hold Class I Shares directly with aFund, you may receive written notice prior to the closure of your Fund account so that you may increase your accountbalance to the required minimum. Please note that you may incur a tax liability as a result of a redemption.Large Shareholder RedemptionsCertain accounts or Janus affiliates may from time to time own (beneficially or of record) or control a significant percentageof a Fund’s Shares. Redemptions by these accounts of their holdings in a Fund may impact the Fund’s liquidity and NAV.These redemptions may also force a Fund to sell securities, which may negatively impact the Fund’s brokerage costs.Redemptions In-KindShares normally will be redeemed for cash, although each Fund retains the right to redeem some or all of its shares in-kindunder unusual circumstances, in order to protect the interests of remaining shareholders, to accommodate a request by aparticular shareholder that does not adversely affect the interests of the remaining shareholders, or in connection with theliquidation of a fund, by delivery of securities selected from its assets at its discretion. However, each Fund is required toredeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV of that Fund during any 90-day period for anyone shareholder. Should redemptions by any shareholder exceed such limitation, a Fund will have the option of redeemingthe excess in cash or in-kind. In-kind payment means payment will be made in portfolio securities rather than cash. If thisoccurs, the redeeming shareholder might incur brokerage or other transaction costs to convert the securities to cash, whereassuch costs are borne by the Fund for cash redemptions.While a Fund may pay redemptions in-kind, a Fund may instead choose to raise cash to meet redemption requests throughthe sale of fund securities or permissible borrowings. If a Fund is forced to sell securities at an unfavorable time and/orunder unfavorable conditions, such sales may adversely affect the Fund’s NAV and may increase brokerage costs.Systematic Withdrawal PlanClass A Shares and Class C SharesYou may arrange for periodic redemptions of Class A Shares or Class C Shares by authorizing your financial intermediary toredeem a specified amount from your account on a day or days you specify. Any resulting CDSC may be waived throughfinancial intermediaries that have entered into an agreement with Janus Distributors. The maximum annual rate at whichshares subject to a CDSC may be redeemed, pursuant to a systematic withdrawal plan, without paying a CDSC, is 12% of thenet asset value of the account. Certain other terms and minimums may apply. Not all financial intermediaries offer this plan.Contact your financial intermediary for details.Class S Shares, Class I Shares, Class R Shares, and Class T SharesYou may arrange for periodic redemptions by authorizing your financial intermediary (or a Janus representative, if you holdClass I Shares directly with a Fund) to redeem a specified amount from your account on a day or days you specify. Not allfinancial intermediaries offer this plan. Contact your financial intermediary or a Janus representative for details.Contingent Deferred Sales ChargeClass A Shares and Class C SharesA 1.00% CDSC may be deducted with respect to Class A Shares purchased without an initial sales charge if redeemed within12 months of purchase, unless any of the CDSC waivers listed apply. A 1.00% CDSC will be deducted with respect to Class C42Janus Investment FundShares redeemed within 12 months of purchase, unless a CDSC waiver applies. The CDSC will be based on the lower of theoriginal purchase price or the value of the redemption of the Class A Shares or Class C Shares redeemed, as applicable.CDSC WaiversThere are certain cases in which you may be exempt from a CDSC charged to Class A Shares and Class C Shares. Amongothers, these include:• Upon the death or disability of an account owner;• Retirement plans and certain other accounts held through a financial intermediary that has entered into an agreement withJanus Distributors to waive CDSCs for such accounts;• Retirement plan shareholders taking required minimum distributions;• The redemption of Class A Shares or Class C Shares acquired through reinvestment of Fund dividends or distributions;• The portion of the redemption representing appreciation as a result of an increase in NAV above the total amount ofpayments for Class A Shares or Class C Shares during the period during which the CDSC applied; or• If a Fund chooses to liquidate or involuntarily redeem shares in your account.To keep the CDSC as low as possible, Class A Shares or Class C Shares not subject to any CDSC will be redeemed first,followed by shares held longest.Reinstatement PrivilegeAfter you have redeemed Class A Shares, you have a one-time right to reinvest the proceeds into Class A Shares of the sameor another fund within 90 days of the redemption date at the current NAV (without an initial sales charge). You will not bereimbursed for any CDSC paid on your redemption of Class A Shares.REDEMPTION FEERedemptions (and exchanges) of Class S Shares, Class I Shares, Class R Shares, or Class T Shares of Janus High-Yield Fundheld for 90 days or less may be subject to the Fund’s redemption fee. The redemption fee is 2.00% of a shareholder’sredemption proceeds. This fee is paid to the Fund rather than Janus Capital, and is designed to deter excessive short-termtrading and to offset the brokerage commissions, market impact, and other costs associated with changes in the Fund’s assetlevel and cash flow due to short-term money movements in and out of the Fund.Certain intermediaries have agreed to charge the Fund’s redemption fee on their customers’ accounts. In this case, the amountof the fee and the holding period will generally be consistent with the Fund’s. However, due to operational requirements, theintermediaries’ methods for tracking and calculating the fee may differ in some respects from the Fund’s.The redemption fee does not apply to certain types of accounts held through intermediaries, including: (i) certain employersponsored retirement plans; (ii) certain broker wrap fee and other fee-based programs; (iii) certain omnibus accounts wherethe omnibus account holder does not have the operational capability to impose a redemption fee on its underlying customers’accounts; and (iv) certain intermediaries that do not have or report to the Fund sufficient information to impose aredemption fee on their customers’ accounts.In addition, the redemption fee does not apply to: (i) premature distributions from retirement accounts that are exempt fromIRS penalty due to the disability of or medical expenses incurred by the shareholder; (ii) required minimum distributionsfrom retirement accounts; (iii) return of excess contributions in retirement accounts; (iv) redemptions resulting in thesettlement of an estate due to the death of the shareholder; (v) redemptions through an automated systematic withdrawal orexchange plan; (vi) redemptions by participants of an employer-sponsored automatic enrollment 401(k) plan who properlyelect a refund of contributions within 90 days of being automatically enrolled in such plan; (vii) involuntary redemptionsimposed by Janus Capital; (viii) reinvested distributions (dividends and capital gains); and (ix) identifiable transactions bycertain funds of funds and asset allocation programs to realign portfolio investments with existing target allocations. Forsame-fund share class exchanges, no redemption fee will be applied based on the exchange transaction. However, to theextent an intermediary is applying a redemption fee, the redemption fee will be imposed on a subsequent underlyingshareholder-initiated sale of shares after the exchange. When cooperation from a financial intermediary is necessary to imposea redemption fee on its customers’ accounts, different or additional exemptions may be applied by the financial intermediary.43Janus Investment FundRedemption fees may be waived under certain circumstances involving involuntary redemptions imposed by intermediaries.Contact your financial intermediary, a Janus representative (1-800-333-1181) if you hold Class I Shares directly with theFund, or refer to your plan documents for more information on whether the redemption fee is applied to your shares.In addition to the circumstances previously noted, the Fund reserves the right to waive the redemption fee at its discretionwhere it believes such waiver is in the best interests of the Fund, including but not limited to when it determines thatimposition of the redemption fee is not necessary to protect the Fund from the effects of short-term trading. In addition, theFund reserves the right to modify or eliminate the redemption fee or waivers at any time. If there is a material change to theFund’s redemption fee, the Fund will notify you at least 60 days prior to the effective date of the change.EXCESSIVE TRADINGExcessive Trading Policies and ProceduresThe Trustees have adopted policies and procedures with respect to short-term and excessive trading of Fund shares(“excessive trading”). Each Fund is intended for long-term investment purposes only, and the Funds will take reasonablesteps to attempt to detect and deter short-term and excessive trading. Transactions placed in violation of the Funds’ exchangelimits or excessive trading policies may be cancelled or revoked by a Fund by the next business day following receipt by theFund. The trading history of accounts determined to be under common ownership or control within any of the Janus fundsmay be considered in enforcing these policies and procedures. As described below, however, the Funds may not be able toidentify all instances of excessive trading or completely eliminate the possibility of excessive trading. In particular, it may bedifficult to identify excessive trading in certain omnibus accounts and other accounts traded through intermediaries. By theirnature, omnibus accounts, in which purchases and redemptions of the Funds’ shares by multiple investors are aggregated bythe intermediary and presented to the Funds on a net basis, may effectively conceal the identity of individual investors andtheir transactions from the Funds and their agents. This makes the elimination of excessive trading in the accountsimpractical without the assistance of the intermediary.The Funds attempt to deter excessive trading through at least the following methods:• exchange limitations as described under “Exchanges;”• trade monitoring;• fair valuation of securities as described under “Pricing of Fund Shares;” and• redemption fees as described under “Redemption Fee” (where applicable on certain classes of certain Funds).Generally, a purchase and redemption of Shares from the same Fund (i.e., “round trip”) within 90 calendar days may resultin enforcement of a Fund’s excessive trading policies and procedures with respect to future purchase orders, provided thateach Fund reserves the right to reject any purchase request as explained above.The Funds monitor for patterns of shareholder frequent trading and may suspend or permanently terminate the exchangeprivilege of any investor who makes more than one round trip in a Fund over a 90-day period, and may bar future purchasesinto the Fund and any of the other Janus funds by such investor. The Funds’ excessive trading policies generally do notapply to (i) a money market fund, although money market funds at all times reserve the right to reject any purchase request(including exchange purchases) for any reason without prior notice; (ii) transactions in the Janus funds by a Janus “fund offunds,” which is a fund that primarily invests in other Janus mutual funds; and (iii) identifiable transactions by certain fundsof funds and asset allocation programs to realign portfolio investments with existing target allocations.The Funds’ Trustees may approve from time to time a redemption fee to be imposed by any Janus fund, subject to 60 days’notice to shareholders of that fund.Investors who place transactions through the same financial intermediary on an omnibus basis may be deemed part of agroup for the purpose of the Funds’ excessive trading policies and procedures and may be rejected in whole or in part by aFund. The Funds, however, cannot always identify or reasonably detect excessive trading that may be facilitated by financialintermediaries or made difficult to identify through the use of omnibus accounts by those intermediaries that transmitpurchase, exchange, and redemption orders to the Funds, and thus the Funds may have difficulty curtailing such activity.Transactions accepted by a financial intermediary in violation of the Funds’ excessive trading policies may be cancelled orrevoked by a Fund by the next business day following receipt by that Fund.In an attempt to detect and deter excessive trading in omnibus accounts, the Funds or their agents may require intermediariesto impose restrictions on the trading activity of accounts traded through those intermediaries. Such restrictions may include,44Janus Investment Fundbut are not limited to, requiring that trades be placed by U.S. mail, prohibiting future purchases by investors who haverecently redeemed Fund shares, requiring intermediaries to report information about customers who purchase and redeemlarge amounts, and similar restrictions. The Funds’ ability to impose such restrictions with respect to accounts traded throughparticular intermediaries may vary depending on the systems’ capabilities, applicable contractual and legal restrictions, andcooperation of those intermediaries.Certain transactions in Fund shares, such as periodic rebalancing through intermediaries (no more frequently than every60 days) or those which are made pursuant to systematic purchase, exchange, or redemption programs generally do not raiseexcessive trading concerns and normally do not require application of the Funds’ methods to detect and deter excessivetrading.Each Fund also reserves the right to reject any purchase request (including exchange purchases) by any investor or group ofinvestors for any reason without prior notice, including, in particular, if the trading activity in the account(s) is deemed to bedisruptive to a Fund. For example, a Fund may refuse a purchase order if the Fund’s portfolio managers believe they wouldbe unable to invest the money effectively in accordance with the Fund’s investment policies or the Fund would otherwise beadversely affected due to the size of the transaction, frequency of trading, or other factors.The Funds’ policies and procedures regarding excessive trading may be modified at any time by the Funds’ Trustees.Excessive Trading RisksExcessive trading may present risks to a Fund’s long-term shareholders. Excessive trading into and out of a Fund may disruptportfolio investment strategies, may create taxable gains to remaining Fund shareholders, and may increase Fund expenses,all of which may negatively impact investment returns for all remaining shareholders, including long-term shareholders.Funds that invest in foreign securities may be at a greater risk for excessive trading. Investors may attempt to take advantageof anticipated price movements in securities held by a fund based on events occurring after the close of a foreign market thatmay not be reflected in the fund’s NAV (referred to as “price arbitrage”). Such arbitrage opportunities may also arise in fundswhich do not invest in foreign securities, for example, when trading in a security held by a fund is halted and does notresume prior to the time the fund calculates its NAV (referred to as “stale pricing”). Funds that hold thinly-traded securities,such as certain small-capitalization securities, may be subject to attempted use of arbitrage techniques. To the extent that aFund’s valuation of a security differs from the security’s market value, short-term arbitrage traders may dilute the NAV of aFund, which negatively impacts long-term shareholders. Although the Funds have adopted fair valuation policies andprocedures intended to reduce the Funds’ exposure to price arbitrage, stale pricing, and other potential pricing inefficiencies,under such circumstances there is potential for short-term arbitrage trades to dilute the value of Fund shares.Although the Funds take steps to detect and deter excessive trading pursuant to the policies and procedures described in thisProspectus and approved by the Trustees, there is no assurance that these policies and procedures will be effective in limitingexcessive trading in all circumstances. For example, the Funds may be unable to completely eliminate the possibility ofexcessive trading in certain omnibus accounts and other accounts traded through intermediaries. Omnibus accounts mayeffectively conceal the identity of individual investors and their transactions from the Funds and their agents. This makes theFunds’ identification of excessive trading transactions in the Funds through an omnibus account difficult and makes theelimination of excessive trading in the account impractical without the assistance of the intermediary. Although the Fundsencourage intermediaries to take necessary actions to detect and deter excessive trading, some intermediaries may be unableor unwilling to do so, and accordingly, the Funds cannot eliminate completely the possibility of excessive trading.Shareholders that invest through an omnibus account should be aware that they may be subject to the policies andprocedures of their financial intermediary with respect to excessive trading in the Funds.AVAILABILITY OF PORTFOLIO HOLDINGS INFORMATIONThe Mutual Fund Holdings Disclosure Policies and Procedures adopted by Janus Capital and all mutual funds managedwithin the Janus fund complex are designed to be in the best interests of the funds and to protect the confidentiality of thefunds’ portfolio holdings. The following describes policies and procedures with respect to disclosure of portfolio holdings.• Full Holdings. Each Fund is required to disclose its complete holdings in the quarterly holdings report on Form N-Qwithin 60 days of the end of each fiscal quarter, and in the annual report and semiannual report to Fund shareholders.These reports (i) are available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s45Janus Investment FundPublic Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus representative at1-800-525-0020 (toll free). Portfolio holdings (excluding derivatives, short positions, and other investment positions),consisting of at least the names of the holdings, are generally available on a calendar quarter-end basis with a 30-day lag.Holdings are generally posted approximately two business days thereafter under the Holdings & Details tab of each Fundat janus.com/advisor/mutual-funds.Each Fund may provide, upon request, historical full holdings on a monthly basis for periods prior to the previousquarter-end subject to a written confidentiality agreement.• Top Holdings. Each Fund’s top portfolio holdings, in order of position size and as a percentage of a Fund’s total portfolio,are available monthly with a 15-day lag and on a calendar quarter-end basis with a 15-day lag. Most Janus funds disclosetheir top ten portfolio holdings. However, certain Janus funds disclose only their top five portfolio holdings.• Other Information. Each Fund may occasionally provide security breakdowns (e.g., industry, sector, regional, marketcapitalization, and asset allocation), top performance contributors/detractors (consisting of security names in alphabeticalorder), and specific portfolio level performance attribution information and statistics monthly with a 15-day lag and on acalendar quarter-end basis with a 15-day lag. Top performance contributors/detractors provided at calendar quarter-endmay include the percentage of contribution/detraction to Fund performance.Full portfolio holdings will remain available on the Janus websites at least until a Form N-CSR or Form N-Q is filed with theSEC for the period that includes the date as of which the website information is current. Funds disclose their short positions,if applicable, only to the extent required in regulatory reports. Janus Capital may exclude from publication all or any portionof portfolio holdings or change the time periods of disclosure as deemed necessary to protect the interests of the Janus funds.Under extraordinary circumstances, exceptions to the Mutual Fund Holdings Disclosure Policies and Procedures may bemade by Janus Capital’s Chief Investment Officer(s) or their delegates. Such exceptions may be made without prior notice toshareholders. A summary of the Funds’ portfolio holdings disclosure policies and procedures, which includes a discussion ofany exceptions, is contained in the Funds’ SAI.SHAREHOLDER COMMUNICATIONSYour financial intermediary or plan sponsor (or Janus, if you hold Class I Shares directly with a Fund) is responsible forsending you periodic statements of all transactions, along with trade confirmations and tax reporting, as required byapplicable law.Your financial intermediary or plan sponsor (or Janus, if you hold Class I Shares directly with a Fund) is responsible forproviding annual and semiannual reports, including the financial statements of the Funds that you have authorized forinvestment. These reports show each Fund’s investments and the market value of such investments, as well as otherinformation about each Fund and its operations. Please contact your financial intermediary or plan sponsor (or Janus, if youhold Class I Shares directly with a Fund) to obtain these reports. The Funds’ fiscal year ends June 30.46Janus Investment FundFINANCIALHIGHLIGHTSThe financial highlights tables are intended to help you understand the Funds’ financial performance for each fiscal periodshown. Items “Net asset value, beginning of period” through “Net asset value, end of period” reflect financial results for asingle Fund Share. The gross expense ratio reflects expenses prior to any expense offset arrangement and the net expenseratio reflects expenses after any expense offset arrangement. Both expense ratios reflect expenses after waivers (reimbursements), if applicable. The information for the fiscal periods shown has been audited by PricewaterhouseCoopers LLP, whosereport, along with the Funds’ financial statements, is included in the Annual Report, which is available upon request, andincorporated by reference into the SAI. Each Fund has changed its fiscal year end to June 30.The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Sharesof the Funds (assuming reinvestment of all dividends and distributions).Effective February 16, 2010, Class J Shares were renamed Class T Shares and the eligibility requirements changed so thatonly clients investing through a third-party intermediary may purchase Class T Shares.Janus Flexible Bond Fund – Class APeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$10.41$9.97Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.280.350.140.44Total from investment operations0.630.58Less distributions:Dividends from net investment incomeDistributions from capital gains(0.28)(0.06)(0.14)—Total distributions(0.34)(0.14)$10.70$10.41Net asset value, end of periodTotal return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class A Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.47Janus Investment Fund6.16%5.87%$324,085$265,7980.76%0.76%4.04%130%$231,112$218,4080.80%0.80%4.28%215%Janus Flexible Bond Fund – Class CPeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$10.41$9.97Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.230.350.120.44Total from investment operations0.580.56Less distributions:Dividends from net investment incomeDistributions from capital gains(0.23)(0.06)(0.12)—Total distributions(0.29)(0.12)$10.70$10.415.63%5.61%$236,850$195,8251.51%1.51%3.29%130%$161,218$137,2441.57%1.57%3.51%215%Net asset value, end of periodTotal return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)(5)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class C Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.(5) The ratio was 1.58% in 2009 before waiver of certain fees and expense offsets incurred by the Fund.48Janus Investment FundJanus Flexible Bond Fund – Class SPeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$10.42$9.97Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.270.350.140.45Total from investment operations0.620.59Less distributions:Dividends from net investment incomeDistributions from capital gains(0.27)(0.06)(0.14)—Total distributions(0.33)(0.14)$10.71$10.42Net asset value, end of periodTotal return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class S Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.49Janus Investment Fund6.04%5.89%$61,541$66,4800.95%0.95%3.87%130%$70,553$67,5910.99%0.99%4.10%215%Janus Flexible Bond Fund – Class IPeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$10.41$9.97Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.300.350.150.44Total from investment operations0.650.59Less distributions:Dividends from net investment incomeDistributions from capital gains(0.30)(0.06)(0.15)—Total distributions(0.36)(0.15)$10.70$10.416.32%5.96%$767,784$609,8140.55%0.55%4.24%130%$453,037$202,6020.48%0.48%4.55%215%Net asset value, end of periodTotal return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)(5)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class I Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.(5) The ratio was 0.59% in 2010 before waiver of certain fees and expense offsets incurred by the Fund.50Janus Investment FundJanus Flexible Bond Fund – Class RPeriod endedJune 302010(1)Period endedOctober 312009(2)$10.42$9.97Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.250.340.130.45Total from investment operationsNet asset value, beginning of period0.590.58Less distributions:Dividends from net investment incomeDistributions from capital gains(0.25)(0.06)(0.13)—Total distributions(0.31)(0.13)$10.70$10.42Net asset value, end of periodTotal return(3)5.76%5.81%Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)$5,582$4,6751.20%1.20%3.59%130%$3,120$2,7001.25%1.24%3.83%215%(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class R Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.51Janus Investment FundJanus Flexible Bond Fund – Class T†Period endedJune 302010(1)Net asset value, beginning of period2009Years ended October 312008200720062005$10.42$9.09$9.45$9.42$9.41$9.76Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.290.340.431.330.42(0.36)0.460.020.420.020.40(0.34)Total from investment operations0.631.760.060.480.440.06Less distributions:Dividends from net investment incomeDistributions from capital gains(0.29)(0.06)(0.43)—(0.42)—(0.45)—(0.43)—(0.41)—Total distributions(0.35)(0.43)(0.42)(0.45)(0.43)(0.41)$10.70$10.42$9.09$9.45$9.42$9.416.13%19.74%0.50%5.27%4.80%0.60%$641,811$831,8510.66%0.66%4.19%130%$1,086,604$915,9000.73%0.73%4.34%215%$740,543$855,3990.78%0.77%4.32%185%$759,576$755,5930.80%0.80%4.81%140%(4)$766,863$827,4070.83%0.82%4.37%144%(4)Net asset value, end of periodTotal return(2)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(3)Ratio of net expenses to average net assets(3)Ratio of net investment income/(loss) to average net assets(3)Portfolio turnover rate(3)$935,168$1,037,3360.78%0.77%4.01%174%(4)† Formerly named Class J Shares.(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Total return not annualized for periods of less than one full year.(3) Annualized for periods of less than one full year.(4) Excluding mortgage dollar roll transactions. If mortgage dollar roll transactions had been included, the portfolio turnover rate would have been 141% in2007, 147% in 2006, and 180% in 2005.52Janus Investment FundJanus High-Yield Fund – Class APeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$8.29$7.61Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.470.160.270.68Total from investment operations0.630.95Less distributions:Dividends from net investment incomeDistributions from capital gains(0.47)—(0.27)—Total distributions(0.47)(0.27)Net asset value, end of period$8.45$8.297.66%12.63%$109,096$98,7840.92%0.92%8.30%91%$84,972$75,3690.96%0.96%10.07%97%Total return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class A Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.53Janus Investment FundJanus High-Yield Fund – Class CPeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$8.29$7.61Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.430.160.270.68Total from investment operations0.590.95Less distributions:Dividends from net investment incomeDistributions from capital gains(0.43)—(0.27)—Total distributions(0.43)(0.27)Net asset value, end of period$8.45$8.297.14%12.36%$68,485$67,6931.65%1.65%7.59%91%$61,744$51,0801.71%1.71%9.27%97%Total return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class C Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.54Janus Investment FundJanus High-Yield Fund – Class SPeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$8.29$7.61Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.460.170.270.67Total from investment operations0.630.94Less distributions and other:Dividends from net investment incomeDistributions from capital gainsRedemption fees(0.45)——(3)(0.27)—0.01Total distributions and other(0.45)(0.26)Net asset value, end of period$8.47$8.29Total return(4)7.77%12.55%Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(5)Ratio of net expenses to average net assets(5)Ratio of net investment income/(loss) to average net assets(5)Portfolio turnover rate(5)$6,354$6,7741.12%1.12%8.12%91%$5,841$5,0371.18%1.18%9.82%97%(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class S Shares) through October 31, 2009.(3) Redemption fees aggregated less than $0.01 on a per share basis for the fiscal year or period end.(4) Total return not annualized for periods of less than one full year.(5) Annualized for periods of less than one full year.55Janus Investment FundJanus High-Yield Fund – Class IPeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$8.28$7.61Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.480.170.280.67Total from investment operations0.650.95Less distributions and other:Dividends from net investment incomeDistributions from capital gainsRedemption Fees(0.48)——(3)(0.28)——Total distributions and other(0.48)(0.28)Net asset value, end of period$8.45$8.28Total return(4)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(5)Ratio of net expenses to average net assets(5)Ratio of net investment income/(loss) to average net assets(5)Portfolio turnover rate(5)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class I Shares) through October 31, 2009.(3) Redemption fees aggregated less than $0.01 on a per share basis for the fiscal year or period end.(4) Total return not annualized for periods of less than one full year.(5) Annualized for periods of less than one full year.56Janus Investment Fund7.98%12.60%$73,042$43,0600.64%0.64%8.50%91%$22,052$14,8450.66%0.66%10.33%97%Janus High-Yield Fund – Class RPeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$8.28$7.61Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.450.170.260.67Total from investment operations0.620.93Less distributions:Dividends from net investment incomeDistributions from capital gains(0.45)—(0.26)—Total distributions(0.45)(0.26)Net asset value, end of period$8.45$8.287.46%12.33%$876$1,0951.37%1.37%7.88%91%$959$8851.41%1.41%9.83%97%Total return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class R Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.57Janus Investment FundJanus High-Yield Fund – Class T†Period endedJune 302010(1)Net asset value, beginning of period2009Years ended October 312008200720062005$8.28$6.94$9.53$9.69$9.48$9.86Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.470.170.931.340.73(2.59)0.73(0.16)0.710.200.65(0.38)Total from investment operations0.642.27(1.86)0.570.910.27Less distributions and other:Dividends from net investment incomeDistributions from capital gainsRedemption fees(0.47)——(2)(0.93)——(2)(0.73)——(2)(0.73)——(2)(0.70)——(2)(0.65)——(2)Total distributions and other(0.47)(0.93)(0.73)(0.73)(0.70)(0.65)Net asset value, end of period$8.45$8.28$6.94$9.53$9.69$9.48Total return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)(5)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)7.83%35.34%(20.74)%6.04%10.00%2.76%$707,010$819,9270.86%0.86%8.42%91%$881,347$574,2910.89%0.89%12.44%97%$381,290$510,8680.90%0.89%8.26%109%$591,876$579,5070.87%0.86%7.54%114%$511,619$490,8490.91%0.90%7.37%119%$523,183$548,9930.88%0.87%6.65%102%† Formerly named Class J Shares.(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Redemption fees aggregated less than $0.01 on a per share basis for the fiscal year or period end.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.(5) The ratio was 0.93% in 2006 before waiver of certain fees and expense offsets incurred by the Fund.58Janus Investment FundJanus Short-Term Bond Fund – Class APeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$3.06$3.01Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.050.030.040.05Total from investment operations0.080.09Less distributions:Dividends from net investment incomeDistributions from capital gains(0.05)—(0.04)—Total distributions(0.05)(0.04)Net asset value, end of period$3.09$3.062.65%3.05%$121,254$82,7280.80%0.80%2.39%50%$43,636$18,2710.82%0.81%2.78%57%Total return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)(5)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class A Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.(5) The ratio was 0.84% in 2010 and 0.88% in 2009 before waiver of certain fees and expense offsets incurred by the Fund.59Janus Investment FundJanus Short-Term Bond Fund – Class CPeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$3.06$3.01Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.030.020.050.05Total from investment operations0.050.10Less distributions:Dividends from net investment incomeDistributions from capital gains(0.03)—(0.05)—Total distributions(0.03)(0.05)Net asset value, end of period$3.08$3.06Total return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)(5)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class C Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.(5) The ratio was 1.59% in 2010 and 1.63% in 2009 before waiver of certain fees and expense offsets incurred by the Fund.60Janus Investment Fund1.82%3.31%$63,030$42,8241.55%1.55%1.64%50%$23,567$8,8481.57%1.56%2.01%57%Janus Short-Term Bond Fund – Class SPeriod endedJune 302010(1)Period endedOctober 312009(2)Net asset value, beginning of period$3.06$3.01Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.040.030.030.05Total from investment operations0.070.08Less distributions:Dividends from net investment incomeDistributions from capital gains(0.05)—(0.03)—Total distributions(0.05)(0.03)Net asset value, end of period$3.08$3.062.16%2.62%$5,145$4,9281.05%1.05%2.20%50%$4,549$2,5431.07%1.06%2.59%57%Total return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)(5)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class S Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.(5) The ratio was 1.09% in 2010 and 1.13% in 2009 before waiver of certain fees and expense offsets incurred by the Fund.61Janus Investment FundJanus Short-Term Bond Fund – Class IPeriod endedJune 302010(1)Net asset value, beginning of periodPeriod endedOctober 312009(2)$3.06$3.01Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.060.020.030.05Total from investment operations0.080.08Less distributions:Dividends from net investment incomeDistributions from capital gains(0.05)—(0.03)—Total distributions(0.05)(0.03)Net asset value, end of period$3.09$3.06Total return(3)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(4)(5)Ratio of net expenses to average net assets(4)Ratio of net investment income/(loss) to average net assets(4)Portfolio turnover rate(4)(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Period July 6, 2009 (inception of Class I Shares) through October 31, 2009.(3) Total return not annualized for periods of less than one full year.(4) Annualized for periods of less than one full year.(5) The ratio was 0.59% in 2010 and 0.79% in 2009 before waiver of certain fees and expense offsets incurred by the Fund.62Janus Investment Fund2.82%2.75%$171,201$115,0100.55%0.55%2.64%50%$69,785$8,3990.59%0.57%2.85%57%Janus Short-Term Bond Fund – Class T†Period endedJune 302010(1)Net asset value, beginning of period2009Years ended October 312008200720062005$3.06$2.87$2.88$2.88$2.87$2.94Income from investment operations:Net investment income/(loss)Net gain/(loss) on investments (both realized and unrealized)0.050.030.100.190.10(0.01)0.13—0.110.010.08(0.06)Total from investment operations0.080.290.090.130.120.02Less distributions:Dividends from net investment incomeDistributions from capital gains(0.05)—(0.10)—(0.10)—(0.13)—(0.11)—(0.08)(0.01)Total distributions(0.05)(0.10)(0.10)(0.13)(0.11)(0.09)Net asset value, end of period$3.09$3.06$2.87$2.88$2.88$2.872.68%10.35%3.24%4.74%4.08%0.65%$1,956,871$1,637,5590.79%0.79%2.44%50%$1,212,465$588,4410.72%0.72%3.46%57%$231,823$193,3600.65%0.64%3.51%127%$172,642$172,3260.65%0.64%4.63%130%$175,258$182,2850.65%0.64%3.65%120%$201,493$233,5360.65%0.64%2.75%97%Total return(2)Net assets, end of period (in thousands)Average net assets for the period (in thousands)Ratio of gross expenses to average net assets(3)(4)Ratio of net expenses to average net assets(3)Ratio of net investment income/(loss) to average net assets(3)Portfolio turnover rate(3)† Formerly named Class J Shares.(1) Period November 1, 2009 through June 30, 2010. The Fund has changed its fiscal year end to June 30.(2) Total return not annualized for periods of less than one full year.(3) Annualized for periods of less than one full year.(4) The ratio was 0.83% in 2010, 0.87% in 2009, 0.98% in 2008, 1.01% in 2007, 1.06% in 2006, and 0.97% in 2005 before waiver of certain fees andexpense offsets incurred by the Fund.63Janus Investment FundGLOSSARYOF INVESTMENT TERMSThis glossary provides a more detailed description of some of the types of securities, investment strategies, and otherinstruments in which the Funds may invest, as well as some general investment terms. The Funds may invest in theseinstruments to the extent permitted by their investment objectives and policies. The Funds are not limited by this discussionand may invest in any other types of instruments not precluded by the policies discussed elsewhere in this Prospectus.EQUITY AND DEBT SECURITIESAverage-Weighted Effective Maturity is a measure of a bond’s maturity. The stated maturity of a bond is the date when theissuer must repay the bond’s entire principal value to an investor. Some types of bonds may also have an “effective maturity”that is shorter than the stated date due to prepayment or call provisions. Securities without prepayment or call provisionsgenerally have an effective maturity equal to their stated maturity. Average-weighted effective maturity is calculated byaveraging the effective maturity of bonds held by a Fund with each effective maturity “weighted” according to the percentageof net assets that it represents.Bank loans include institutionally-traded floating and fixed-rate debt securities generally acquired as a participation interestin or assignment of a loan originated by a lender or financial institution. Assignments and participations involve credit,interest rate, and liquidity risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer creditquality. If a Fund purchases a participation interest, it may only be able to enforce its rights through the lender and mayassume the credit risk of both the borrower and the lender. Additional risks are involved in purchasing assignments. If a loanis foreclosed, a Fund may become part owner of any collateral securing the loan and may bear the costs and liabilitiesassociated with owning and disposing of any collateral. The Fund could be held liable as a co-lender. In addition, there is noassurance that the liquidation of any collateral from a secured loan would satisfy a borrower’s obligations or that any collateralcould be liquidated. A Fund may have difficulty trading assignments and participations to third parties or selling suchsecurities in secondary markets, which in turn may affect the Fund’s NAV.Bonds are debt securities issued by a company, municipality, government, or government agency. The issuer of a bond isrequired to pay the holder the amount of the loan (or par value of the bond) at a specified maturity and to make scheduledinterest payments.Certificates of Participation (“COPs”) are certificates representing an interest in a pool of securities. Holders are entitled to aproportionate interest in the underlying securities. Municipal lease obligations are often sold in the form of COPs. Refer to“Municipal lease obligations” below.Commercial paper is a short-term debt obligation with a maturity ranging from 1 to 270 days issued by banks, corporations,and other borrowers to investors seeking to invest idle cash. A Fund may purchase commercial paper issued in privateplacements under Section 4(2) of the Securities Act of 1933, as amended (the “1933 Act”).Common stocks are equity securities representing shares of ownership in a company and usually carry voting rights and earndividends. Unlike preferred stock, dividends on common stock are not fixed but are declared at the discretion of the issuer’sboard of directors.Convertible securities are preferred stocks or bonds that pay a fixed dividend or interest payment and are convertible intocommon stock at a specified price or conversion ratio.Debt securities are securities representing money borrowed that must be repaid at a later date. Such securities have specificmaturities and usually a specific rate of interest or an original purchase discount.Depositary receipts are receipts for shares of a foreign-based corporation that entitle the holder to dividends and capitalgains on the underlying security. Receipts include those issued by domestic banks (American Depositary Receipts), foreignbanks (Global or European Depositary Receipts), and broker-dealers (depositary shares).Duration is the time it will take investors to recoup their investment in a bond. Unlike average maturity, duration reflectsboth principal and interest payments. Generally, the higher the coupon rate on a bond, the lower its duration will be. Theduration of a bond portfolio is calculated by averaging the duration of bonds held by a Fund with each duration “weighted”according to the percentage of net assets that it represents. Because duration accounts for interest payments, a Fund’sduration is usually shorter than its average maturity.64Janus Investment FundEquity securities generally include domestic and foreign common stocks; preferred stocks; securities convertible into commonstocks or preferred stocks; warrants to purchase common or preferred stocks; and other securities with equity characteristics.Exchange-traded funds are index-based investment companies which hold substantially all of their assets in securities withequity characteristics. As a shareholder of another investment company, a Fund would bear its pro rata portion of the otherinvestment company’s expenses, including advisory fees, in addition to the expenses the Fund bears directly in connectionwith its own operations.Fixed-income securities are securities that pay a specified rate of return. The term generally includes short- and long-termgovernment, corporate, and municipal obligations that pay a specified rate of interest, dividends, or coupons for a specifiedperiod of time. Coupon and dividend rates may be fixed for the life of the issue or, in the case of adjustable and floating ratesecurities, for a shorter period.High-yield/high-risk bonds are bonds that are rated below investment grade by the primary rating agencies (i.e., BB+ or lowerby Standard & Poor’s and Fitch, or Ba or lower by Moody’s). Other terms commonly used to describe such bonds include“lower rated bonds,” “non-investment grade bonds,” and “junk bonds.”Industrial development bonds are revenue bonds that are issued by a public authority but which may be backed only by thecredit and security of a private issuer and may involve greater credit risk. Refer to “Municipal securities” below.Mortgage- and asset-backed securities are shares in a pool of mortgages or other debt instruments. These securities aregenerally pass-through securities, which means that principal and interest payments on the underlying securities (lessservicing fees) are passed through to shareholders on a pro rata basis. These securities involve prepayment risk, which is therisk that the underlying mortgages or other debt may be refinanced or paid off prior to their maturities during periods ofdeclining interest rates. In that case, a Fund may have to reinvest the proceeds from the securities at a lower rate. Potentialmarket gains on a security subject to prepayment risk may be more limited than potential market gains on a comparablesecurity that is not subject to prepayment risk.Mortgage dollar rolls are transactions in which a Fund sells a mortgage-related security, such as a security issued by GNMA,to a dealer and simultaneously agrees to purchase a similar security (but not the same security) in the future at apredetermined price. A “dollar roll” can be viewed as a collateralized borrowing in which a Fund pledges a mortgage-relatedsecurity to a dealer to obtain cash.Municipal lease obligations are revenue bonds backed by leases or installment purchase contracts for property or equipment.Lease obligations may not be backed by the issuing municipality’s credit and may involve risks not normally associated withgeneral obligation bonds and other revenue bonds. For example, their interest may become taxable if the lease is assignedand the holders may incur losses if the issuer does not appropriate funds for the lease payments on an annual basis, whichmay result in termination of the lease and possible default.Municipal securities are bonds or notes issued by a U.S. state or political subdivision. A municipal security may be a generalobligation backed by the full faith and credit (i.e., the borrowing and taxing power) of a municipality or a revenue obligationpaid out of the revenues of a designated project, facility, or revenue source.Pass-through securities are shares or certificates of interest in a pool of debt obligations that have been repackaged by anintermediary, such as a bank or broker-dealer.Passive foreign investment companies (PFICs) are any foreign corporations which generate certain amounts of passiveincome or hold certain amounts of assets for the production of passive income. Passive income includes dividends, interest,royalties, rents, and annuities. To avoid taxes and interest that a Fund must pay if these investments are profitable, the Fundmay make various elections permitted by the tax laws. These elections could require that a Fund recognize taxable income,which in turn must be distributed, before the securities are sold and before cash is received to pay the distributions.Pay-in-kind bonds are debt securities that normally give the issuer an option to pay cash at a coupon payment date or givethe holder of the security a similar bond with the same coupon rate and a face value equal to the amount of the couponpayment that would have been made.Preferred stocks are equity securities that generally pay dividends at a specified rate and have preference over common stockin the payment of dividends and liquidation. Preferred stock generally does not carry voting rights.65Janus Investment FundReal estate investment trust (REIT) is an investment trust that operates through the pooled capital of many investors whobuy its shares. Investments are in direct ownership of either income property or mortgage loans.Rule 144A securities are securities that are not registered for sale to the general public under the 1933 Act, but that may beresold to certain institutional investors.Standby commitment is a right to sell a specified underlying security or securities within a specified period of time and at anexercise price equal to the amortized cost of the underlying security or securities plus accrued interest, if any, at the time ofexercise, that may be sold, transferred, or assigned only with the underlying security or securities. A standby commitmententitles the holder to receive same day settlement, and will be considered to be from the party to whom the investmentcompany will look for payment of the exercise price.Step coupon bonds are high-quality issues with above-market interest rates and a coupon that increases over the life of thebond. They may pay monthly, semiannual, or annual interest payments. On the date of each coupon payment, the issuerdecides whether to call the bond at par, or whether to extend it until the next payment date at the new coupon rate.Strip bonds are debt securities that are stripped of their interest (usually by a financial intermediary) after the securities areissued. The market value of these securities generally fluctuates more in response to changes in interest rates than interestpaying securities of comparable maturity.Tender option bonds are relatively long-term bonds that are coupled with the option to tender the securities to a bank,broker-dealer, or other financial institution at periodic intervals and receive the face value of the bond. This investmentstructure is commonly used as a means of enhancing a security’s liquidity.U.S. Government securities include direct obligations of the U.S. Government that are supported by its full faith and credit.Treasury bills have initial maturities of less than one year, Treasury notes have initial maturities of one to ten years, andTreasury bonds may be issued with any maturity but generally have maturities of at least ten years. U.S. Governmentsecurities also include indirect obligations of the U.S. Government that are issued by federal agencies and governmentsponsored entities. Unlike Treasury securities, agency securities generally are not backed by the full faith and credit of theU.S. Government. Some agency securities are supported by the right of the issuer to borrow from the Treasury, others aresupported by the discretionary authority of the U.S. Government to purchase the agency’s obligations, and others aresupported only by the credit of the sponsoring agency.Variable and floating rate securities have variable or floating rates of interest and, under certain limited circumstances, mayhave varying principal amounts. Variable and floating rate securities pay interest at rates that are adjusted periodicallyaccording to a specified formula, usually with reference to some interest rate index or market interest rate (the “underlyingindex”). The floating rate tends to decrease the security’s price sensitivity to changes in interest rates.Warrants are securities, typically issued with preferred stock or bonds, which give the holder the right to buy a proportionateamount of common stock at a specified price. The specified price is usually higher than the market price at the time ofissuance of the warrant. The right may last for a period of years or indefinitely.Zero coupon bonds are debt securities that do not pay regular interest at regular intervals, but are issued at a discount fromface value. The discount approximates the total amount of interest the security will accrue from the date of issuance tomaturity. The market value of these securities generally fluctuates more in response to changes in interest rates than interestpaying securities.FUTURES, OPTIONS, AND OTHER DERIVATIVESCredit default swaps are a specific kind of counterparty agreement that allows the transfer of third party credit risk from oneparty to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in thecredit default swap agrees to insure this risk in exchange for regular periodic payments.Derivatives are financial instruments whose performance is derived from the performance of another asset (stock, bond,commodity, currency, interest rate or market index). Types of derivatives can include, but are not limited to options, forwardcontracts, swaps and futures contracts.Equity-linked structured notes are derivative securities which are specially designed to combine the characteristics of one ormore underlying securities and their equity derivatives in a single note form. The return and/or yield or income component66Janus Investment Fundmay be based on the performance of the underlying equity securities, an equity index, and/or option positions. Equity-linkedstructured notes are typically offered in limited transactions by financial institutions in either registered or non-registeredform. An investment in equity-linked notes creates exposure to the credit risk of the issuing financial institution, as well as tothe market risk of the underlying securities. There is no guaranteed return of principal with these securities, and theappreciation potential of these securities may be limited by a maximum payment or call right. In certain cases, equity-linkednotes may be more volatile and less liquid than less complex securities or other types of fixed-income securities. Suchsecurities may exhibit price behavior that does not correlate with other fixed-income securities.Equity swaps involve the exchange by two parties of future cash flow (e.g., one cash flow based on a referenced interest rateand the other based on the performance of stock or a stock index).Forward contracts are contracts to purchase or sell a specified amount of a financial instrument for an agreed upon price at aspecified time. Forward contracts are not currently exchange-traded and are typically negotiated on an individual basis. AFund may enter into forward currency contracts for investment purposes or to hedge against declines in the value ofsecurities denominated in, or whose value is tied to, a currency other than the U.S. dollar or to reduce the impact of currencyappreciation on purchases of such securities. It may also enter into forward contracts to purchase or sell securities or otherfinancial indices.Futures contracts are contracts that obligate the buyer to receive and the seller to deliver an instrument or money at aspecified price on a specified date. A Fund may buy and sell futures contracts on foreign currencies, securities, and financialindices including indices of U.S. Government, foreign government, equity, or fixed-income securities. A Fund may also buyoptions on futures contracts. An option on a futures contract gives the buyer the right, but not the obligation, to buy or sell afutures contract at a specified price on or before a specified date. Futures contracts and options on futures are standardizedand traded on designated exchanges.Indexed/structured securities are typically short- to intermediate-term debt securities whose value at maturity or interest rateis linked to currencies, interest rates, equity securities, indices, commodity prices, or other financial indicators. Suchsecurities may be positively or negatively indexed (e.g., their value may increase or decrease if the reference index orinstrument appreciates). Indexed/structured securities may have return characteristics similar to direct investments in theunderlying instruments and may be more volatile than the underlying instruments. A Fund bears the market risk of aninvestment in the underlying instruments, as well as the credit risk of the issuer.Interest rate swaps involve the exchange by two parties of their respective commitments to pay or receive interest (e.g., anexchange of floating rate payments for fixed rate payments).Inverse floaters are debt instruments whose interest rate bears an inverse relationship to the interest rate on anotherinstrument or index. For example, upon reset, the interest rate payable on the inverse floater may go down when theunderlying index has risen. Certain inverse floaters may have an interest rate reset mechanism that multiplies the effects ofchange in the underlying index. Such mechanism may increase the volatility of the security’s market value.Options are the right, but not the obligation, to buy or sell a specified amount of securities or other assets on or before afixed date at a predetermined price. A Fund may purchase and write put and call options on securities, securities indices,and foreign currencies. A Fund may purchase or write such options individually or in combination.Participatory notes are derivative securities which are linked to the performance of an underlying Indian security and whichallow investors to gain market exposure to Indian securities without trading directly in the local Indian market.Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixedor variable, while the other party makes payments based on the return of an underlying asset, which includes both theincome it generates and any capital gains over the payment period.OTHER INVESTMENTS, STRATEGIES, AND/OR TECHNIQUESCash sweep program is an arrangement in which a Fund’s uninvested cash balance is used to purchase shares of affiliated ornon-affiliated money market funds or cash management pooled investment vehicles at the end of each day.Industry concentration for purposes under the 1940 Act is the investment of 25% or more of a Fund’s total assets in anindustry or group of industries.67Janus Investment FundLeverage is when a Fund increases its assets available for investment using borrowings or similar transactions. Because shortsales involve borrowing securities and then selling them, a Fund’s short sales effectively leverage the Fund’s assets. The use ofleverage may make any change in a Fund’s NAV even greater and thus result in increased volatility of returns. A Fund’s assetsthat are used as collateral to secure the short sales may decrease in value while the short positions are outstanding, whichmay force the Fund to use its other assets to increase the collateral. Leverage also creates interest expense that may lower aFund’s overall returns.Market capitalization is the most commonly used measure of the size and value of a company. It is computed by multiplyingthe current market price of a share of the company’s stock by the total number of its shares outstanding. Market capitalizationis an important investment criterion for certain funds, while others do not emphasize investments in companies of anyparticular size.Net Long is a term used to describe when a Fund’s assets committed to long positions exceed those committed to shortpositions.Nondiversification is a classification given to a fund under the 1940 Act. Funds are classified as either “diversified” or“nondiversified.” To be classified as “diversified” under the 1940 Act, a fund may not, with respect to 75% of its total assets,invest more than 5% of its total assets in any issuer and may not own more than 10% of the outstanding voting securities ofan issuer. A fund that is classified under the 1940 Act as “nondiversified,” on the other hand, is not subject to the samerestrictions and therefore has the flexibility to take larger positions in a smaller number of issuers than a fund that isclassified as “diversified.” This gives a “nondiversified” fund more flexibility to focus its investments in companies that theportfolio managers and/or investment personnel have identified as the most attractive for the investment objective andstrategy of a fund but also may increase the risk of a fund.Repurchase agreements involve the purchase of a security by a Fund and a simultaneous agreement by the seller (generally abank or dealer) to repurchase the security from the Fund at a specified date or upon demand. This technique offers a methodof earning income on idle cash. These securities involve the risk that the seller will fail to repurchase the security, as agreed.In that case, a Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delaysand incur costs in liquidating the security.Reverse repurchase agreements involve the sale of a security by a Fund to another party (generally a bank or dealer) inreturn for cash and an agreement by the Fund to buy the security back at a specified price and time. This technique will beused primarily to provide cash to satisfy unusually high redemption requests, or for other temporary or emergency purposes.Short sales in which a Fund may engage may be either “short sales against the box” or other short sales. Short sales againstthe box involve selling short a security that a Fund owns, or the Fund has the right to obtain the amount of the security soldshort at a specified date in the future. A Fund may also enter into a short sale to hedge against anticipated declines in themarket price of a security or to reduce portfolio volatility. If the value of a security sold short increases prior to the scheduleddelivery date, the Fund loses the opportunity to participate in the gain. For short sales, the Fund will incur a loss if the valueof a security increases during this period because it will be paying more for the security than it has received from thepurchaser in the short sale. If the price declines during this period, a Fund will realize a short-term capital gain. Although aFund’s potential for gain as a result of a short sale is limited to the price at which it sold the security short less the cost ofborrowing the security, its potential for loss is theoretically unlimited because there is no limit to the cost of replacing theborrowed security.When-issued, delayed delivery, and forward commitment transactions generally involve the purchase of a security withpayment and delivery at some time in the future – i.e., beyond normal settlement. A Fund does not earn interest on suchsecurities until settlement and bears the risk of market value fluctuations in between the purchase and settlement dates. Newissues of stocks and bonds, private placements, and U.S. Government securities may be sold in this manner.68Janus Investment FundEXPLANATIONOF RATING CATEGORIESThe following is a description of credit ratings issued by three of the major credit rating agencies. Credit ratings evaluate onlythe safety of principal and interest payments, not the market value risk of lower quality securities. Credit rating agencies mayfail to change credit ratings to reflect subsequent events on a timely basis. Although Janus Capital considers security ratingswhen making investment decisions, it also performs its own investment analysis and does not rely solely on the ratingsassigned by credit agencies.STANDARD & POOR’S RATINGS SERVICEBond RatingExplanationInvestment GradeAAA . . . . . . . . . . . . . . . . . .Highest rating; extremely strong capacity to pay principal and interest.AA . . . . . . . . . . . . . . . . . . .High quality; very strong capacity to pay principal and interest.A . . . . . . . . . . . . . . . . . . . .Strong capacity to pay principal and interest; somewhat more susceptible to the adverse effects of changingcircumstances and economic conditions.BBB . . . . . . . . . . . . . . . . . . .Adequate capacity to pay principal and interest; normally exhibit adequate protection parameters, butadverse economic conditions or changing circumstances more likely to lead to a weakened capacity to payprincipal and interest than for higher rated bonds.Non-Investment GradeBB . . . . . . . . . . . . . . . . . . .Less vulnerable to nonpayment than other speculative issues; major ongoing uncertainties or exposure toadverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity tomeet its financial commitment on the obligation.B . . . . . . . . . . . . . . . . . . . .More vulnerable to nonpayment than obligations rated “BB,” but capacity to meet its financial commitmenton the obligation; adverse business, financial, or economic conditions will likely impair the obligor’s capacityor willingness to meet its financial commitment on the obligation.CCC . . . . . . . . . . . . . . . . . .Currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economicconditions for the obligor to meet its financial commitment on the obligation.CC . . . . . . . . . . . . . . . . . . .Currently highly vulnerable to nonpayment.C . . . . . . . . . . . . . . . . . . . .Currently highly vulnerable to nonpayment; a bankruptcy petition may have been filed or similar actiontaken, but payments on the obligation are being continued.D . . . . . . . . . . . . . . . . . . . .In default.69Janus Investment FundFITCH, INC.Long-Term Bond RatingExplanationInvestment GradeAAA . . . . . . . . . . . . . . . . . .Highest credit quality. Denotes the lowest expectation of credit risk. Exceptionally strong capacity forpayment of financial commitments.AA . . . . . . . . . . . . . . . . . . .Very high credit quality. Denotes expectations of very low credit risk. Very strong capacity for payment offinancial commitments.A . . . . . . . . . . . . . . . . . . . .High credit quality. Denotes expectations of low credit risk. Strong capacity for payment of financialcommitments. May be more vulnerable to changes in circumstances or in economic conditions than is thecase for higher ratings.BBB . . . . . . . . . . . . . . . . . . .Good credit quality. Currently expectations of low credit risk. Capacity for payment of financialcommitments is considered adequate, but adverse changes in circumstances and economic conditions aremore likely to impair this capacity than is the case for higher ratings.Non-Investment GradeBB . . . . . . . . . . . . . . . . . . .Speculative. Indicates possibility of credit risk developing, particularly as the result of adverse economicchange over time. Business or financial alternatives may be available to allow financial commitments to bemet.B . . . . . . . . . . . . . . . . . . . .Highly speculative. May indicate distressed or defaulted obligations with potential for extremely highrecoveries.CCC . . . . . . . . . . . . . . . . . .May indicate distressed or defaulted obligations with potential for superior to average levels of recovery.CC . . . . . . . . . . . . . . . . . . .May indicate distressed or defaulted obligations with potential for average or below-average levels ofrecovery.C . . . . . . . . . . . . . . . . . . . .May indicate distressed or defaulted obligations with potential for below-average to poor recoveries.D . . . . . . . . . . . . . . . . . . . .In default.Short-Term Bond RatingExplanationF-1+ . . . . . . . . . . . . . . . . . .Exceptionally strong credit quality. Issues assigned this rating are regarded as having the strongest degree ofassurance for timely payment.F-1 . . . . . . . . . . . . . . . . . . .Very strong credit quality. Issues assigned this rating reflect an assurance for timely payment only slightlyless in degree than issues rated F-1+.F-2 . . . . . . . . . . . . . . . . . . .Good credit quality. Issues assigned this rating have a satisfactory degree of assurance for timely payments,but the margin of safety is not as great as the F-1+ and F-1 ratings.70Janus Investment FundMOODY’S INVESTORS SERVICE, INC.Bond RatingExplanationInvestment GradeAaa . . . . . . . . . . . . . . . . . . .Highest quality, smallest degree of investment risk.Aa. . . . . . . . . . . . . . . . . . . .High quality; together with Aaa bonds, they compose the high-grade bond group.A . . . . . . . . . . . . . . . . . . . .Upper to medium-grade obligations; many favorable investment attributes.Baa . . . . . . . . . . . . . . . . . . .Medium-grade obligations; neither highly protected nor poorly secured. Interest and principal appearadequate for the present but certain protective elements may be lacking or may be unreliable over any greatlength of time.Non-Investment GradeBa . . . . . . . . . . . . . . . . . . . .More uncertain, with speculative elements. Protection of interest and principal payments not wellsafeguarded during good and bad times.B . . . . . . . . . . . . . . . . . . . .Lack characteristics of desirable investment; potentially low assurance of timely interest and principalpayments or maintenance of other contract terms over time.Caa . . . . . . . . . . . . . . . . . . .Poor standing, may be in default; elements of danger with respect to principal or interest payments.Ca . . . . . . . . . . . . . . . . . . .Speculative in a high degree; could be in default or have other marked shortcomings.C . . . . . . . . . . . . . . . . . . . .Lowest rated; extremely poor prospects of ever attaining investment standing.Unrated securities will be treated as non-investment grade securities unless the portfolio managers determine that suchsecurities are the equivalent of investment grade securities. When calculating the quality assigned to securities that receivedifferent ratings from two or more agencies (“split rated securities”), the security will receive: (i) the middle rating from thethree reporting agencies if three agencies provide a rating for the security or (ii) the lowest rating if only two agencies providea rating for the security.71Janus Investment FundSECURITIES HOLDINGS BY RATING CATEGORYDuring the fiscal period ended June 30, 2010, the percentage of securities holdings for the following Funds by ratingcategory based upon a weighted monthly average was:Janus Flexible Bond FundBonds and Loans–S&P Rating:AAAAAABBBBBBCCCCCCDNot Rated*Cash and OtherTotal27.1%6.0%12.1%34.5%13.6%3.7%0.1%0.0%0.0%0.0%0.4%2.5%100.0%Janus High-Yield FundBonds and Loans–S&P Rating:AAAAAABBBBBBCCCCCCDNot Rated*Cash and OtherTotal0.0%0.0%0.1%2.1%25.2%43.0%22.8%0.6%0.0%0.2%4.5%1.5%100.0%* Not rated securities are not rated by S&P but may be rated by other rating agencies.72Janus Investment FundJanus Short-Term Bond FundBonds–S&P Rating:AAAAAABBBBBBCCCCCCDNot Rated*Cash and OtherTotal34.5%10.6%13.5%24.7%11.4%2.4%0.0%0.2%0.0%0.0%0.8%1.9%100.0%* Not rated securities are not rated by S&P but may be rated by other rating agencies.73Janus Investment FundYou can make inquiries and request other information, including aStatement of Additional Information, annual report, or semiannual report(as they become available), free of charge, by contacting your plan sponsor,broker-dealer, or financial institution, or by contacting a Janus representative at 1-877-335-2687. The Funds’ Statement of Additional Information and most recent annual and semiannual reports are also available, freeof charge, at janus.com/info. Additional information about the Funds’investments is available in the Funds’ annual and semiannual reports. Inthe Funds’ annual and semiannual reports, you will find a discussion ofthe market conditions and investment strategies that significantly affectedthe Funds’ performance during their last fiscal period. Other informationis also available from financial intermediaries that sell Shares of the Funds.The Statement of Additional Information provides detailed informationabout the Funds and is incorporated into this Prospectus by reference. Youmay review and copy information about the Funds (including the Funds’Statement of Additional Information) at the Public Reference Room of theSEC or get text only copies, after paying a duplicating fee, by sending anelectronic request by e-mail to [emailprotected] or by writing to orcalling the Commission’s Public Reference Section, Washington, D.C.20549-1520 (1-202-551-8090). Information on the operation of thePublic Reference Room may also be obtained by calling this number.You may also obtain reports and other information about the Funds fromthe Electronic Data Gathering Analysis and Retrieval (EDGAR) Databaseon the SEC’s website at http://www.sec.gov.janus.com151 Detroit StreetDenver, CO 80206-48051-877-335-2687The Trust’s Investment Company Act File No. is 811-1879.125-20-01800 10-10

FAQs

Are Janus funds a good investment? ›

Performance. The fund has returned -12.09 percent over the past year, 6.32 percent over the past three years, 8.26 percent over the past five years and 8.57 percent over the past decade.

What is the Janus fund now called? ›

Janus Capital Funds will be renamed Janus Henderson Capital Funds.

Is Janus fund still around? ›

Who owns Janus mutual funds? ›

Janus Henderson Group PLC (NYSE:JHG)

Institutional investors hold a majority ownership of JHG through the 85.10% of the outstanding shares that they control.

How do I withdraw from my Janus account? ›

Withdrawals and Helpful Information

Depending on the account options you have selected, you may redeem shares by telephone, online or in writing. Proceeds of the withdrawal may be sent to the address on record or transferred to a bank account on record.

Which Janus funds are closed? ›

The London-based firm will shut the Perkins international, global, value-plus-income and U.S. large-cap funds by April 30, according to a Janus Henderson spokeswoman.

What index fund does Warren Buffett recommend? ›

Buffett revealed that his will stipulates that 90% of the money should be invested in a low-cost S&P 500 index fund with 10% in short-term government bonds. He suggested Vanguard, which operates the Vanguard 500 Index Fund ETF (VOO 0.38%).

Does money double every 7 years? ›

The most basic example of the Rule of 72 is one we can do without a calculator: Given a 10% annual rate of return, how long will it take for your money to double? Take 72 and divide it by 10 and you get 7.2. This means, at a 10% fixed annual rate of return, your money doubles every 7 years.

Which mutual fund pays the highest dividend? ›

Best Dividend-Paying Mutual Funds
  • UTI Mastershare (D) - This is a large cap equity fund and has assets worth Rs. ...
  • Invesco India Growth Fund - Direct Plan (D) - This fund holds assets worth Rs. ...
  • Canara Robeco F.O.R.C.E Fund - Regular Plan (D) - It is an equity fund with assets worth Rs.

Are Janus Funds no load? ›

The Kiplinger 25 is a list of our favorite no-load mutual funds.
...
International Stock Funds.
FUND NAMEJanus Henderson Global Equity Income
5-YR RETURN1.50
10-YR RETURN4.81
20-YR RETURN
EXPENSE RATIO0.94
4 more columns

Are Janus Funds no load funds? ›

Investors can open an account with Janus with a minimum investment as low as $2,500. In addition, 92.97% of the funds offered are no-load mutual funds .

What kind of company is Janus? ›

Janus Henderson is a global asset manager with more than 348 investment professionals and expertise across all major asset classes. Our individual, intermediary and institutional clients span the globe and entrust us with more than of their assets*.

Is Janus a brokerage firm? ›

It offers a range of financial products to individuals, intermediary advisors and institutional investors globally under the trade name Janus Henderson Investors.
...
Janus Henderson.
TypePublic limited company
AUM$419.3 billion (Q3 2021)
Total assets$7,621.7 million (2019)
Number of employees2,335 (2019)
12 more rows

When did Janus go public? ›

Update 6/11/21 – Clearlake Capital, Janus International and Juniper Industrial Holdings have completed their planned merger. The combination was approved at Juniper's stockholders meeting on June 3 and closed four days later. Janus began trading on the New York Stock Exchange (NYSE) on June 8.

How do I invest in Janus Henderson? ›

Download the application for the account that fits your needs in Account Types. You will need your mailing address, banking information, which includes the routing number, and Social Security information. Call a Janus Henderson Representative at 800.525. 3713 if you have questions.

How much cash should a retiree have in their portfolio? ›

Emergency Funds for Retirees

Despite the ability to access retirement accounts, many experts recommend that retirees keep enough cash on hand to cover between six and twelve months of daily living expenses. Some even suggest keeping up to three years' worth of living expenses in cash.

Do you pay taxes on mutual fund withdrawal? ›

Withdrawals are subject to ordinary income taxes, which can be higher than preferential tax rates on long-term capital gains from the sale of assets in taxable accounts, and, if taken prior to age 59½, may be subject to a 10% federal tax penalty (barring certain exceptions).

Can you take money out of a mutual fund without penalty? ›

If you hold your mutual fund in a retirement account you can sell the fund and move your money to a different investment within the retirement account, without penalty, but if you want to take the cash out of the retirement account, you must pay a penalty plus taxes.

Who is Ali dibadj? ›

Ali Dibadj is incoming Chief Executive Officer of Janus Henderson Investors. In this role, Ali will be responsible for the strategic direction and overall day-to-day management of the firm. He will also lead the firm's Executive Committee.

How can I contact Janus Henderson? ›

Contact Us
  1. 800.525.3713. Weekdays, 9 a.m. - 6 p.m. ET.
  2. Access your account balances, daily prices, transactions, performance information and much more. 888.979.7737. ...
  3. Call our international toll-free numbers.
  4. 800.525.0056. Weekdays, 9 a.m. - 6 p.m. ET.

Which is the best performing index fund? ›

Best index funds to invest in for October 2022
  • Fidelity ZERO Large Cap Index.
  • Vanguard S&P 500 ETF.
  • SPDR S&P 500 ETF Trust.
  • iShares Core S&P 500 ETF.
  • Schwab S&P 500 Index Fund.
  • Shelton NASDAQ-100 Index Direct.
  • Invesco QQQ Trust ETF.
  • Vanguard Russell 2000 ETF.

Which is the best S&P 500 to invest in? ›

The 5 Best S&P 500 Index Funds
  1. Vanguard S&P 500 ETF. Founded in 2010, Vanguard S&P 500 ETF (VOO) has had an average annual return of 16.08% since, compared with 16.12% for the S&P 500. ...
  2. iShares Core S&P 500 ETF. ...
  3. Schwab S&P 500 Index Fund. ...
  4. Fidelity Spartan 500 Index Investors Shares. ...
  5. Vanguard 500 Index Fund Investors Share.
12 Sept 2022

What is the best S&P 500 index fund? ›

3 best S&P 500 index funds
Index or Fund1-Year Total Return5-Year Annualized Return
S&P 500 Index31.46%18.63%
Vanguard S&P 500 ETF31.35%18.54%
iShares Core S&P 500 ETF31.33%18.54%
SPDR S&P 500 ETF Trust31.28%18.49%

How can I double my money in 1 year? ›

Here are some options to double your money:
  1. Tax-free Bonds. Initially tax- free bonds were issued only in specific periods. ...
  2. Kisan Vikas Patra (KVP) ...
  3. Corporate Deposits/Non-Convertible Debentures (NCD) ...
  4. National Savings Certificates. ...
  5. Bank Fixed Deposits. ...
  6. Public Provident Fund (PPF) ...
  7. Mutual Funds (MFs) ...
  8. Gold ETFs.

How can I double my money in 5 years? ›

10 Mutual Funds That Doubled Wealth in 5 Years
  • Axis Bluechip Fund (Large-Cap)
  • Canara Robeco Bluechip Equity Fund (Large-Cap)
  • PGIM India Mid-Cap Opportunities Fund.
  • Axis Mid-Cap Fund.
  • Nippon India Small-Cap Fund.
  • SBI Small-Cap Fund.
  • Parag Parikh Flexi-Cap Fund.
  • PGIM India Flexi-Cap Fund.
18 Aug 2022

How many times do you have to double your money to make a million? ›

Since it takes about 11 doubles to reach $1 million, you'd have to find 11 stocks that double to get you to your goal. This is a risky strategy that has a highly unlikely outcome, but it's certainly possible. One path to $1 million is to invest in a boom-or-bust field, such as oil and gas speculation.

Which mutual fund is best for monthly income? ›

Which Are The Best Mutual Funds For Monthly Income
  • Baroda Pioneer Conservative Hybrid Fund.
  • ICICI Prudential Regular Savings Fund - Growth.
  • Aditya Birla Sun Life Regular Savings Fund.
  • DSP BlackRock Regular Savings Fund.
  • SBI Debt Hybrid Fund.
18 Jul 2022

What's the safest way to invest money? ›

Overview: Best low-risk investments in 2022
  • High-yield savings accounts. ...
  • Series I savings bonds. ...
  • Short-term certificates of deposit. ...
  • Money market funds. ...
  • Treasury bills, notes, bonds and TIPS. ...
  • Corporate bonds. ...
  • Dividend-paying stocks. ...
  • Preferred stocks.
1 Sept 2022

Can you live off dividends in retirement? ›

To be sure, retirees do not have 30 years to grow their income. But even without the benefit of a long investing time horizon, retirees can structure a quality portfolio of dividend-paying stocks that allows them to live off their dividends now.

What is the Janus 20 fund? ›

Janus Twenty, a $10.6 billion fund that has been closed to new investors since 1999, makes concentrated bets on 25 to 35 large, fast-growing companies. Orion invests in growing companies of all sizes but devotes a substantial chunk of assets to large companies (which currently make up about half of the portfolio).

Is Fidelity a no-load fund? ›

Best no-load mutual funds: Fidelity Blue Chip Growth Fund (FBGRX) Vanguard Emerging Markets Bond Fund (VEMBX) Schwab S&P 500 Index Fund (SWPPX)

How can I invest in no-load mutual funds? ›

Investors can choose to purchase units in no-load or load mutual funds. No-load mutual funds have no or low fees while load funds have a sales charge or commission attached. You can purchase no-load funds directly from the company or through a brokerage firm but load funds are sold through an adviser.

Are T Rowe Price funds no-load? ›

No-Load Mutual Funds

We offer a full range of investment strategies across multiple asset classes, capitalizations, sectors, and styles.

Are Baron funds no-load? ›

Baron Emerging Markets (BEXFX) is a member of the Kiplinger 25, the list of our favorite actively managed no-load funds.

What does Janus mean? ›

Definition of Janus

: a Roman god that is identified with doors, gates, and all beginnings and that is depicted with two opposite faces.

Why was Janus two faced? ›

As the god of transitions and dualities, Janus is portrayed with two faces—one facing the past, and one facing the future. He also holds a key in his right hand, which symbolizes his protection of doors, gates, thresholds, and other separations or openings between spatial boundaries.

When was Janus International founded? ›

Mr. Curtis founded Janus in 2001 and served as the Company's Chief Executive Officer since inception. He has over 35 years of executive experience within the industry, having founded and led multiple companies at the forefront of the self storage and commercial sectors.

What is Janus Henderson known for? ›

Janus Henderson is a global asset manager with more than 348 investment professionals and expertise across all major asset classes. Our individual, intermediary and institutional clients span the globe and entrust us with more than £246.8bn of their assets*.

Are Janus Funds no load? ›

The Kiplinger 25 is a list of our favorite no-load mutual funds.
...
International Stock Funds.
FUND NAMEJanus Henderson Global Equity Income
5-YR RETURN1.50
10-YR RETURN4.81
20-YR RETURN
EXPENSE RATIO0.94
4 more columns

Are Janus Funds no load funds? ›

Investors can open an account with Janus with a minimum investment as low as $2,500. In addition, 92.97% of the funds offered are no-load mutual funds .

What is the Janus 20 Fund? ›

Janus Twenty, a $10.6 billion fund that has been closed to new investors since 1999, makes concentrated bets on 25 to 35 large, fast-growing companies. Orion invests in growing companies of all sizes but devotes a substantial chunk of assets to large companies (which currently make up about half of the portfolio).

Is Janus a brokerage firm? ›

It offers a range of financial products to individuals, intermediary advisors and institutional investors globally under the trade name Janus Henderson Investors.
...
Janus Henderson.
TypePublic limited company
AUM$419.3 billion (Q3 2021)
Total assets$7,621.7 million (2019)
Number of employees2,335 (2019)
12 more rows

What kind of company is Janus? ›

Janus Henderson is a global asset manager with more than 348 investment professionals and expertise across all major asset classes. Our individual, intermediary and institutional clients span the globe and entrust us with more than of their assets*.

Is Janus Henderson a broker? ›

It is common for a financial professional to act as both a broker and an investment adviser.
...
NamePosition
JANUS HENDERSON INVESTORS US LLCMANAGING MEMBER
CHERNEY, NICHOLAS JOHN (CRD#:5165037)HEAD OF EXCHANGE TRADED PRODUCTS
10 more rows

How do I invest in Janus Henderson? ›

Download the application for the account that fits your needs in Account Types. You will need your mailing address, banking information, which includes the routing number, and Social Security information. Call a Janus Henderson Representative at 800.525. 3713 if you have questions.

Is Fidelity a no-load fund? ›

Best no-load mutual funds: Fidelity Blue Chip Growth Fund (FBGRX) Vanguard Emerging Markets Bond Fund (VEMBX) Schwab S&P 500 Index Fund (SWPPX)

How can I invest in no-load mutual funds? ›

Investors can choose to purchase units in no-load or load mutual funds. No-load mutual funds have no or low fees while load funds have a sales charge or commission attached. You can purchase no-load funds directly from the company or through a brokerage firm but load funds are sold through an adviser.

Are T Rowe Price funds no-load? ›

No-Load Mutual Funds

We offer a full range of investment strategies across multiple asset classes, capitalizations, sectors, and styles.

Are Baron funds no-load? ›

Baron Emerging Markets (BEXFX) is a member of the Kiplinger 25, the list of our favorite actively managed no-load funds.

Videos

1. Janus Henderson Bond Fund Turns to 'Absolute Return' Strategy
(Bloomberg Markets and Finance)
2. Janus Henderson expects 2022 to be 'more of a challenge' for mining sector
(CNBC International TV)
3. Janus Mutual Funds - "Get There" - TV Commercial
(Random Stuff I Find on VHS)
4. Janus Mutual Funds Commercial
(mjones97)
5. Janus Henderson Triton Fund JANIX 2:00 Fund Review
(401k and Beyond!)
6. 2000 Janus Mutual Funds Commercial | Put Out Fires Without Drowning Computers
(CRT Afterglow)

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