# EDGAR Filing Document

**Accession Number:** 0000277751
**File Stem:** 0001193125-25-177093
**Filing Date:** 2025-8
**Character Count:** 957141
**Document Hash:** d0d929402fdd138acdad14e0c65c698b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-177093.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001193125-25-177093

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 60

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JANUS INVESTMENT FUND
- **CENTRAL INDEX KEY:** 0000277751

**ORGANIZATION NAME:**
- **EIN:** 840592523
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-34393
- **FILM NUMBER:** 251199415

**BUSINESS ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 303-333-3863

**MAIL ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JANUS FUND /MD/
- **DATE OF NAME CHANGE:** 19870701

## Series and Classes Contracts Data

### Janus Henderson Government Money Market Fund (Series ID: S000010466)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                | Ticker Symbol | Class ID   |
| American Cancer Society Support - Class T | ACTXX         | C000028921 |
| American Cancer Society Support - Class D | ACDXX         | C000083514 |
| American Cancer Society Support - Class I | ACJXX         | C000254996 |
| American Cancer Society Support - Class N | ACOXX         | C000254997 |

---

## Series and Classes Contracts Data

### Janus Henderson Government Money Market Fund (Series ID: S000010466)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000028921 | American Cancer Society Support - Class T | ACTXX           |
| C000083514 | American Cancer Society Support - Class D | ACDXX           |
| C000254996 | American Cancer Society Support - Class I | ACJXX           |
| C000254997 | American Cancer Society Support - Class N | ACOXX           |

?xml version='1.0' encoding='ASCII'? 497

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October 28, 2024

As Revised August 8, 2025

---

| | |
|:---|:---|
| **Money Market** | **American Cancer<br>Society Support –<br>Class D Shares<sup>†</sup><br>Ticker** |
|  Janus Henderson Government Money Market Fund | ACDXX |

---

## Janus Investment Fund
Prospectus

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

The Securities and Exchange Commission has not approved or disapproved of these securities or passed on the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

---

| | |
|:---|:---|
| <sup>†</sup> | The American Cancer Society<sup>®</sup> does not endorse any service or product. Shares of Janus Henderson Government Money Market Fund (the "Fund") are not sponsored, endorsed, or promoted by the American Cancer Society<sup>®</sup>, and the American Cancer Society<sup>®</sup> is not an investment adviser or service provider to the Fund, Janus Investment Fund, or Janus Henderson Investors US LLC. |

---

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![LOGO](g136083g09f19.jpg)

This Prospectus describes Janus Henderson Government Money Market Fund (the "Fund"), a portfolio of Janus Investment Fund (the "Trust"). Janus Henderson Investors US LLC (the "Adviser") serves as investment adviser to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Only American Cancer Society Support – Class D Shares (the "Shares") are offered by this Prospectus. The Shares are offered directly through the Janus Henderson funds to eligible investors by calling 1-800-525-3713 or at janushenderson.com/individual. The Shares are not offered through financial intermediaries.

For the purpose of this Prospectus, any reference to the "Janus Henderson funds" is inclusive of all series of the Trust, collectively, unless otherwise noted in this Prospectus.

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### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [FUND SUMMARY](#dpro136083_1a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Janus Henderson Government Money Market Fund](#dpro136083_1) | 2 |
|  [ADDITIONAL INFORMATION ABOUT THE FUND](#dpro136083_1b) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fees and expenses](#dpro136083_2) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Additional investment strategies and general portfolio policies](#dpro136083_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Risks of the Fund](#dpro136083_4) | 8 |
|  [MANAGEMENT OF THE FUND](#dpro136083_4a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment adviser](#dpro136083_5) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Management expenses](#dpro136083_6) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Administration fee](#dpro136083_7) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Expense limitation](#dpro136083_8) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio management](#dpro136083_9) | 12 |
|  [OTHER INFORMATION](#dpro136083_10) | 13 |
|  [DISTRIBUTIONS AND TAXES](#dpro136083_11) | 14 |
|  [SHAREHOLDER'S MANUAL](#dpro136083_11a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Doing business with Janus Henderson](#dpro136083_12) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pricing of fund shares](#dpro136083_13) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments to financial intermediaries by the Adviser or its affiliates](#dpro136083_14) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Paying for shares](#dpro136083_15) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Exchanges](#dpro136083_16) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payment of redemption proceeds](#dpro136083_17) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder services and account policies](#dpro136083_18) | 27 |
|  [FINANCIAL HIGHLIGHTS](#dpro136083_19) | 30 |
|  [GLOSSARY OF INVESTMENT TERMS](#dpro136083_20) | 31 |

---

1<sub>½</sub>Janus Investment Fund

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### FUND SUMMARY

### Janus Henderson Government Money Market Fund
Ticker: ACDXX American Cancer Society Support – Class D Shares ("Class D Shares")

INVESTMENT OBJECTIVES

**Janus Henderson Government Money Market Fund** seeks capital preservation and liquidity with current income as a secondary objective.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.

---

| | |
|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES**<br> (expenses that you pay each year as a percentage of the value of your investment) | **Class D** |
|  Management Fees | 0.20% |
|  Other Expenses<sup>(1)</sup> | 0.21% |
|  Total Annual Fund Operating Expenses | 0.41% |
|  Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.08% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.33% |

---

(1) Restated to reflect a contractual reduction in administration fees effective October 28, 2024.

(2) The Adviser has contractually agreed to waive and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.33% for at least a one-year period through December 31, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

#### EXAMPLE:
The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  Class D Shares | $34 | $124 | $222 | $510 |

---

PRINCIPAL INVESTMENT STRATEGIES

The Fund pursues its investment objectives by primarily investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities.

The Fund operates as a "government money market fund" as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended. As a government money market fund, the Fund pursues its investment objectives by normally investing at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). The Fund's investments in U.S. Government securities may include obligations issued and/or guaranteed as to principal and interest by the United States Government or by its agencies and instrumentalities, and repurchase agreements secured by such obligations. Although U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are not issued by, and may not be guaranteed by (i.e., backed by the full faith and credit of), the U.S. Treasury. Some government agency and instrumentality securities not backed by the full faith and credit of the United States are supported by the issuer's ability to borrow from the U.S. Treasury, some are supported only by the credit of the issuer, and some are supported by the United States in some other way. The Fund's investments in securities issued by U.S. Government agencies and instrumentalities may be significant.

2<sub>½</sub>Janus Henderson Government Money Market Fund

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The Fund will:

• invest in high-quality, short-term money market instruments that present minimal credit risks, as determined by the Adviser

• invest only in U.S. dollar-denominated instruments that have a remaining maturity of 397 days or less (as calculated pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended)

• maintain a dollar-weighted average portfolio maturity of 60 days or less and maintain a dollar-weighted average portfolio life (portfolio maturity measured without reference to any maturity shortening provisions of adjustable rate securities by reference to their interest rate reset dates) of 120 days or less

As a government money market fund, the Board of Trustees has determined not to subject the Fund to a liquidity fee on Fund redemptions. Please note that the Board of Trustees has reserved the ability to change this determination with respect to liquidity fees, but only after providing appropriate prior notice to shareholders.

PRINCIPAL INVESTMENT RISKS

**Money Market Risk.** You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Adviser is not required to reimburse the Fund for losses, and you should not expect that the Adviser will provide financial support to the Fund at any time, including during periods of market stress. Accordingly, if the value of Fund Shares were to fall below $1.00 per share, there is no guarantee that the Adviser or its affiliates would protect the Fund or redeeming shareholders against any loss of principal.

**Liquidity Risk.** The liquidity of the securities which the Fund holds may deteriorate rapidly due to credit events affecting one or more issuers or guarantors or due to general market conditions and a lack of willing buyers. In such cases, the Fund may have to accept a lower price or may be unable to sell a security. An inability to sell one or more securities may negatively affect the Fund's ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Additionally, adverse market conditions impacting the trading of the value of money market instruments and/or an unusually high volume of redemption requests could cause the Fund to be unable to pay redemption proceeds within a short period of time. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's ability to maintain the value of your investment at $1.00 per share.

**Credit Quality Risk.** The value of the securities which the Fund holds may fall based on an issuer's actual or perceived creditworthiness, or an issuer's ability to meet its obligations (potentially even the U.S. Government). The credit quality of the Fund's holdings can change rapidly in certain market environments and any downgrade or default of a portfolio security could cause the Fund's yield to fall or cause the value of the Fund's Shares to fall below $1.00 per share.

**Interest Rate Risk.** Although the Fund seeks to invest only in high-quality, short-term money market instruments, there is a risk that the value of the securities it holds will fall as a result of the changes in interest rates. Rising interest rates could cause the value of the Fund's investments to decline, and a decline in interest rates is likely to cause the Fund's yield to decline. During periods of unusually low or negative interest rates, the Fund's yield may approach or fall below zero. Such low interest rate environments may prevent the Fund from providing a positive yield or could impair the Fund's ability to maintain the value of your investment at $1.00 per share. Over time, the real value of the Fund's yield may be eroded by inflation.

**Market Risk.** The Fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. For capital preservation and liquidity, the Fund may have a greater concentration in short-term securities including, but not limited to, investing up to all of its assets in overnight securities, which may result in a reduction of the Fund's yield.

**Collateral Risk.** With respect to collateral received in repurchase transactions or other investments, the Fund may have significant exposure to government agencies not secured by the full faith and credit of the United States. Such exposure, depending on market conditions, could have a negative impact on the Fund, including minimizing the value of any collateral.

**Counterparty Risk.** Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's

financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The

3<sub>½</sub>Janus Henderson Government Money Market Fund

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Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

**Variable and Floating Rate Demand Notes Risk.** Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness. Demand features, which are often issued by third-party financial institutions, may shorten the life of a variable or floating rate security. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the third-party financial institutions supporting the Fund's investments. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults and the third party is unable to fulfill its liquidity or guarantee demand feature obligations.

**U.S. Government Securities Risk.** Certain U.S. Government securities are not guaranteed or backed by the full faith and credit of the United States. For these securities, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States.

**Repurchase Agreement Risk.** Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security.

PERFORMANCE INFORMATION

The following information provides some indication of the risks of investing in the Fund by showing how the Fund's performance has varied over time. American Cancer Society Support – Class D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for American Cancer Society Support – Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If American Cancer Society Support – Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for the periods following the Fund's commencement of American Cancer Society Support – Class D Shares reflects the fees and expenses of American Cancer Society Support – Class D Shares, net of any applicable fee and expense limitations or waivers.

The bar chart depicts the change in performance from year to year during the periods indicated. The table shows how the Fund's returns over different periods average out. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund's performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.

4<sub>½</sub>Janus Henderson Government Money Market Fund

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*The Fund's past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/allfunds or by calling 1-800-525-3713.* 

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

![LOGO](g136083g01k07.jpg)

**Best Quarter:** 4th Quarter 2023 **1.22% Worst Quarter:** 4th Quarter 2014 **0.00%**

Class D Shares' year-to-date return as of the calendar quarter ended September 30, 2024 was 3.63%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** (periods ended 12/31/23) | | | | |
|  | **1 Year** | **5 Years** | **10 Years** | **Since<br>Inception<br>(2/14/95)** |
| **Class D Shares** |  |  |  |  |
|  Return Before Taxes | 4.56% | 1.51% | 0.91% | 2.06% |

---

The 7-day yield on December 31, 2023 was 4.82% for Janus Henderson Government Money Market Fund.

MANAGEMENT

**Investment Adviser:** Janus Henderson Investors US LLC

**Portfolio Management: Andrew Forman** is Co-Portfolio Manager of the Fund, which he co-managed since February 2025. **Garrett Strum** is Executive Vice President and Lead Portfolio Manager of the Fund, which he has managed or co-managed since May 2017.

PURCHASE AND SALE OF FUND SHARES

---

| | |
|:---|:---|
| **Minimum Investment Requirements** |  |
|  To open a new regular Fund account | $2500.0 |
|  To open a new regular Fund account with an automatic investment program of $50 per month | $100.0 |
|  To open a new UTMA account, Coverdell Education Savings Account, or a retirement Fund account<br> &nbsp;&nbsp;&nbsp;&nbsp;• without an automatic investment program | $1000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;• with an automatic investment program of $50 per month | $100.0 |
|  To add to any existing type of Fund account without an automatic investment program | $50.0 |

---

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

5<sub>½</sub>Janus Henderson Government Money Market Fund

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TAX INFORMATION

The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account (in which case you may be taxed upon withdrawal of your investment from such account).

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

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

6<sub>½</sub>Janus Henderson Government Money Market Fund

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### ADDITIONAL INFORMATION ABOUT THE FUND
FEES AND EXPENSES

**Please refer to the following important information when reviewing the "Fees and Expenses of the Fund" table in the Fund Summary of the Prospectus.** The fees and expenses shown were determined based on average net assets as of the fiscal year ended June 30, 2024.

• "Annual Fund Operating Expenses" are paid out of the Fund's assets and include fees for portfolio management and administrative services, including recordkeeping, subaccounting, and other shareholder services. You do not pay these fees directly but, as the Example in the Fund Summary shows, these costs are borne indirectly by all shareholders through the management fee and the administration fee paid to the Adviser.

• The "Management Fee" is the investment advisory fee rate paid by the Fund to the Adviser. Refer to "Management Expenses" in this Prospectus for additional information with further description in the Statement of Additional Information ("SAI").

• "Other Expenses" for the Fund include a class-level administration fee of 0.20% of the average daily net assets of American Cancer Society Support – Class D Shares to compensate the Adviser for providing certain administration services including, but not limited to, recordkeeping and registration functions and also to pay for costs such as shareholder servicing and custody.

• The Adviser has contractually agreed to waive and/or reimburse the Fund's "Total Annual Fund Operating Expenses" to the extent such expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.33% for at least a one-year period through December 31, 2025. The expense limit is described in the "Expense Limitation" section of this Prospectus.

• The Adviser may voluntarily waive and/or reimburse fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. Any waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield.

• All expenses in the Fund's "Fees and Expenses of the Fund" table are shown without the effect of expense offset arrangements. Pursuant to such arrangements, credits realized as a result of uninvested cash balances are used to reduce custodian and transfer agent expenses.

ADDITIONAL INVESTMENT STRATEGIES AND GENERAL PORTFOLIO POLICIES

The Fund's Board of Trustees ("Trustees") may change the Fund's investment objective or non-fundamental principal investment strategies without a shareholder vote. The Fund will notify you in writing at least 60 days before making any such change it considers material. In addition, the Fund will provide shareholders with at least 60 days' notice prior to changing the 80% investment policy. If there is a material change to the Fund's investment objective or principal investment strategies, you should consider whether the Fund remains an appropriate investment for you. There is no guarantee that the Fund will achieve its investment objective.

This section takes a closer look at investment strategies and general policies that apply to the Fund. Some of these strategies and policies may be part of a principal strategy. Other strategies and policies may be utilized to a lesser extent. The Fund is subject to certain specific Securities and Exchange Commission ("SEC") rule requirements. Among other things, the Fund is limited to investing in U.S. dollar-denominated instruments with a remaining maturity of 397 days or less (as calculated pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended) that are determined to present minimal credit risk.

#### Security Selection
In selecting securities for the Fund's portfolio, portfolio management focuses on securities that offer liquidity and a competitive yield. The Adviser conducts a credit analysis of each potential issuer prior to the purchase of its securities.

#### Demand Features
Demand features give the Fund the right to resell securities at specified periods prior to their maturity dates. Demand features may shorten the life of a variable or floating rate security or preferred stock, enhance the instrument's credit quality, and provide a source of liquidity. Demand features are often issued by third party financial institutions, generally domestic and foreign banks. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the banks supporting the Fund's investments. This will result in exposure to risks pertaining to the banking industry, including the foreign banking industry. Brokerage firms and insurance companies also provide certain liquidity and credit support.

7<sub>½</sub>Janus Investment Fund

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#### Liquidity
The Fund has adopted liquidity requirements (measured at the time of purchase) as noted:

• **Daily liquidity.** The Fund will invest at least 25% of its total assets in "daily liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day, and/or amounts receivable and due unconditionally within one business day on pending sales of portfolio securities.

• **Weekly liquidity.** The Fund will invest at least 50% of its assets in "weekly liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.

• The Fund will limit its investments in illiquid securities to 5% or less of its total assets.

#### Mortgage- and Asset-Backed Securities
The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed by the full faith and credit of the U.S. Government, which means that the U.S. Government guarantees that the interest and principal will be paid when due. Fannie Mae and Freddie Mac securities, as well as the securities of other government or government-related entities, are not backed by the full faith and credit of the U.S. Government.

#### Participation Interests
A participation interest gives the Fund a proportionate, undivided interest in underlying debt securities and usually carries a demand feature.

#### Repurchase Agreements
The Fund may enter into collateralized repurchase agreements by cash or U.S. Government securities. Repurchase agreements are transactions in which the Fund purchases securities and simultaneously commits to resell those securities to the seller at an agreed-upon price on an agreed-upon future date. The repurchase price reflects a market rate of interest.

#### U.S. Government Securities
The Fund may invest in U.S. Government securities. U.S. Government securities include those issued directly by the U.S. Treasury and those issued or guaranteed by various U.S. Government agencies and instrumentalities. Some government securities are backed by the full faith and credit of the United States. Other government securities are backed only by the rights of the issuer to borrow from the U.S. Treasury. Others are supported by the discretionary authority of the U.S. Government to purchase the obligations. Certain other government securities are supported only by the credit of the issuer.

#### Variable and Floating Rate Securities
The Fund may purchase variable and floating rate demand notes of U.S. Government issuers. These securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference to an interest rate index or market interest rate. Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness.

RISKS OF THE FUND

The value of your investment may vary over time, and you may lose money by investing in the Fund. The following information is intended to help you better understand some of the risks of investing in the Fund, including those risks that are summarized in the Fund Summary section. This information also includes descriptions of other risks the Fund may be subject to as a result of additional investment strategies and general policies that may apply to the Fund. The impact of the following risks on the Fund may vary depending on the Fund's investments. The greater the Fund's investment in a particular security, the greater the Fund's exposure to the risks associated with that security. Before investing in the Fund, you should consider carefully the risks that you assume when investing in the Fund.

**Commercial Paper Risk.** Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investments in commercial paper are subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. In addition, under certain

8<sub>½</sub>Janus Investment Fund

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circumstances commercial paper may become illiquid or may suffer from reduced liquidity. Commercial paper can be fixed- rate or variable rate and can be adversely affected by changes in interest rates.

**Counterparty Risk**. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

**Credit Quality Risk.** The value of the securities which the Fund holds may fall based on an issuer's actual or perceived creditworthiness, or an issuer's ability to meet its obligations. The credit quality of the Fund's holdings can change rapidly in certain market environments and any downgrade or default of a portfolio security could cause the Fund's yield to fall or cause the value of the Fund's Shares to fall below $1.00 per share.

**Liquidity Risk.** The liquidity of the securities which the Fund holds may deteriorate rapidly due to credit events affecting one or more issuers or guarantors or due to general market conditions and a lack of willing buyers. In such cases, the Fund may have to accept a lower price or may be unable to sell a security. An inability to sell one or more securities may negatively affect the Fund's ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Additionally, adverse market conditions impacting the trading of the value of money market instruments and/or an unusually high volume of redemption requests could cause the Fund to be unable to pay redemption proceeds within a short period of time. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's ability to maintain the value of your investment at $1.00 per share.

**Market Risk.** The Fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. For capital preservation and liquidity, the Fund may have a greater concentration in short-term securities including, but not limited to, investing up to all of its assets in overnight securities, which may result in a reduction of the Fund's yield. Further, regardless of how well securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions that have a significant effect on issuers. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions, could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• **Armed Conflict.** Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions, and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the United States and broader global economy and the markets for certain securities and commodities.

**Mortgage- and Asset-Backed Securities Risk.** Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer loans or receivables. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact the Fund's yield and return. Mortgage- and asset-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage- and asset-backed securities are subject to both extension risk, where during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally expected, and prepayment risk, where during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated. These risks may reduce the Fund's returns. In addition, investments in certain mortgage- and asset-backed securities may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.

**Participation Interests Risk.** If the Fund purchases a participation interest, it typically will have a contractual relationship with the lender and not with the borrower. The Fund may only be able to enforce its rights through the lender and may assume the

9<sub>½</sub>Janus Investment Fund

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credit risk of both the borrower and the lender, or any other intermediate participant. The Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender and only upon receipt by the lender of the payments from the borrower. The failure by the Fund to receive scheduled interest or principal payments may adversely affect the income of the Fund and may likely reduce the value of its assets, which would be reflected by a reduction in the Fund's net asset value.

**Repurchase Agreement Risk.** Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. While it is not possible to eliminate all risks from these transactions, it is the policy of the Fund to limit repurchase agreements to those parties whose creditworthiness has been reviewed and found satisfactory. There is no guarantee that the Adviser's analysis of the creditworthiness of the counterparty will be accurate, and the underlying collateral involved in the transaction can expose the Fund to additional risk regardless of the creditworthiness of the parties involved in the transaction.

**U.S. Government Securities Risk.** Because of the rising U.S. Government debt burden, it is possible that the U.S. Government may not be able to meet its financial obligations or that securities issued or backed by the U.S. Government may experience credit downgrades. Such a credit event may adversely affect the financial markets. Certain U.S. Government securities are not guaranteed or backed by the full faith and credit of the United States. For these securities, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States.

**Variable and Floating Rate Demand Notes Risk.** Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness. Demand features, which are often issued by third-party financial institutions, may shorten the life of a variable or floating rate security. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the third-party financial institutions supporting the Fund's investments. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults and the third party is unable to fulfill its liquidity or guarantee demand feature obligations.

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### MANAGEMENT OF THE FUND
INVESTMENT ADVISER

Janus Henderson Investors US LLC (the "Adviser"), 151 Detroit Street, Denver, Colorado 80206-4805, is the investment adviser to the Fund. The Adviser is responsible for the day-to-day management of the Fund's investment portfolio and furnishes continuous advice and recommendations concerning the Fund's investments. The Adviser also provides certain administration and other services and is responsible for other business affairs of the Fund.

The Adviser (together with its predecessors and affiliates) has served as investment adviser to the Janus Henderson mutual funds since 1970 and currently serves as investment adviser to all of the Janus Henderson mutual funds, as well as the Janus Henderson exchange-traded funds, acts as subadviser for a number of private-label mutual funds, and provides separate account advisory services for institutional accounts and other unregistered products.

The Trust and the Adviser have received an exemptive order from the SEC that permits the Adviser, subject to the approval of the Board of Trustees ("Trustees"), to appoint or replace certain subadvisers to manage all or a portion of the Fund's assets and enter into, amend, or terminate a subadvisory agreement with certain subadvisers without obtaining shareholder approval (a "manager-of-managers structure"). The manager-of-managers structure applies to subadvisers that are not affiliated with the Trust or the Adviser ("non-affiliated subadvisers"), as well as any subadviser that is an indirect or direct "wholly-owned subsidiary" (as such term is defined by the Investment Company Act of 1940, as amended) of the Adviser or of another company that, indirectly or directly, wholly owns the Adviser (collectively, "wholly-owned subadvisers").

Pursuant to the order, the Adviser, with the approval of the Trustees, has the discretion to terminate any subadviser and allocate and, as appropriate, reallocate the Fund's assets among the Adviser and any other non-affiliated subadvisers or wholly-owned subadvisers (including terminating a non-affiliated subadviser and replacing it with a wholly-owned subadviser). To the extent that the Fund's assets are allocated to one or more subadvisers, the Adviser, subject to oversight by the Trustees, would have the responsibility to oversee such subadviser(s) to the Fund and to recommend for approval by the Trustees, the hiring, termination, and replacement of a subadviser for the Fund. In the event that the Adviser hires a subadviser pursuant to the manager-of-managers structure, the Fund would provide shareholders with information about the subadviser and subadvisory agreement within 90 days.

The Adviser furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Adviser generally pays the salaries, fees, and expenses of Fund officers with respect to services provided to the Fund, although some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund.

MANAGEMENT EXPENSES

The Fund pays the Adviser an investment advisory fee and incurs other expenses, including legal and auditing fees and Independent Trustees' fees and expenses. The Fund's investment advisory fee is calculated daily and paid monthly. The Fund's advisory agreement details the investment advisory fee and other expenses that the Fund pays.

The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate), as well as the actual investment advisory fee rate paid by the Fund to the Adviser (net of fee waivers). The rate shown is a fixed rate based on the Fund's average daily net assets.

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| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Average Daily<br>Net Assets of<br>the Fund** | **Contractual<br>Investment<br>Advisory Fee (%)<br>(annual rate)** | **Actual Investment<br>Advisory Fee<br>Rate (%) (for<br>the fiscal year ended<br>June 30, 2024)** |
|  Janus Henderson Government Money Market Fund | All Asset Levels | 0.20 | 0.20 |

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#### American Cancer Society Support
The Adviser will donate from the Adviser's own resources, an amount representing 50% of the Adviser's quarterly management fee revenue attributable to the Fund, net of any fee waivers and/or expense reimbursements, to the American Cancer Society<sup>®</sup> ("ACS") in connection with ACS's agreement to license the use of its name and trademarks to the Adviser. The Adviser will make annual minimum contributions to ACS of $1 million from 2024 to 2027, and in each year thereafter to the extent this arrangement continues. The Adviser's donation may result in a tax benefit for the Adviser, but will not result in a tax benefit for shareholders. The ACS does not endorse any service or product. Shares of the Fund are not sponsored, endorsed, or promoted by the ACS, and the ACS is not an investment adviser or service provider to the Fund, Trust, or Adviser.

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A discussion regarding the basis for the Trustees' approval of the Fund's investment advisory agreement is included in the Fund's semiannual report (for the period ended December 31, 2023) and in the Fund's financial statements (for the period ended June 30, 2024, and moving forward). You can request the Fund's semiannual reports or financial statements (as they become available), free of charge, by contacting a Janus Henderson representative at 1-800-525-3713. This information is also available, free of charge, at janushenderson.com/reports.

ADMINISTRATION FEE

The Fund pays an administration fee of 0.20% of the average daily net assets of American Cancer Society Support – Class D Shares to compensate the Adviser for providing certain administration services including, but not limited to, recordkeeping, fund accounting, preparation of reports and prospectuses distributed to current shareholders, and registration functions. This administration fee also covers expenses including, but not limited to, custody, transfer agency, shareholder servicing, and provision of office facilities and personnel necessary to carry on the business of the Fund.

EXPENSE LIMITATION

The Adviser has contractually agreed to waive and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.33% for at least a one-year period through December 31, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. For information about how the expense limit affects the total expenses of the Fund, see the "Fees and Expenses of the Fund" table in the Fund Summary of the Prospectus.

PORTFOLIO MANAGEMENT

#### Janus Henderson Government Money Market Fund
Co-Portfolio Managers Andrew Forman and Garrett Strum are responsible for the day-to- day management of the Fund. Mr. Strum, as Lead Portfolio Manager, has the authority to exercise final decision-making on the overall portfolios.

**Andrew Forman** is Co-Portfolio Manager of Janus Henderson Government Money Market Fund, which he has co-managed since February 2025. He is also Portfolio Manager of other Janus Henderson accounts. Mr. Forman joined the Adviser in 2013. He holds a Bachelor of Arts degree in Economics with a minor in Atmospheric and Oceanic Sciences from the University of Colorado.

**Garrett Strum** is Executive Vice President and Lead Portfolio Manager of Janus Henderson Government Money Market Fund, which he has managed or co-managed since May 2017. He is also Portfolio Manager of other Janus Henderson accounts and performs duties as an analyst. Mr. Strum holds a Bachelor of Science degree in Business with concentrations in Finance and Real Estate from Colorado State University.

#### Conflicts of Interest
The Adviser manages other funds and numerous other accounts, which may include separate accounts and other pooled investment vehicles, such as hedge funds. Side-by-side management of multiple accounts, including the management of a cash collateral pool for securities lending and investing the Janus Henderson funds' cash, may give rise to conflicts of interest among those accounts, and may create potential risks, such as the risk that investment activity in one account may adversely affect another account. For example, short sale activity in an account could adversely affect the market value of long positions in one or more other accounts (and vice versa). Side-by-side management may raise additional potential conflicts of interest relating to the allocation of investment opportunities and the aggregation and allocation of trades. Additionally, the Adviser manages the Janus Henderson "funds of funds," which are funds that invest primarily in other mutual funds that are managed by the Adviser. Because the Adviser manages the Janus Henderson "funds of funds" and the Janus Henderson funds, it is subject to certain potential conflicts of interest when allocating the assets of a Janus Henderson "fund of funds" among such Janus Henderson funds. To the extent that the Fund is an underlying fund in a Janus Henderson "fund of funds," a potential conflict of interest arises when allocating the assets of the Janus Henderson "fund of funds" to the Fund. Purchases and redemptions of fund shares by a Janus Henderson "fund of funds" due to reallocations or rebalancings may result in a fund having to sell securities or invest cash when it otherwise would not do so, which could accelerate the recognition of taxable income or cause actual expenses to increase. The impact of these transactions is likely to be greater when a Janus Henderson "fund of funds" purchases, redeems, or owns a substantial portion of the Fund's shares. A further discussion of potential conflicts of interest and a discussion of certain procedures intended to mitigate such potential conflicts are contained in the Fund's SAI.

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### OTHER INFORMATION
CLOSED FUND POLICIES

The Fund may limit sales of its Shares to new investors. If sales of the Fund are limited, it is expected that existing shareholders invested in the Fund would be permitted to continue to purchase Shares through their existing Fund accounts and to reinvest any dividends or capital gains distributions in such accounts, absent highly unusual circumstances. Requests for new accounts into a closed fund would be reviewed by management, taking into consideration eligibility requirements and whether the addition to the fund is believed to negatively impact existing fund shareholders. The closed fund may decline opening new accounts, including eligible new accounts, if it would be in the best interests of the fund and its shareholders. If applicable, additional information regarding general policies and exceptions can be found in a closed fund's prospectuses.

LIQUIDATION/REORGANIZATION OF A FUND

It is important to know that, pursuant to the Trust's Amended and Restated Agreement and Declaration of Trust, the Trustees have the authority to merge, liquidate, and/or reorganize a fund into another fund without seeking shareholder vote or consent.

DISTRIBUTION OF THE FUND

The Fund is distributed by Janus Henderson Distributors US LLC (the "Distributor"), which is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). To obtain information about FINRA member firms and their associated persons, you may contact FINRA at www.finra.org, or 1-800-289-9999.

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### DISTRIBUTION AND TAXES
DISTRIBUTIONS

To avoid taxation of the Fund, the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), requires the Fund to distribute all or substantially all of its net investment income and any net capital gains realized on its investments at least annually. A return of capital distribution is tax-free to the extent of your basis in your shares and thereafter is treated as a capital gain if you hold your shares as a capital asset. Because a return of capital distribution reduces the basis of your shares, a return of capital distribution may result in a higher capital gain or a lower capital loss when you sell your shares held in a taxable account. Distributions are made at the class level, so they may vary from class to class within the Fund.

Dividends representing substantially all of the net investment income and any net realized gains on sales of securities are declared daily (Saturdays, Sundays, and holidays included) and distributed as of the last business day of each month. If a month begins on a Saturday, Sunday, or holiday, dividends for those days are declared and distributed at the end of the preceding month.

For additional information on the accrual of dividends in connection with purchase orders and redemption requests, refer to "Pricing of Fund Shares – Policies in Relation to Transactions" below.

For your convenience, distributions of dividends and capital gains are automatically reinvested in additional Shares of the Fund. To receive distributions in cash, contact a Janus Henderson representative at 1-800-525-3713. Whether reinvested or paid in cash, the distributions may be subject to taxes, unless your shares are held in a qualified tax-advantaged plan or account.

DISTRIBUTION OPTIONS

When you open an account, it will automatically provide for reinvestment of all distributions. If you have a non-retirement account, you may change your distribution option at any time by logging on to janushenderson.com/individual, by calling a Janus Henderson representative, or by writing to the Fund at one of the addresses listed in the Shareholder's Manual section of this Prospectus. The Fund offers the following options:

**Reinvestment Option.** You may reinvest your income dividends and capital gains distributions in additional shares.

**Cash Option.** You may receive your income dividends and capital gains distributions in cash.

**Redirect Option.** You may direct your dividends to purchase shares of another Janus Henderson fund.

The Fund reserves the right to reinvest uncashed dividend and distribution checks into your open non-retirement account at the NAV calculated at the next cut-off time specified in "Pricing of Fund Shares" below after the check is cancelled. Subsequent distributions may also be reinvested. For more information, refer to "Shareholder Services and Account Policies."

 TAXES<br>

As with any investment, you should consider the tax consequences of investing in the Fund. The following is a general discussion of certain federal income tax consequences of investing in the Fund. The discussion does not apply to qualified tax-advantaged accounts or other non-taxable entities, nor is it a complete analysis of the federal income tax implications of investing in the Fund. You should consult your tax adviser regarding the effect that an investment in the Fund may have on your particular tax situation, including the federal, state, local, and foreign tax consequences of your investment.

#### Taxes on Distributions
Distributions by the Fund are subject to federal income tax, regardless of whether the distribution is made in cash or reinvested in additional shares of the Fund. Distributions from net investment income (which includes dividends, interest, and realized net short-term capital gains), other than qualified dividend income, are taxable to shareholders as ordinary income. Distributions of qualified dividend income are taxed to individuals and other noncorporate shareholders at long-term capital gain rates, provided certain holding period and other requirements are satisfied. Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) are taxable as long-term capital gain, regardless of how long a shareholder has held Fund shares. In certain states, a portion of the distributions (depending on the sources of the Fund's income) may be exempt from state and local taxes. Individuals, trusts, and estates whose income exceeds certain threshold amounts are subject to an additional 3.8% Medicare contribution tax on net investment income. Net investment income includes dividends paid by the Fund and capital gains from any sale or exchange of Fund shares. The Fund's net investment income and capital gains are distributed to (and may be taxable to) those persons who are shareholders of the Fund at the record date of such payments.

14<sub>½</sub>Janus Investment Fund

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Although the Fund's total net income and net realized gain are the results of its operations, the per share amount distributed or taxable to shareholders is affected by the number of Fund shares outstanding at the record date. Distributions declared to shareholders of record in October, November, or December and paid on or before January 31 of the succeeding year will be treated for federal income tax purposes as if received by shareholders on December 31 of the year in which the distribution was declared. Generally, account tax information will be made available to shareholders on or before February 15 of each year. Information regarding distributions may also be reported to the Internal Revenue Service (the "IRS").

Distributions made by the Fund with respect to Shares purchased through a qualified retirement plan will generally be exempt from current taxation if left to accumulate within the qualified plan. Generally, withdrawals from qualified plans may be subject to federal income tax at ordinary income rates and, if made before age 59<sup>1</sup>⁄<sub>2</sub>, a 10% penalty tax may be imposed. The federal income tax status of your investment depends on the features of your qualified plan. For further information, please contact your tax adviser.

#### Taxes on Sales or Exchanges
Any time you sell or exchange shares of the Fund in a taxable account, it is considered a taxable event. For federal income tax purposes, an exchange is treated the same as a sale. Depending on the purchase price and the sale price, you may have a gain or loss on the transaction. The gain or loss will generally be treated as a long-term capital gain or loss if you held your shares for more than one year and if not held for such period, as a short-term capital gain or loss. Any tax liabilities generated by your transactions are your responsibility. Your ability to deduct capital losses may be limited under the Internal Revenue Code.

The Fund may be required to withhold U.S. federal income tax on all distributions and redemption proceeds to shareholders who fail to provide their correct taxpayer identification number, fail to make certain required certifications, or who have been notified by the IRS (or the Fund has been notified by the IRS) that they are subject to backup withholding. The current backup withholding rate is applied.

If a shareholder does not meet the requirements of the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to impose a 30% U.S. withholding tax on distributions and proceeds from the sale or other disposition of shares in the Fund. FATCA withholding will generally apply to payments of dividends from net investment income, payments of gross proceeds from sales of Fund shares, and distributions of net capital gains. Proposed Treasury regulations, however, generally eliminate withholding under FATCA on gross proceeds, which include certain capital gains distributions and gross proceeds from a sale or disposition of Fund shares. Taxpayers generally may rely on these proposed Treasury regulations until final Treasury regulations are issued. Shareholders should consult their individual tax advisers regarding the possible implications of FATCA.

For Shares purchased on or after January 1, 2012 and sold thereafter from a taxable account, the Janus Henderson funds will report cost basis information to you and to the IRS. The Fund will permit shareholders to elect their preferred cost basis method. In the absence of an election, the Fund will use an average cost basis method. Please consult your tax adviser to determine the appropriate cost basis method for your particular tax situation and to learn more about how the cost basis reporting laws apply to you and your investments.

#### Taxation of the Fund
Dividends, interest, and some capital gains received by the Fund on foreign securities may be subject to foreign tax withholding or other foreign taxes. If the Fund is eligible, it may from year to year make the election permitted under Section 853 of the Internal Revenue Code to pass through such taxes to shareholders. If the Fund makes such election, foreign taxes paid by the Fund will be reported to shareholders as income and shareholders may claim a tax credit or deduction for such taxes, subject to certain limitations. If such an election is not made, any foreign taxes paid or accrued will represent an expense to the Fund.

The Fund does not expect to pay any federal income or excise taxes because it intends to meet certain requirements of the Internal Revenue Code, including the distribution each year of substantially all its net investment income and net capital gains. It is important that the Fund meets these requirements so that any earnings on your investment will not be subject to federal income tax twice. If the Fund invests in partnerships, it may be subject to state tax liabilities.

15<sub>½</sub>Janus Investment Fund

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### SHAREHOLDER 'S MANUAL
This Shareholder's Manual is for those shareholders investing directly with the Fund. This section will help you become familiar with the different types of accounts you can establish with the Adviser. It also explains in detail the wide array of services and features you can establish on your account, as well as describes account policies and fees that may apply to your account. Account policies (including fees), services, and features may be modified or discontinued without shareholder approval or prior notice.

**With certain exceptions, the Fund is generally available only to shareholders residing in the United States and employees of the Adviser or its affiliates. For purposes of this policy, the Fund requires that a shareholder and/or entity be a U.S. citizen residing in the United States or a U.S. Territory (including overseas U.S. military or diplomatic addresses) or a resident alien residing in the United States or a U.S. Territory with a valid U.S. Taxpayer Identification Number to open an account with the Fund.** 

DOING BUSINESS WITH JANUS HENDERSON

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. **You should carefully consider which class of shares to purchase. Certain classes have higher expenses than other classes, which may lower the return on your investment.** If you would like additional information about the other available share classes, please call 1-800-525-3713.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Online – janushenderson.com – 24 hours a day, 7 days a week***<br>**At janushenderson.com/individual\* existing shareholders can:** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain Fund information and performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• View your personalized performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review your account or your complete portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buy, exchange, and sell Janus Henderson funds<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Update personal information<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive electronic daily transaction confirmations, quarterly and year-end statements, semiannual and annual reports, prospectuses, and tax forms<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Analyze the fees associated with your investment (www.finra.org/fundanalyzer)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open a new account<br>\* Certain account or transaction types may be restricted from being processed through janushenderson.com. If you would like more information about these restrictions, please contact a Janus Henderson representative.<br>

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| | |
|:---|:---|
| **Janus Henderson XpressLine<sup>TM</sup>** | **Mailing Address** |
| **1-888-979-7737** | Janus Henderson |
| • **24-hour automated phone system** | P.O. Box 219109<br> Kansas City, MO 64121-9109 |
| **Janus Henderson Representatives** | <br> ***For Overnight Mail***<br> Janus Henderson<br> 801 Pennsylvania Avenue, Suite 219109<br> Kansas City, MO 64105-1307 |
| **1-800-525-3713** | <br> ***For Overnight Mail***<br> Janus Henderson<br> 801 Pennsylvania Avenue, Suite 219109<br> Kansas City, MO 64105-1307 |
| **TDD** | <br> ***For Overnight Mail***<br> Janus Henderson<br> 801 Pennsylvania Avenue, Suite 219109<br> Kansas City, MO 64105-1307 |
| For the speech and hearing impaired. | <br> ***For Overnight Mail***<br> Janus Henderson<br> 801 Pennsylvania Avenue, Suite 219109<br> Kansas City, MO 64105-1307 |
| **1-800-525-0056** |  |

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MINIMUM INVESTMENTS\*

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| | |
|:---|:---|
|  To open a new regular Fund account | $2500 |
|  To open a new regular Fund account with an automatic investment program of $50 per month | $100.0 |
|  To open a new UTMA\*\* account, Coverdell Education Savings Account, or a retirement Fund account |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• without an automatic investment program | $1000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;• with an automatic investment program of $50 per month | $100.0 |
|  To add to any existing type of Fund account without an automatic investment program | $50.0 |

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16<sub>½</sub>Janus Investment Fund

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\* The Fund reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part. Participants in certain retirement plans, including but not limited to, Janus Henderson prototype Money Purchase Pension and Profit Sharing plans, SEP IRAs, SARSEP IRAs, or outside qualified retirement plans, may not be subject to the stated minimums. Employees of JHG and its subsidiaries may open Fund accounts for $100. 

\*\* All states have repealed UGMA statutes, enacting UTMA statutes in their place. Existing UGMA accounts established before the date of repeal are grandfathered using the original UGMA age of termination.

#### Minimum Investment Requirements
Due to the proportionately higher costs of maintaining small accounts, the Fund reserves the right to deduct an annual $25 minimum balance fee per Fund account (paid to the Transfer Agent) with values below the minimums described under "Minimum Investments" or to close Fund accounts valued at less than $100. This policy may not apply to accounts that fall below the minimums solely as a result of market value fluctuations or to those accounts not subject to a minimum investment requirement. The fee or account closure will occur during the fourth quarter of each calendar year. You will receive written notice before we charge the $25 fee or close your account so that you may increase your account balance to the required minimum provided you meet certain residency eligibility requirements. Please note that you may incur a tax liability as a result of the fee being charged or the redemption.

AVAILABLE INCENTIVE PROGRAMS

#### Bonus Program for Taxable Account Purchases and Tax-Advantaged Account Transfers/Rollovers
Through the Transfer Agent's Bonus Program, the Transfer Agent will pay a bonus of up to $2,500 to you for making certain eligible purchases of Fund shares in taxable accounts or transfers/rollovers from a non-Janus Henderson fund account into a Janus Henderson fund tax-advantaged account. The Bonus Program is valid with an eligible purchase or transfer/rollover of $20,000 or more. If you meet the eligibility requirements for the Bonus Program and enroll in it, the Transfer Agent will deposit a bonus payment into your Fund account within approximately 30 days after the deposit of eligible funds in good order and receipt of a signed contract governing the Bonus Program. An investor must keep the eligible purchase in the account for a period of 360 calendar days in order to retain the bonus payment. Any sale of the qualifying purchase amount (in whole or in part), transfer, or closure of the account within the 360 calendar day period may result in forfeiture of the bonus payment. Any decline in an account's value due solely to market value fluctuations will not result in the forfeiture of the bonus payment. Only taxable account purchases or transfers/rollovers to tax-advantaged accounts that are made on or after January 1, 2024 through December 31, 2024 are eligible for a bonus payment. The eligible period for the Bonus Program may be extended beyond this time frame at the sole discretion of the Transfer Agent. Before enrolling in the Bonus Program, consult with your tax advisor about the appropriate tax treatment for the bonus offer and any tax implications associated with the receipt of a bonus payment. The Transfer Agent reserves the right to change the terms, restrict, or revoke this Bonus Program at any time without advance notice.

You can request more information about the Transfer Agent's Bonus Program and eligibility requirements for taxable accounts by contacting a Janus Henderson representative at 1-800-525-3713 or by visiting www.janushenderson.com/bonus. You can request more information about the Bonus Program for tax-advantaged account transfers/rollovers by contacting a Janus Henderson Direct Rollover Specialist at 1-800-379-7603 or by visiting www.janushenderson.com/bonus.

#### Contribution Match Payments
Investors that transfer/rollover assets from a non-Janus Henderson fund account into a tax-advantaged account are also eligible for the Transfer Agent's Contribution Match Program. To receive a Transfer Agent's Contribution Match payment, (i) the value of your tax-advantaged account must remain equal to or greater than the value of the eligible transfer/rollover (but not including any losses due solely to market value fluctuations) for 12 months following the receipt of your transfer/ rollover in good order and receipt of a signed contract governing the Contribution Match Program, and (ii) you must provide instructions to the Transfer Agent on how to invest these payments. The Transfer Agent's Contribution Match payments will commence at the end of the first quarter in 2025 following an eligible contribution during the first quarter of 2025 into a Janus Henderson fund tax-advantaged account. The eligible period for the Transfer Agent's Contribution Match payments may be extended beyond this time frame at the sole discretion of the Transfer Agent. The Transfer Agent will match a percentage of these contributions based on the aggregate value of eligible 2024 rollover or asset transfer amounts, and provide a matching contribution in an amount up to ten percent of your contribution. Before enrolling in the Contribution Match Program, consult with your tax advisor about the appropriate tax treatment for the Transfer Agent's Contribution Match payments and any tax implications associated with the receipt of a Contribution Match payment. The Transfer Agent reserves the right to change the terms, restrict, or revoke the Contribution Match Program at any time without advance notice.

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You can request more information about the Contribution Match Program and eligibility requirements by contacting a Janus Henderson Direct Rollover Specialist at 1-800-379-7603 or by visiting www.janushenderson.com/bonus.

#### Ready. Invest. Go. Program
New investors creating a new Janus Henderson direct account are eligible to participate in the Transfer Agent's Ready. Invest. Go. Program. After the new investor has completed the required Ready. Invest. Go. Program Contract, the Transfer Agent will fund the $100 initial investment required for new investors, provided that new investors enroll in Janus Henderson's automatic investment program in an amount equal to at least $50 per month. New investors will forfeit the $100 bonus contributed by the Transfer Agent if their account is closed or if their automatic monthly investment program payment is terminated within two years from the date the initial investment was made. Investor-initiated amounts outside of the initial investment are redeemable at any time at net asset value. Before enrolling in the Ready. Invest. Go. Program, new investors should consult with their tax advisor about the appropriate tax treatment for participating in the Ready. Invest. Go. Program and any tax implications associated with the receipt of the $100 initial investment. The Transfer Agent reserves the right to change the terms, restrict, or revoke the Ready. Invest. Go. Program at any time without advance notice.

You can request more information about the Transfer Agent's Ready. Invest. Go. Program by contacting a Janus Henderson representative at 1-800-525-3713.

TYPES OF ACCOUNT OWNERSHIP

Please refer to janushenderson.com/individual for the appropriate account application and for information related to maintaining an account.

#### Individual or Joint Ownership
Individual accounts are owned by one person. Joint accounts have two or more owners.

#### Trust
An established trust can open an account. The names of each trustee, the name of the trust, and the date of the trust agreement must be included on the application.

#### Business Accounts
Corporations and partnerships may also open an account. The application must be signed by an authorized officer of the corporation or a general partner of the partnership.

TAX-ADVANTAGED ACCOUNTS

Please refer to janushenderson.com/individual for the appropriate account application and for information related to maintaining an account. Certain tax-advantaged accounts can only be maintained via written request. Please contact a Janus Henderson representative for more information.

If you are eligible, you may set up one or more tax-advantaged accounts. A tax-advantaged account allows you to shelter your investment income and capital gains from current income taxes. A contribution to certain of these plans may also be tax deductible. The types of tax-advantaged accounts that may be opened with Janus Henderson are described below. Investors should consult their tax adviser or legal counsel before selecting a tax-advantaged account.

#### Investing for Your Retirement
Please visit janushenderson.com/individual or call a Janus Henderson representative for more complete information regarding the different types of IRAs available. Distributions from these plans may be subject to income tax and generally to an additional tax if withdrawn prior to age 591/2 and used for a nonqualifying purpose.

#### Traditional and Roth IRAs
Both IRAs allow most individuals with earned income to contribute up to the lesser of $6,000 or 100% of compensation, with future years increased by cost-of-living adjustments. In addition, IRA holders age 50 or older may contribute $1,000 more than these limits.

#### Simplified Employee Pension ("SEP") IRA
This plan allows small business owners (including sole proprietors) to make tax-deductible contributions for themselves and any eligible employee(s). A SEP requires an IRA (a "SEP-IRA") to be set up for each SEP participant.

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#### Profit Sharing or Money Purchase Pension Plans
These plans are open to corporations, partnerships, and small business owners (including sole proprietors) for the benefit of their employees and themselves. You may only maintain this type of account via written request. Please contact a Janus Henderson representative for more information.

ACCOUNTS FOR THE BENEFIT OF A CHILD

#### Custodial Accounts (UTMA)
An UTMA account is a custodial account managed for the benefit of a minor.

#### Coverdell Education Savings Account
This tax-advantaged plan allows individuals, subject to certain income limitations, to contribute up to $2,000 annually on behalf of any child under the age of 18. Contributions are also allowed on behalf of children with special needs beyond age 18. Distributions are generally tax-free when used for qualified education expenses.

Please refer to the following for information regarding opening an account and conducting business with Janus Henderson.

TO OPEN AN ACCOUNT OR BUY SHARES

New accounts can be opened via written request or online. Please visit janushenderson.com/individual or contact a Janus Henderson representative for more information.

**As previously noted, with certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, you may not be able to open an account or buy additional shares.** 

#### By Mail/In Writing
• To open your Fund account, complete and sign the appropriate application. Make your check payable to Janus Henderson or elect a one-time electronic withdrawal from your bank account as noted on the appropriate application.

• To buy additional shares, complete the remittance slip accompanying your confirmation statement. If you are making a purchase into a retirement account, please indicate whether the purchase is a rollover or a current or prior year contribution. Send your check and remittance slip or written instructions to the address listed on the slip.

#### Online
• You may open a new account or buy additional shares in an existing Fund account (note that certain account or transaction types may be restricted from being processed through janushenderson.com). You may elect to have Janus Henderson electronically withdraw funds from your designated bank account. A real-time confirmation of your transaction will be provided via janushenderson.com/individual.

#### By Telephone
• For an existing account, you may use Janus Henderson XpressLine to buy shares 24 hours a day, or you may call a Janus Henderson representative during normal business hours. Janus Henderson will electronically withdraw funds from your designated bank account.

• You may also buy shares by wiring money from your bank account to your Fund account. For wiring instructions, call a Janus Henderson representative.

#### By Automated Investments
• To buy additional shares through the Automatic Investment Program, you select the frequency with which your money ($50 minimum) will be electronically transferred from your bank account to your Fund account. Certain tax-advantaged accounts are not eligible for automated investments.

• You may buy additional shares using Payroll Deduction if your employer can initiate this type of transaction. You may have all or a portion of your paycheck ($50 minimum) invested directly into your Fund account.

Note: For more information, refer to "Paying for Shares."

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TO EXCHANGE SHARES

**As previously noted, with certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, the exchange privilege may not be available.** 

#### Online
• Exchanges may generally be made online at janushenderson.com/individual.

#### By Telephone
• Generally all accounts are automatically eligible to exchange shares by telephone. To exchange all or a portion of your shares into any other available Janus Henderson fund, call Janus Henderson XpressLine or a Janus Henderson representative.

#### By Mail/In Writing
• To request an exchange in writing, please follow the instructions in "Written Instructions."

#### By Systematic Exchange
• You determine the amount of money you would like automatically exchanged from one Fund account to another on any day of the month.

Note: For more information, refer to "Exchanges."

TO SELL SHARES

**As previously noted, with certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, once you close your account, you may not make additional investments in the Fund.** 

#### Online
• Redemptions may be made online at janushenderson.com/individual.

#### By Telephone
Generally all accounts are automatically eligible to sell shares by telephone. To sell all or a portion of your shares, call Janus Henderson XpressLine or a Janus Henderson representative. The Fund reserves the right to limit the dollar amount that you may redeem from your account by telephone.

#### By Mail/In Writing
• To request a redemption in writing, please follow the instructions in "Written Instructions."

#### By Systematic Redemption
• This program allows you to sell shares worth a specific dollar amount from your Fund account on a regular basis.

Note: For more information, refer to "Payment of Redemption Proceeds."

PRICING OF FUND SHARES

The per share net asset value ("NAV") for each class is computed by dividing the total value of assets allocated to the class, less liabilities allocated to that class, by the total number of outstanding shares of the class. The Fund's NAV is generally calculated as of the following times each day that the New York Stock Exchange ("NYSE") is open ("business day"): 10:00 am, 1:00 pm, and 4:00 pm New York time. These times are each referred to as a "cut-off time."

The time at which the Fund's NAV is calculated may be changed if trading on the NYSE is restricted, the NYSE closes at a different time, or as permitted by the SEC. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. The value of the Fund's holdings may change on days that are not business days in the United States and on which you will not be able to purchase or redeem the Fund's Shares.

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All purchases, exchanges, and redemptions will be duly processed at the next NAV calculated after the cut-off times specified above as described under "Policies in Relation to Transactions" after a request is received in good order by the Fund or its agents.

The Fund's portfolio securities are valued at amortized cost, which approximates market value. Amortized cost valuation involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity (or such other date as permitted by Rule 2a-7) of any discount or premium. If fluctuating interest rates cause the market value of the Fund's portfolio to deviate more than 1/2 of 1% from the value determined on the basis of amortized cost, the Trustees will consider whether any action, such as adjusting the NAV to reflect current market conditions, should be initiated to prevent any material dilutive effect on shareholders.

#### Policies in Relation to Transactions
All requests, including but not limited to, exchanges between the Fund and other Janus Henderson funds, purchases by check or automated investment, redemptions by wire transfer, ACH transfer, or check, must be received in good order by the Fund or its agents prior to the last cut-off time specified in "Pricing of Fund Shares" above. Transaction requests submitted in writing and mailed to Janus Henderson's P.O. Box, once delivered, are considered received for processing the following business day.

If a purchase order is received prior to the last cut-off time specified in "Pricing of Fund Shares" above and payment in federal funds is wired to and received by the Fund by the close of the Federal Reserve wire transfer system (normally, 6:00 p.m. New York time), then dividends will begin to accrue on the same business day that wire purchase order is received. In the event that an order is placed prior to 4:00 p.m. (New York time) and payment through federal funds or other immediately available funds is not received by the Fund by the close of the Federal Reserve wire transfer system or other immediately available funds that same day, you will not accrue a dividend on that that day and the Fund reserves the right to cancel your purchase order and you will be liable for any resulting losses or fees incurred by the Fund or the Fund's transfer agent. If you intend to wire your payment to the Fund via federal funds on the same day that you submit a purchase order, please contact a Janus Henderson representative in advance.

If a payment is received on a business day after the last cut-off time specified in "Pricing of Fund Shares" above, you will not earn dividends on the day the purchase order is received.

Dividends will not accrue on shares that are redeemed and paid on a same day basis on the date of redemption. Other redeeming shareholders will accrue dividends on the redemption date. The Fund reserves the right to require purchase and/or redemption requests prior to the last cut-off time specified in "Pricing of Fund Shares" above on days when the bond markets or the NYSE close early.

The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. Please call a Janus Henderson representative for details.

PAYMENTS TO FINANCIAL INTERMEDIARIES BY THE ADVISER OR ITS AFFILIATES

With respect to other share classes not offered in this Prospectus, the Adviser or its affiliates pay fees, from their own assets, to certain brokerage firms, banks, financial advisors, retirement plan service providers, and other financial intermediaries that sell the Janus Henderson funds for making cash management portal technology available to certain investors through cash management platforms, distribution, marketing, promotional, or related services, and/or for providing recordkeeping, subaccounting, transaction processing, other shareholder or administrative services (including payments for processing transactions via the National Securities Clearing Corporation ("NSCC") or other means), and the Committee on Uniform Security Identification Procedures ("CUSIP") and fund setup fees, in connection with investments in the Janus Henderson funds. These fees are in addition to any fees that may be paid by the Janus Henderson funds for certain of these types of services or other services. Shareholders investing through an intermediary should consider whether such arrangements exist when evaluating any recommendations from an intermediary and when considering which share class of a fund is most appropriate.

In addition, the Adviser or its affiliates periodically share certain marketing expenses with selected intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. The Adviser or its affiliates make payments to participate in selected intermediary marketing support programs which may provide the Adviser or its affiliates with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, data, business planning and strategy sessions with intermediary personnel, information on industry- or platform-specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in

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lieu of, the payments described above. These payments are intended to promote the sales of Janus Henderson funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Janus Henderson funds to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Janus Henderson funds available to their customers.

The receipt of (or prospect of receiving) payments described above may provide a financial intermediary and its salespersons with an incentive to favor sales of Janus Henderson funds' shares over sales of other mutual funds (or non-mutual fund investments) or to favor sales of one class of Janus Henderson funds' shares over sales of another Janus Henderson funds' share class, with respect to which the financial intermediary does not receive such payments or receives them in a lower amount. The receipt of these payments may cause certain financial intermediaries to elevate the prominence of the Janus Henderson funds within such financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or the provision of preferential or enhanced opportunities to promote the Janus Henderson funds in various ways within such financial intermediary's organization.

From time to time, certain financial intermediaries approach the Adviser to request that the Adviser make contributions to certain charitable organizations. In these cases, the Adviser's contribution may result in the financial intermediary, or its salespersons, recommending Janus Henderson funds over other mutual funds (or non-mutual fund investments).

The payment arrangements described above will not change the price an investor pays for Shares nor the amount that a Janus Henderson fund receives to invest on behalf of the investor. You should consider whether such arrangements exist when evaluating any recommendations from an intermediary to purchase or sell Shares of the Fund and, if applicable, when considering which share class of the Fund is most appropriate for you.

PAYING FOR SHARES

**As previously noted, with certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, you may not be able to buy shares.** 

Please note the following when purchasing Shares:

• Cash, credit cards, third party checks (with certain limited exceptions), travelers cheques, credit card checks, line of credit checks, or money orders will not be accepted.

• All purchases must be made in U.S. dollars and checks must be drawn on U.S. banks or an accepted non-U.S. bank.

• Purchases initiated using a bill-pay service (or an equivalent) and presented either electronically or in the form of a check are considered direct deposit transactions.

• If you intend to wire your payment to the Fund via federal funds on the same day that you submit a purchase order, please contact a Janus Henderson representative in advance.

• When purchasing Shares through the Automatic Investment Program, your automatic investment selection(s) will generally be active within three days following receipt of your authorization for the date and amount you specify. If no date or dollar amount is specified on your application, investments of $50 will be made on the 20th of each month. If the balance in the Janus Henderson fund account you are buying into falls to zero as the result of a redemption, exchange, or minimum balance fee, your Automatic Investment Program will be discontinued.

• We may make additional attempts to debit your predesignated bank account for automated investments that initially fail. You are liable for any costs associated with these additional attempts. If your automated investment fails, you may purchase Shares of the Fund by submitting good funds via another method accepted by the Fund (e.g., by wire transfer). In this case, your purchase will be processed at the next NAV determined after we receive good funds, not at the NAV available as of the date of the original request.

• The Fund reserves the right to reject any purchase order, including exchange purchases, for any reason.

• *If all or a portion of a purchase is received for investment without a specific fund designation, for investment in one of our closed funds, or for investment in a fund that is not yet available for public sale, the undesignated amount or entire investment, as applicable, will be invested in Janus Henderson Government Money Market Fund. For investments without a specific fund designation, where you own a single Fund account with a current balance greater than zero, the investment will be applied to that Fund account. For investments* 

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*without a specific fund designation, where you own two or more Fund accounts with current balances greater than zero, and for investments in closed funds, unless you later direct Janus Henderson to (i) buy shares of another Janus Henderson fund or (ii) sell shares of Janus Henderson Government Money Market Fund and return the proceeds (including any dividends earned) to you, Janus Henderson will treat your inaction as approval of the purchase of Janus Henderson Government Money Market Fund. If you hold shares of a closed fund and submit an order directly to Janus Henderson for your account in that closed fund, your account must be open and your order must clearly indicate that you are currently a shareholder of the closed fund, or your money will be invested in Janus Henderson Government Money Market Fund. If you submit an order to buy shares of a fund that is not yet available for investment (during a subscription period), your investment will be held in Janus Henderson Government Money Market Fund until the new fund's commencement of operations. At that time, your investment (including any dividends) will be automatically exchanged from Janus Henderson Government Money Market Fund to the new fund. All orders for purchase, exchange, or redemption will receive the NAV as described under "Policies in Relation to Transactions."* <br>

• For Fund purchases by check, if your check does not clear for any reason, your purchase will be cancelled.

• If your purchase is cancelled for any reason, you will be responsible for any losses or fees imposed by your bank and any losses incurred by the Fund as a result. The Fund may redeem shares held in your account to cover any losses it incurs if your purchase is cancelled.

In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"), the Adviser is required to verify certain information on your account application as part of its Anti-Money Laundering Program. You will be required to provide your full name, date of birth, Social Security number, and permanent street address to assist in verifying your identity. You may also be asked to provide documents that may help to establish your identity. For investors other than individuals: When you open an account, you will be asked for the name of the entity, its principal place of business, and taxpayer identification number, and you may be requested to provide information on persons with authority or control over the account, or persons who own (whether directly, indirectly, or beneficially) 25% or more of the entity, such as name, permanent street address, date of birth, and Social Security number. Until verification of an identity is made, the Adviser may temporarily limit additional share purchases. In addition, the Adviser may close an account if it is unable to verify a shareholder's identity. Please contact a Janus Henderson representative if you need additional assistance when completing your application or additional information about the Anti-Money Laundering Program.

In an effort to ensure compliance with this law, the Adviser's Anti-Money Laundering Program (the "Program") provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

The Fund has also adopted an identity theft policy ("Red Flag Policy") to detect, prevent, and mitigate patterns, practices, or specific activities that indicate the possible existence of identity theft. The Fund is required by law to obtain certain personal information which will be used to verify your identity. The Red Flag Policy applies to the opening of Fund accounts and activity with respect to existing accounts.

 EXCHANGES<br>

**As previously noted, with certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, the exchange privilege may not be available.** 

Please note the following when exchanging Shares:

• An exchange represents the redemption (or sale) of shares from the Fund and the purchase of shares of another fund, which may produce a taxable gain or loss in a non-retirement account.

• You may generally exchange Shares of the Fund for Shares of the same class of any other fund in the Trust. Only accounts beneficially owned by natural persons will be allowed to exchange to Janus Henderson Money Market Fund.

• You may also exchange shares of one class for another class of shares within the same fund, provided the eligibility requirements of the class of shares to be received are met. The Fund's fees and expenses differ between share classes. Exchanging from a direct share class to one held through an intermediary typically results in increased expenses. This is because share classes distributed through intermediaries include additional fees for administration and/or distribution to pay for services provided by intermediaries. Please read the Prospectus for the share class you are interested in prior to investing in that share class.

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• New regular Janus Henderson fund accounts established by exchange must be opened with $2,500 or the total account value if the value of the Janus Henderson fund account you are exchanging from is less than $2,500 ($100 for new regular Fund accounts with an automatic investment program of $50 per month). (If your Janus Henderson fund account balance does not meet the minimum investment requirements, you may be subject to an annual minimum balance fee or account closure. For more information, refer to "Minimum Investment Requirements.")

• UGMA/UTMA accounts, Traditional or Roth IRAs, Simplified Employee Pension IRAs, and Coverdell Education Savings Accounts established by exchange must meet the minimum investment requirements previously described. If the value of the Janus Henderson fund account you are exchanging from is less than the stated minimum, you must exchange the entire balance. (If your Janus Henderson fund account balance does not meet the minimum investment requirements, you may be subject to an annual minimum balance fee or account closure. For more information, refer to "Minimum Investment Requirements.")

• New Janus Henderson fund non-retirement accounts established by an exchange (or exchange purchases to an existing Roth IRA) resulting from a required minimum distribution from a retirement account do not have an initial minimum investment requirement. (If your Janus Henderson fund account balance does not meet the minimum investment requirements, you may be subject to an annual minimum balance fee or account closure. For more information, refer to "Minimum Investment Requirements.")

• Exchanges between existing Janus Henderson fund accounts must meet the $50 subsequent investment requirement.

• For Systematic Exchanges, if no date is specified on your request, systematic exchanges will be made on the 20th of each month. You may establish this option for as little as $100 per exchange. If the balance in the Janus Henderson fund account you are exchanging from falls below the Systematic Exchange amount, all remaining shares will be exchanged and your Systematic Exchange Program will be discontinued.

• The Fund reserves the right to reject any exchange request and to modify or terminate the exchange privilege at any time.

• With certain exceptions, exchanges between Janus Henderson fund accounts will be accepted only if the registrations are identical. If you are exchanging into a closed Janus Henderson fund, you will need to meet criteria for investing in the closed fund. For more information, refer to Closed Fund Policies in the "Other Information" section of this Prospectus.

 Note: For the fastest and easiest way to exchange shares, log on to janushenderson.com/individual\* 24 hours a day, 7 days a week.<br>\* Certain account types and transactions are not available via janushenderson.com. For more information, access janushenderson.com/individual or refer to this Shareholder's Manual.<br>

PAYMENT OF REDEMPTION PROCEEDS

**As previously noted, with certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, once you close your account, you may not make additional investments in the Fund.** 

**By Electronic Transfer** – Generally all accounts are automatically eligible for the electronic redemption option if bank information is provided.

• **Wire Transfer** – Your redemption proceeds can be electronically transferred to your predesignated bank account on the next bank business day after receipt of your redemption request (wire transfer). To request the payment of your redemption proceeds by wire transfer on the same business day that the Fund receives your redemption order, please contact a Janus Henderson representative. The Fund reserves the right to postpone payment of redemption proceeds on an intraday basis under stressed market conditions and, in such circumstances, would be expected to make the payment of redemption proceeds on the next business day. You may be charged a fee for each wire transfer, and your bank may charge an additional fee to receive the wire.

• **ACH (Automated Clearing House) Transfer** – Your redemption proceeds can be electronically transferred to your predesignated bank account on or about the next bank business day after receipt of your redemption request. There is no fee associated with this type of electronic transfer.

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**By Check** – Redemption proceeds will be sent to the shareholder(s) of record at the address of record normally within seven days after receipt of a valid redemption request. During the 10 days following an address change, requests for redemption checks to be sent to a new address require a signature guarantee.

**By Systematic Redemption** – If no date is specified on your request, systematic redemptions will be made on or about the 24th of each month. If the balance in the Janus Henderson fund account you are selling from falls to zero, your Systematic Redemption Program will be discontinued.

The Fund typically expects to meet redemption requests by paying out proceeds from cash or cash equivalent portfolio holdings, or by selling portfolio holdings. In stressed market conditions, and other appropriate circumstances, redemption methods may include borrowing funds or redeeming in-kind.

**Generally, orders to sell Shares may be initiated at any time at janushenderson.com/individual, by telephone, or in writing. Certain accounts may require a written request. If the Shares being sold were purchased by check or automated investment, the Fund can delay the payment of your redemption proceeds for up to 15 days from the day of purchase to allow the purchase to clear. In addition, there may be a delay in the payment of your redemption proceeds if you request a redemption by electronic transfer and your bank information is new. Unless you provide alternate instructions, your proceeds will be invested in Shares of Janus Henderson Government Money Market Fund during the 15-day hold period.** 

**The Fund reserves the right to postpone payment of redemption proceeds for up to seven calendar days. Additionally, the right to require the Fund to redeem its Shares may be suspended, or the date of payment may be postponed beyond seven calendar days, whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (ii) the SEC permits such suspension and so orders; or (iii) an emergency exists as determined by the SEC so that disposal of securities or determination of NAV is not reasonably practicable. A temporary hold may also be placed on the disbursement of redemption proceeds from an account if there is a reasonable belief that financial exploitation of a Specified Adult has occurred, is occurring, has been attempted, or will be attempted, as described under "Temporary Suspension of Services."** 

 Note: For the fastest and easiest way to redeem shares, log on to janushenderson.com/individual\* 24 hours a day, 7 days a week.<br>\* Certain account types and transactions are not available via janushenderson.com. For more information, access janushenderson.com/individual or refer to this Shareholder's Manual.<br>

#### Large Shareholder Redemptions
Certain large shareholders, such as other funds, individuals, accounts, and affiliates of the Adviser, may from time to time own (beneficially or of record) or control a significant percentage of the Fund's Shares. Redemptions by these large shareholders of their holdings in the Fund may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the recognition of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, which could lead to an increase in the Fund's expense ratio.

#### Redemptions In-Kind
Shares normally will be redeemed for cash, although the Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of remaining shareholders, to accommodate a request by a particular shareholder that does not adversely affect the interests of the remaining shareholders, or in connection with the liquidation of a fund, by delivery of securities selected from its assets at its discretion. However, the Fund is required to redeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV of the Fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the Fund will have the option of redeeming the excess in cash or in-kind. In-kind payment means payment will be made in portfolio securities rather than cash, and may potentially include illiquid investments. Illiquid investments may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such investments, which could cause the redeeming shareholder to realize losses on the investment if it is sold at a price lower than that at which it had been valued. If the Fund makes an in-kind payment, the redeeming shareholder might

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incur brokerage or other transaction costs to convert the securities to cash, whereas such costs are borne by the Fund for cash redemptions. Redemptions in-kind are taxable for federal income tax purposes in the same manner as redemptions for cash and subsequent sale of securities received in-kind may result in taxable gains for federal income tax purposes.

While the Fund may pay redemptions in-kind, the Fund may instead choose to raise cash to meet redemption requests through the sale of fund securities or permissible borrowings. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and may increase brokerage costs and accelerate the recognition of taxable income.

#### Suspension of Redemptions
In the event the Fund's market-based net asset value per share has deviated from the Fund's amortized cost price per share, or the Fund's Trustees, including a majority of Independent Trustees, determines that such a deviation is likely to occur, then the Trustees will take such action as they deem appropriate including, but not limited to, suspending redemptions and the payment of redemption proceeds, in order to facilitate the liquidation of the Fund. In addition, if the Fund's weekly liquid assets fall below 10%, the Fund may cease honoring redemptions and liquidate at the discretion of the Trustees. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to suspend redemptions and liquidate. If the Fund ceases honoring redemptions and makes a decision to liquidate, the Fund expects that it would notify shareholders on the Fund's websites or by press release.

 WRITTEN INSTRUCTIONS<br>

To redeem or exchange all or part of your Shares in writing, your request should be sent to one of the addresses listed under "Doing Business with Janus Henderson." Requests or documents received in a language other than English may be inadvertently delayed or returned due to an inability to accurately translate the intended instructions. Please include the following information:

• the name of the Janus Henderson fund(s) being redeemed or exchanged;

• the account number(s);

• the amount of money or number of shares being redeemed or exchanged;

• the name(s) on the account;

• the signature(s) of one or more registered account owners; and

• your daytime telephone number.

SIGNATURE GUARANTEE

**A signature guarantee for each registered account owner is required** if any of the following is applicable:

• You request a redemption by check above a certain dollar amount.

• You would like a check made payable to anyone other than the shareholder(s) of record.

• You would like a check mailed to an address that has been changed within 10 days of the redemption request.

• You would like a check mailed to an address other than the address of record.

• You would like your redemption proceeds sent to a bank account other than a bank account of record.

#### The Fund reserves the right to require a signature guarantee under other circumstances or to reject or delay a redemption on certain legal grounds.
**A signature guarantee may be refused** if any of the following is applicable:

• It does not appear valid or in good form.

• The transaction amount exceeds the surety bond limit of the signature guarantee.

• The guarantee stamp has been reported as stolen, missing, or counterfeit.

#### How to Obtain a Signature Guarantee
A signature guarantee assures that a signature is genuine. The signature guarantee protects shareholders from unauthorized account transfers. The following financial institutions may guarantee signatures: banks, savings and loan associations, trust companies, credit unions, broker-dealers, and member firms of a national securities exchange. Call your financial institution to see if it has the ability to guarantee a signature. *A signature guarantee cannot be provided by a notary public.*

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AVAILABILITY OF PORTFOLIO HOLDINGS INFORMATION

The Mutual Fund Holdings Disclosure Policies and Procedures adopted by the Adviser and all mutual funds managed within the Janus Henderson fund complex are designed to be in the best interests of the funds and to protect the confidentiality of the funds' portfolio holdings. The following describes such policies and procedures with respect to disclosure of portfolio holdings.

• **Full Holdings.** The Fund is required to disclose its complete holdings in the annual and semiannual financial statements included in Form N-CSR. In addition, the Fund is required to disclose its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. Form N-CSR filings and Form N-MFP reports (i) are available on the SEC's website at http://www.sec.gov and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-800-525-3713 (toll free). Holdings are generally posted within 5 business days after each month end under Full Holdings for the Fund at janushenderson.com/reports.

• **Top Holdings.** The Fund's top portfolio holdings, in order of position size and as a percentage of the Fund's total portfolio, are available monthly with a 15-day lag.

• **Other Information.** The Fund may occasionally provide security breakdowns (e.g., industry, sector, regional, market capitalization, and asset allocation) and specific portfolio level performance attribution information and statistics monthly with a 15-day lag.

Full portfolio holdings will be available monthly and will remain on the Janus Henderson websites for at least 6 months on a rolling basis and will link to the Fund's Form N-MFP filing available on the SEC website. Under extraordinary circumstances, exceptions to the Mutual Fund Holdings Disclosure Policies and Procedures may be made by the head of the applicable investment unit or a delegate, in consultation with the Fund's Chief Compliance Officer or a delegate. Such exceptions may be made without prior notice to shareholders. A summary of the Fund's portfolio holdings disclosure policies and procedures, which includes a discussion of any exceptions, is contained in the Fund's SAI.

SHAREHOLDER SERVICES AND ACCOUNT POLICIES

#### Address Changes
For the easiest way to change the address on your account, visit janushenderson.com/individual. You may also call a Janus Henderson representative or send a written request signed by one or more shareholder(s) of record. Include the name of the Janus Henderson fund(s) you hold, the account number(s), the name(s) on the account, and both the old and new addresses. Certain options may be suspended for 10 days following an address change unless a signature guarantee is provided.

#### Bank Account Changes
For the easiest way to change your bank account of record or add new bank account information to your account, visit janushenderson.com/individual. You may also send a written request signed by the shareholder of record or by each shareholder of record if more than one. Certain accounts may require a written notice and, in some instances, bank privileges may not be available. If multiple account owners are named on the added bank account, at least one name on the bank account must match one name on the Fund account. There may be a delay in the payment of your redemption proceeds if you request a redemption by electronic transfer to a new bank or bank account.

You may revoke the authorization to use your bank account information at any time by visiting janushenderson.com/individual, or by sending a written request by mail (Janus Henderson, P.O. Box 219109, Kansas City, MO 64121-9109), or by telephone at 1-800-525-3713. Your request will be processed within a reasonable amount of time upon its receipt.

#### Check Writing Privilege
Check writing privileges are available for the Fund. Checkbooks will be issued to shareholders who have completed a Signature Draft Card, which is sent in the new account welcome package, or who call a Janus Henderson representative. (There is no check writing privilege for retirement accounts.) Your checkbook will be mailed approximately 10 days after the check writing privilege is requested. You may order checks any time at janushenderson.com/individual. Checks may be written for $250 or more per check. Purchases made by check or automated investment may not be redeemed by a redemption check until the 15-day hold period has passed. In addition, checks presented against uncollected or insufficient funds in the Fund may be returned unpaid. All checks written on the account must be signed by all account holders unless otherwise specified on the original application or the subsequent Signature Draft Card. The Fund reserves the right to terminate or modify the check writing privilege at any time. These checks may not be used to initiate online banking, bill payment, or other electronic debits from your Fund account.

27<sub>½</sub>Janus Investment Fund

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#### Distributions
Generally, all income dividends and capital gains distributions will automatically be reinvested in your Fund account. If you wish to change your distribution option, please visit janushenderson.com/individual, call a Janus Henderson representative, or send a written request signed by one or more shareholder(s) of record.

Your non-retirement Fund account distribution checks may be reinvested in your Fund account if you do not cash them within one year of the date they were written. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

#### Involuntary Redemptions
The Fund reserves the right to close an account if the shareholder is deemed to engage in activities which are illegal or otherwise believed to be detrimental to the Fund. This includes, but is not limited to, accounts that the Fund or its agents believe are engaged in market timing. Any time shares are redeemed in a taxable account, it is considered a taxable event. You are responsible for any tax liabilities associated with an involuntary redemption of your account.

#### Lost (Unclaimed/Abandoned) Accounts
It is important that the Fund maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Fund as undeliverable. Based upon statutory requirements for returned mail, the Adviser will attempt to locate the shareholder or rightful owner of the account. If the Adviser is unable to locate the shareholder, then the Adviser is legally obligated to deem the property "unclaimed" or "abandoned," and subsequently escheat (or transfer) unclaimed property (including shares of a mutual fund) to the appropriate state's unclaimed property administrator in accordance with statutory requirements. Further, your mutual fund account may be deemed "unclaimed" or "abandoned," and subsequently transferred to your state of residence if no activity (as defined by that state) occurs within your account during the time frame specified in your state's unclaimed property laws. The shareholder's last known address of record determines which state has jurisdiction. Interest or income is not earned on redemption or distribution check(s) sent to you during the time the check(s) remained uncashed.

#### Online and Telephone Transactions
You may initiate many transactions through janushenderson.com/individual or by calling Janus Henderson XpressLine. You may also contact a Janus Henderson representative. Generally all new accounts automatically receive online and telephone transaction privileges including redemption privileges. If you do not want to receive these privileges, please call a Janus Henderson representative. The Fund and its agents will not be responsible for any losses, costs, or expenses resulting from unauthorized transactions when reasonable procedures designed to verify the identity of the online user or caller are followed.

Your ability to access your account or transact business electronically may be impacted due to unexpected circumstances, such as system outages, or during periods of increased web activity. For example, periods of substantial market change or other unexpected events can contribute to high call volumes, which may delay your ability to reach a Janus Henderson representative by telephone.

If you experience difficulty transacting business with us through a particular method, please consider using an alternate method, such as visiting janushenderson.com/individual, calling Janus Henderson XpressLine, contacting a Janus Henderson representative by telephone, or sending written instructions to complete your transaction. Please remember that purchase, exchange, or redemption requests must be received in good order by the Fund or its agents prior to the cut-off times specified in "Pricing of Fund Shares" above in order to receive the next calculated NAV.

Your account information, including online credentials, should be kept private, and you should immediately review any account statements that you receive from Janus Henderson. Someone other than you could act on your account if that person is able to provide the required identifying information. Contact Janus Henderson immediately about any transactions you believe to be unauthorized.

#### Registration Changes
To change the name on an account, the shares are generally transferred to a new account. In some cases, legal documentation may be required. Please visit janushenderson.com/individual or call a Janus Henderson representative for further instructions.

#### Statements, Reports, and Prospectuses
We will send you a confirmation upon the completion of individual account transactions. We will also send you quarterly account statements detailing financial transactions on open accounts processed year-to-date. Systematic transactions are

28<sub>½</sub>Janus Investment Fund

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confirmed on quarterly statements unless otherwise requested. Confirmations and quarterly account statements will be sent to the account address of record unless you have elected to receive online statements. The Fund reserves the right to charge a fee for additional account statement requests.

At account setup, or any time thereafter, you may elect (at janushenderson.com/edelivery) to discontinue physical delivery of quarterly account statements and/or confirmations, and instead receive an e-mail notification when they are available online. All statements are available online regardless of your delivery option elections (to view, you must first establish online access at janushenderson.com/individual).

The Fund produces shareholder reports semiannually, and updates its prospectus annually. You may elect to receive shareholder reports and prospectus updates electronically at janushenderson.com/edelivery. The Fund's fiscal year ends June 30.

Unless you instruct Janus Henderson otherwise by contacting a Janus Henderson representative, the Fund will mail only one report or prospectus to your address of record ("household"), even if more than one person in your household has a Fund account. This process, known as "householding," reduces the amount of mail you receive and helps lower Fund expenses. If you decide that you no longer want the mailing of these documents to be combined with the other members of your household, please call a Janus Henderson representative or send a written request signed by one or more shareholder(s) of record. Individual copies will be sent within thirty (30) days after the Fund receives your instructions.

#### Taxpayer Identification Number
On the application or other appropriate forms, you may be asked to certify that your Social Security or employer identification number is correct and that you are not subject to backup withholding for failing to report income to the IRS. If you are subject to backup withholding, or you did not certify your taxpayer identification number, the IRS requires the Fund to withhold a certain percentage (at the currently applicable rate) of any dividends paid and redemption or exchange proceeds. In addition to this backup withholding, you may be subject to a $50 fee to reimburse the Fund for any penalty that the IRS may impose.

#### Temporary Suspension of Services
The Fund or its agents may, in case of emergency, temporarily suspend telephone transactions and other shareholder services. As previously noted, the Fund may postpone payment of redemption proceeds for up to seven calendar days. In addition, the right to require the Fund to redeem its Shares may be suspended or the date of payment may be postponed beyond seven calendar days whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (ii) the SEC permits such suspension and so orders; or (iii) an emergency exists as determined by the SEC so that disposal of securities or determination of NAV is not reasonably practicable. The exchange privilege may also be suspended in these circumstances.

In addition, a temporary hold may be placed on the disbursement of redemption proceeds from an account if there is a reasonable belief that financial exploitation of a Specified Adult (as defined below) has occurred, is occurring, has been attempted, or will be attempted. This temporary delay will be for an initial period of no more than 15 business days while we conduct an internal review of the facts and circumstances of the suspected financial exploitation. If our internal review supports our belief that actual or attempted financial exploitation has occurred or is occurring, we may extend the hold for up to 10 additional business days. Both the initial and subsequent hold on the disbursement may be terminated or extended by a state regulator or an agency or court of competent jurisdiction. For purposes of this paragraph, the term "Specified Adult" refers to an individual who is (i) a natural person age 65 and older, or (ii) a natural person age 18 and older who is reasonably believed to have a mental or physical impairment that renders the individual unable to protect his or her own interests. We may not be aware of factors suggesting financial exploitation of a Specified Adult and may not be able to identify Specified Adults in all circumstances. Furthermore, we are not required to delay the disbursement of redemption proceeds and do not assume any obligation to do so.

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### FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the Fund's financial performance for each fiscal period shown. Items "Net asset value, beginning of period" through "Net asset value, end of period" reflect financial results for a single Fund Share. The gross expense ratio reflects expenses prior to any expense offset arrangement and waivers (reimbursements), if applicable. The net expense ratio reflects expenses after any expense offset arrangement and waivers (reimbursements), if applicable. The information for the Fund for the fiscal periods ended June 30 has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund's financial statements, is included in the Fund's Form N-CSR and is incorporated by reference into the SAI.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in American Cancer Society Support – Class D Shares of the Fund (referenced in the table as "Class D") (assuming reinvestment of all dividends and distributions).

#### Janus Henderson Government Money Market Fund – Class D

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years ended June 30 | Years ended June 30 | Years ended June 30 | Years ended June 30 | Years ended June 30 |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
|  **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  ***Income/(Loss) from Investment Operations:*** |  |  |  |  |  |
|  Net investment income/(loss)<sup>(1)</sup> | 0.05 | 0.03 | —<sup>(2)</sup> | —<sup>(2)</sup> | 0.01 |
|  Net realized and unrealized gain/(loss)<sup>(2)</sup> |  |  |  |  |  |
|  Total from Investment Operations | 0.05 | 0.03 |  |  | 0.01 |
|  ***Less Dividends and Distributions:*** |  |  |  |  |  |
|  Dividends (from net investment income) | (0.05) | (0.03) | —<sup>(2)</sup> | —<sup>(2)</sup> | (0.01) |
|  Distributions (from capital gains) |  | —<sup>(2)</sup> |  |  |  |
|  Total Dividends and Distributions | (0.05) | (0.03) |  |  | (0.01) |
|  **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  Total Return\* | 4.88% | 3.27% | 0.00% | 0.00% | 0.96% |
|  Net Assets, End of Period (in thousands) | $383582 | $383879 | $406908 | $343130 | $324601 |
|  Ratios to Average Net Assets\*\*: |  |  |  |  |  |
|  Ratio of Gross Expenses | 0.57% | 0.58% | 0.57% | 0.57% | 0.63% |
|  Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.57% | 0.58% | 0.25% | 0.09% | 0.49% |
|  Ratio of Net Investment Income/(Loss) | 4.77% | 3.20% | 0.00%<sup>(3)</sup> | 0.00%<sup>(3)</sup> | 0.84% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis.

(3) Less than 0.005%.

30<sub>½</sub>Janus Investment Fund

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### GLOSSARY OF INVESTMENT TERMS
This glossary provides a more detailed description of some of the types of securities, investment strategies, and other instruments in which the Fund may invest, as well as some general investment terms. The Fund may invest in these instruments to the extent permitted by its investment objective and policies. The Fund is not limited by this discussion and may invest in any other types of instruments not precluded by the policies discussed elsewhere in this Prospectus.

EQUITY AND DEBT SECURITIES

**Agency discount notes** are U.S. Government securities that are issued by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States that are issued at a discount to the principal amount to be repaid at maturity without provision for the payment of interest.

**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 finance short-term credit needs. The Fund may purchase commercial paper issued in private placements under Section 4(2) of the Securities Act of 1933, as amended.

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

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

**Mortgage- and asset-backed securities** are shares in a pool of mortgages or other debt instruments. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to shareholders on a pro rata basis.

**U.S. Government securities** include direct obligations of the U.S. Government that are supported by its full faith and credit. Treasury bills have initial maturities of less than one year, Treasury notes have initial maturities of one to ten years, and Treasury bonds may be issued with any maturity but generally have maturities of at least ten years. U.S. Government securities also include indirect obligations of the U.S. Government that are issued by federal agencies and government sponsored entities. Unlike Treasury securities, agency securities generally are not backed by the full faith and credit of the

U.S. Government. Some agency securities are supported by the right of the issuer to borrow from the Treasury, others are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations, and others are supported only by the credit of the sponsoring agency.

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

OTHER INVESTMENTS, STRATEGIES, AND/OR TECHNIQUES

**Repurchase agreements** involve the purchase of a security by the Fund and a simultaneous agreement by the seller (generally a bank or dealer) to repurchase the security from the Fund at a specified date or upon demand. This technique offers a method of earning income on idle cash.

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You can make inquiries and request other information, including a Statement of Additional Information, annual report, semiannual report, or Fund financial statements (as they become available), free of charge, by contacting a Janus Henderson representative at 1-800-525-3713. The Fund's Statement of Additional Information, most recent annual and semiannual reports, and Fund financial statements are also available, free of charge, at janushenderson.com/reports. Additional information about the Fund's investments is available in the Fund's annual and semiannual reports and in Form N-CSR. In Form N-CSR, you will find the Fund's annual and semiannual financial statements.

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

### janushenderson.com
P.O. Box 219109

Kansas City, MO 64121-9109

1-800-525-3713

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

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October 18, 2024,

as Revised August 8, 2025

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| | |
|:---|:---|
| **Money Market** | **American Cancer**<br> **Society Support –<br>Class I Shares<sup>†</sup><br>Ticker** |
|  Janus Henderson Government Money Market Fund | ACJXX |

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## Janus Investment Fund
Prospectus

The Securities and Exchange Commission has not approved or disapproved of these securities or passed on the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

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| | |
|:---|:---|
| <sup>†</sup> | The American Cancer Society<sup>®</sup> does not endorse any service or product. Shares of Janus Henderson Government Money Market Fund (the "Fund") are not sponsored, endorsed, or promoted by the American Cancer Society<sup>®</sup>, and the American Cancer Society<sup>®</sup> is not an investment adviser or service provider to the Fund, Janus Investment Fund, or Janus Henderson Investors US LLC. |

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![LOGO](g136083g1g09f19.jpg)

This Prospectus describes Janus Henderson Government Money Market Fund, a portfolio of Janus Investment Fund (the "Trust"). Janus Henderson Investors US LLC (the "Adviser") serves as investment adviser to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. American Cancer Society Support – Class I Shares (the "Shares") are offered by this Prospectus.

The Shares are not offered directly to individual investors. Certain financial intermediaries may not offer all classes of Shares. For additional information about this class of Shares and whether or not you are eligible to purchase these Shares, please refer to the Shareholder's Guide section of the Prospectus.

For the purpose of this Prospectus, any reference to the "Janus Henderson funds" is inclusive of all series of the Trust, collectively, unless otherwise noted in this Prospectus.

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### T ABLE OF CONTENTS

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| | |
|:---|:---|
|  FUND SUMMARY |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Janus Henderson Government Money Market Fund](#pro144207_1) | 2 |
|  ADDITIONAL INFORMATION ABOUT THE FUND |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fees and expenses](#pro144207_2) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Additional investment strategies and general portfolio policies](#pro144207_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Risks of the Fund](#pro144207_4) | 8 |
|  MANAGEMENT OF THE FUND |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment adviser](#pro144207_5) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Management expenses](#pro144207_6) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Administration fee](#pro144207_7) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Expense Limitation](#pro144207_7a) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio management](#pro144207_8) | 12 |
|  [OTHER INFORMATION](#pro144207_9) | 13 |
|  [DISTRIBUTIONS AND TAXES](#pro144207_10) | 14 |
|  SHAREHOLDER'S GUIDE |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pricing of fund shares](#pro144207_11) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments to financial intermediaries by the Adviser or its affiliates](#pro144207_12) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Purchases](#pro144207_13) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Exchanges](#pro144207_14) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Redemptions](#pro144207_15) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder communications](#pro144207_17) | 22 |
|  [FINANCIAL HIGHLIGHTS](#pro144207_18) | 24 |
|  [GLOSSARY OF INVESTMENT TERMS](#pro144207_19) | 25 |

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1<sub>½</sub>Janus Investment Fund

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### FUND SUMMARY

### Janus Henderson Government Money Market Fund
Ticker: ACJXX American Cancer Society Support – Class I Shares

INVESTMENT OBJECTIVES

**Janus Henderson Government Money Market Fund** seeks capital preservation and liquidity with current income as a secondary objective.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Information about eligibility requirements for Fund shares is available from your financial professional and in the "Purchases" section on page 18 of the Fund's Prospectus and in the "Purchase of Shares" section on page 20 of the Fund's Statement of Additional Information. You may also incur brokerage commissions charged by your broker or financial intermediary when buying Fund shares that are not reflected in the table or in the example below.

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| | |
|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES**<br> (expenses that you pay each year as a percentage of the value of your investment) | **American Cancer<br>Society Support –<br>Class I** |
|  Management Fees | 0.20% |
|  Other Expenses<sup>(1)</sup> | 0.19% |
|  Total Annual Fund Operating Expenses | 0.39% |
|  Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.19% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.20% |

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(1) Other Expenses are based on the estimated annualized expenses that the Shares expect to incur.

(2) The Adviser has contractually agreed to waive and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.20% for at least a one-year period commencing on December 9, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

#### EXAMPLE:
The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  American Cancer Society Support – Class I Shares | $20 | $106 | $200 | $474 |

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PRINCIPAL INVESTMENT STRATEGIES

The Fund pursues its investment objectives by primarily investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities.

The Fund operates as a "government money market fund" as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended. As a government money market fund, the Fund pursues its investment objectives by normally investing at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). The Fund's investments in U.S. Government securities may include obligations issued and/or guaranteed as to principal and interest by the United States Government or by its agencies and instrumentalities, and repurchase agreements secured by such obligations. Although U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are not issued by, and may not be guaranteed by (i.e., backed by

2<sub>½</sub>Janus Henderson Government Money Market Fund

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the full faith and credit of), the U.S. Treasury. Some government agency and instrumentality securities not backed by the full faith and credit of the United States are supported by the issuer's ability to borrow from the U.S. Treasury, some are supported only by the credit of the issuer, and some are supported by the United States in some other way. The Fund's investments in securities issued by U.S. Government agencies and instrumentalities may be significant.

The Fund will:

• invest in high-quality, short-term money market instruments that present minimal credit risks, as determined by the Adviser

• invest only in U.S. dollar-denominated instruments that have a remaining maturity of 397 days or less (as calculated pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended)

• maintain a dollar-weighted average portfolio maturity of 60 days or less and maintain a dollar-weighted average portfolio life (portfolio maturity measured without reference to any maturity shortening provisions of adjustable rate securities by reference to their interest rate reset dates) of 120 days or less

As a government money market fund, the Board of Trustees has determined not to subject the Fund to a liquidity fee on Fund redemptions. Please note that the Board of Trustees has reserved the ability to change this determination with respect to liquidity fees, but only after providing appropriate prior notice to shareholders.

PRINCIPAL INVESTMENT RISKS

**Money Market Risk.** You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Adviser is not required to reimburse the Fund for losses, and you should not expect that the Adviser will provide financial support to the Fund at any time, including during periods of market stress. Accordingly, if the value of Fund Shares were to fall below $1.00 per share, there is no guarantee that the Adviser or its affiliates would protect the Fund or redeeming shareholders against any loss of principal.

**Liquidity Risk.** The liquidity of the securities which the Fund holds may deteriorate rapidly due to credit events affecting one or more issuers or guarantors or due to general market conditions and a lack of willing buyers. In such cases, the Fund may have to accept a lower price or may be unable to sell a security. An inability to sell one or more securities may negatively affect the Fund's ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Additionally, adverse market conditions impacting the trading of the value of money market instruments and/or an unusually high volume of redemption requests could cause the Fund to be unable to pay redemption proceeds within a short period of time. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's ability to maintain the value of your investment at $1.00 per share.

**Credit Quality Risk.** The value of the securities which the Fund holds may fall based on an issuer's actual or perceived creditworthiness, or an issuer's ability to meet its obligations (potentially even the U.S. Government). The credit quality of the Fund's holdings can change rapidly in certain market environments and any downgrade or default of a portfolio security could cause the Fund's yield to fall or cause the value of the Fund's Shares to fall below $1.00 per share.

**Interest Rate Risk.** Although the Fund seeks to invest only in high-quality, short-term money market instruments, there is a risk that the value of the securities it holds will fall as a result of the changes in interest rates. Rising interest rates could cause the value of the Fund's investments to decline, and a decline in interest rates is likely to cause the Fund's yield to decline. During periods of unusually low or negative interest rates, the Fund's yield may approach or fall below zero. Such low interest rate environments may prevent the Fund from providing a positive yield or could impair the Fund's ability to maintain the value of your investment at $1.00 per share. Over time, the real value of the Fund's yield may be eroded by inflation.

**Market Risk.** The Fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. For capital preservation and liquidity, the Fund may have a greater concentration in short-term securities including, but not limited to, investing up to all of its assets in overnight securities, which may result in a reduction of the Fund's yield.

**Collateral Risk.** With respect to collateral received in repurchase transactions or other investments, the Fund may have significant exposure to government agencies not secured by the full faith and credit of the United States. Such exposure, depending on market conditions, could have a negative impact on the Fund, including minimizing the value of any collateral.

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**Counterparty Risk.** Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

**Variable and Floating Rate Demand Notes Risk.** Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness. Demand features, which are often issued by third-party financial institutions, may shorten the life of a variable or floating rate security. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the third-party financial institutions supporting the Fund's investments. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults and the third party is unable to fulfill its liquidity or guarantee demand feature obligations.

**U.S. Government Securities Risk.** Certain U.S. Government securities are not guaranteed or backed by the full faith and credit of the United States. For these securities, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States.

**Repurchase Agreement Risk.** Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security.

PERFORMANCE INFORMATION

The following information provides some indication of the risks of investing in the Fund by showing how the Fund's performance has varied over time. American Cancer Society Support – Class T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund's inception. American Cancer Society Support – Class I Shares of the Fund commenced operations on December 9, 2024. The performance shown for American Cancer Society Support – Class I Shares for the period February 14, 1995 to December 31, 2023, reflects the performance of the Fund's American Cancer Society Support – Class T Shares. If American Cancer Society Support – Class I Shares had been available during periods prior to December 31, 2023, they would have substantially similar annual returns because all classes of shares invest in the same portfolio of securities, but returns will differ only to the extent that American Cancer Society Support – Class I Shares have lower expenses.

The bar chart depicts the change in performance from year to year during the periods indicated. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund's performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.

4<sub>½</sub>Janus Henderson Government Money Market Fund

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*The Fund's past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/performance or by calling 1-877-335-2687.* 

**Annual Total Returns for American Cancer Society Support – Class T Shares** (calendar year-end)

![LOGO](g136083g1g19d20.jpg)

**Best Quarter:** 4th Quarter 2023 **1.22% Worst Quarter:** 4th Quarter 2014 **0.00%**

Class T Shares' year-to-date return as of the calendar quarter ended September 30, 2024 was 3.61%.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** (periods ended 12/31/23) | | | | |
|  | **1 Year** | **5 Years** | **10 Years** | **Since<br>Inception<br>(2/14/95)** |
| **American Cancer Society Support – Class T Shares<sup>(1)</sup>** |  |  |  |  |
|  Return Before Taxes | 4.54% | 1.50% | 0.90% | 2.06% |

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(1) American Cancer Society Support – Class T Shares of the Fund are not offered in the Prospectus. Ordinarily, American Cancer Society Support – Class I Shares would have similar annual returns because the shares are invested in the same portfolio of securities and the annual returns may likely differ to the extent that the classes do not have the same expenses. American Cancer Society Support – Class I Shares are new and have not completed a full calendar year of operations as of December 31, 2023 and therefore American Cancer Society Support – Class I Shares do not have annualized return information to report. Return information for the Fund's American Cancer Society Support – Class I Shares will be shown in future prospectuses offering the Fund's American Cancer Society Support – Class I Shares after the Fund's American Cancer Society Support – Class I Shares have a full calendar year of return information to report.

The 7-day yield on December 31, 2023 was 4.80% for Janus Henderson Government Money Market Fund.

Performance information for the Fund's other share classes is included in the Fund's annual and semiannual report (for the period ended December 31, 2023) and in the Fund's Form N-CSR filing (for the period ended June 30, 2024 and moving forward) and is available at janushenderson.com/reports or by calling 1-877-335-2687.

MANAGEMENT

**Investment Adviser:** Janus Henderson Investors US LLC

Portfolio Management: **Andrew Forman** is Co-Portfolio Manager of the Fund, which he co-managed since February 2025. **Garrett Strum** is Executive Vice President and Lead Portfolio Manager of the Fund, which he has managed or co-managed since May 2017.

5<sub>½</sub>Janus Henderson Government Money Market Fund

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PURCHASE AND SALE OF FUND SHARES

#### Minimum Investment Requirements

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| | | |
|:---|:---|:---|
| **American Cancer Society Support – Class I Shares** |  |  |
|  Institutional investors investing through a cash portal | $250000.0 |  |
|  Through an intermediary institution |  |  |
| • non-retirement accounts | $2500.0 | † |
| • certain tax-advantaged accounts or UTMA accounts | $500.0 | † |

---

† Exceptions to these minimums may apply for certain tax-advantaged, tax-qualified and retirement plans, including health savings accounts, accounts held through certain wrap programs, and certain retail brokerage accounts.

Purchases, exchanges, and redemptions can generally be made only through institutional channels, such as financial intermediaries. You should contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund. Requests must be received in good order by the Fund or its agents (financial intermediary or plan sponsor, if applicable) prior to the cut-off times specified in "Pricing of Fund Shares" of the Prospectus in order to receive the next net asset value calculated. For additional information, refer to "Purchases," "Exchanges," and/or "Redemptions" in the Prospectus.

TAX INFORMATION

The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account (in which case you may be taxed upon withdrawal of your investment from such account).

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

If you purchase American Cancer Society Support – Class I Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund or its distributor (or its affiliates) may pay the intermediary for making cash management portal technology available to users of the cash management platform and the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment or to recommend one share class over another. Ask your salesperson or visit your financial intermediary's website for more information.

6<sub>½</sub>Janus Henderson Government Money Market Fund

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### ADDITIONAL INFORMATION ABOUT THE FUND
FEES AND EXPENSES

**Please refer to the following important information when reviewing the "Fees and Expenses of the Fund" table in the Fund Summary of the Prospectus.** The fees and expenses shown reflect estimated annualized expenses that the Shares expect to incur.

• "Annual Fund Operating Expenses" are paid out of the Fund's assets and include fees for portfolio management and administrative services, including recordkeeping, subaccounting, and other shareholder services. You do not pay these fees directly but, as the Example in the Fund Summary shows, these costs are borne indirectly by all shareholders through the management fee and the administration fee paid to the Adviser.

• The "Management Fee" is the investment advisory fee rate paid by the Fund to the Adviser. Refer to "Management Expenses" in this Prospectus for additional information with further description in the Statement of Additional Information ("SAI").

• "Other Expenses" for the Fund include an administration fee of 0.18% for American Cancer Society Support – Class I Shares of the average daily net assets of the Fund to compensate the Adviser for providing certain administration services including, but not limited to, recordkeeping and registration functions and also to pay for costs such as shareholder servicing and custody.

• The Adviser has contractually agreed to waive and/or reimburse the Fund's "Total Annual Fund Operating Expenses" to the extent such expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.20% for at least a one-year period commencing on December 9, 2024. The expense limit is described in the "Expense Limitation" section of this Prospectus.

• In addition, the Adviser may voluntarily waive and/or reimburse fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. Any waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield.

• All expenses in the Fund's "Fees and Expenses of the Fund" table are shown without the effect of expense offset arrangements. Pursuant to such arrangements, credits realized as a result of uninvested cash balances are used to reduce custodian and transfer agent expenses.

ADDITIONAL INVESTMENT STRATEGIES AND GENERAL PORTFOLIO POLICIES

The Fund's Board of Trustees ("Trustees") may change the Fund's investment objective or non-fundamental principal investment strategies without a shareholder vote. The Fund will notify you in writing at least 60 days before making any such change it considers material. In addition, the Fund will provide shareholders with at least 60 days' notice prior to changing the 80% investment policy. If there is a material change to the Fund's investment objective or principal investment strategies, you should consider whether the Fund remains an appropriate investment for you. There is no guarantee that the Fund will achieve its investment objective.

This section takes a closer look at investment strategies and general policies that apply to the Fund. Some of these strategies and policies may be part of a principal strategy. Other strategies and policies may be utilized to a lesser extent. The Fund is subject to certain specific Securities and Exchange Commission ("SEC") rule requirements. Among other things, the Fund is limited to investing in U.S. dollar-denominated instruments with a remaining maturity of 397 days or less (as calculated pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended) that are determined to present minimal credit risk.

#### Security Selection
In selecting securities for the Fund's portfolio, portfolio management focuses on securities that offer liquidity and a competitive yield. The Adviser conducts a credit analysis of each potential issuer prior to the purchase of its securities.

#### Demand Features
Demand features give the Fund the right to resell securities at specified periods prior to their maturity dates. Demand features may shorten the life of a variable or floating rate security or preferred stock, enhance the instrument's credit quality, and provide a source of liquidity. Demand features are often issued by third party financial institutions, generally domestic and foreign banks. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the banks supporting the Fund's investments. This will result in exposure to risks pertaining to the banking industry, including the foreign banking industry. Brokerage firms and insurance companies also provide certain liquidity and credit support.

7<sub>½</sub>Janus Investment Fund

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#### Liquidity
The Fund has adopted liquidity requirements (measured at the time of purchase) as noted:

• **Daily liquidity.** The Fund will invest at least 25% of its total assets in "daily liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day, and/or amounts receivable and due unconditionally within one business day on pending sales of portfolio securities.

• **Weekly liquidity.** The Fund will invest at least 50% of its assets in "weekly liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.

• The Fund will limit its investments in illiquid securities to 5% or less of its total assets.

#### Mortgage- and Asset-Backed Securities
The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed by the full faith and credit of the U.S. Government, which means that the U.S. Government guarantees that the interest and principal will be paid when due. Fannie Mae and Freddie Mac securities, as well as the securities of other government or government-related entities, are not backed by the full faith and credit of the U.S. Government.

#### Participation Interests
A participation interest gives the Fund a proportionate, undivided interest in underlying debt securities and usually carries a demand feature.

#### Repurchase Agreements
The Fund may enter into collateralized repurchase agreements by cash or U.S. Government securities. Repurchase agreements are transactions in which the Fund purchases securities and simultaneously commits to resell those securities to the seller at an agreed-upon price on an agreed-upon future date. The repurchase price reflects a market rate of interest.

#### U.S. Government Securities
The Fund may invest in U.S. Government securities. U.S. Government securities include those issued directly by the U.S. Treasury and those issued or guaranteed by various U.S. Government agencies and instrumentalities. Some government securities are backed by the full faith and credit of the United States. Other government securities are backed only by the rights of the issuer to borrow from the U.S. Treasury. Others are supported by the discretionary authority of the U.S. Government to purchase the obligations. Certain other government securities are supported only by the credit of the issuer.

#### Variable and Floating Rate Securities
The Fund may purchase variable and floating rate demand notes of U.S. Government issuers. These securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference to an interest rate index or market interest rate. Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness.

RISKS OF THE FUND

The value of your investment may vary over time, and you may lose money by investing in the Fund. The following information is intended to help you better understand some of the risks of investing in the Fund, including those risks that are summarized in the Fund Summary sections. This information also includes descriptions of other risks the Fund may be subject to as a result of additional investment strategies and general policies that may apply to the Fund. The impact of the following risks on the Fund may vary depending on the Fund's investments. The greater the Fund's investment in a particular security, the greater the Fund's exposure to the risks associated with that security. Before investing in the Fund, you should consider carefully the risks that you assume when investing in the Fund.

**Commercial Paper Risk.** Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investments in commercial paper are subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. In addition, under certain

8<sub>½</sub>Janus Investment Fund

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circumstances commercial paper may become illiquid or may suffer from reduced liquidity. Commercial paper can be fixed- rate or variable rate and can be adversely affected by changes in interest rates.

**Counterparty Risk**. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

**Credit Quality Risk.** The value of the securities which the Fund holds may fall based on an issuer's actual or perceived creditworthiness, or an issuer's ability to meet its obligations. The credit quality of the Fund's holdings can change rapidly in certain market environments and any downgrade or default of a portfolio security could cause the Fund's yield to fall or cause the value of the Fund's Shares to fall below $1.00 per share.

**Liquidity Risk.** The liquidity of the securities which the Fund holds may deteriorate rapidly due to credit events affecting one or more issuers or guarantors or due to general market conditions and a lack of willing buyers. In such cases, the Fund may have to accept a lower price or may be unable to sell a security. An inability to sell one or more securities may negatively affect the Fund's ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Additionally, adverse market conditions impacting the trading of the value of money market instruments and/or an unusually high volume of redemption requests could cause the Fund to be unable to pay redemption proceeds within a short period of time. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's ability to maintain the value of your investment at $1.00 per share.

**Market Risk.** The Fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. For capital preservation and liquidity, the Fund may have a greater concentration in short-term securities including, but not limited to, investing up to all of its assets in overnight securities, which may result in a reduction of the Fund's yield. Further, regardless of how well securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions that have a significant effect on issuers. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions, could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• **Armed Conflict.** Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the United States and broader global economy and the markets for certain securities and commodities.

**Mortgage- and Asset-Backed Securities Risk.** Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer loans or receivables. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact the Fund's yield and return. Mortgage- and asset-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage- and asset-backed securities are subject to both extension risk, where during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally expected, and prepayment risk, where during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated. These risks may reduce the Fund's returns. In addition, investments in certain mortgage- and asset- backed securities may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.

**Participation Interests Risk.** If the Fund purchases a participation interest, it typically will have a contractual relationship with the lender and not with the borrower. The Fund may only be able to enforce its rights through the lender and may assume the

9<sub>½</sub>Janus Investment Fund

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credit risk of both the borrower and the lender, or any other intermediate participant. The Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender and only upon receipt by the lender of the payments from the borrower. The failure by the Fund to receive scheduled interest or principal payments may adversely affect the income of the Fund and may likely reduce the value of its assets, which would be reflected by a reduction in the Fund's net asset value.

**Repurchase Agreement Risk.** Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. While it is not possible to eliminate all risks from these transactions, it is the policy of the Fund to limit repurchase agreements to those parties whose creditworthiness has been reviewed and found satisfactory. There is no guarantee that the Adviser's analysis of the creditworthiness of the counterparty will be accurate, and the underlying collateral involved in the transaction can expose the Fund to additional risk regardless of the creditworthiness of the parties involved in the transaction.

**U.S. Government Securities Risk.** Because of the rising U.S. Government debt burden, it is possible that the U.S. Government may not be able to meet its financial obligations or that securities issued or backed by the U.S. Government may experience credit downgrades. Such a credit event may adversely affect the financial markets. Certain U.S. Government securities are not guaranteed or backed by the full faith and credit of the United States. For these securities, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States.

**Variable and Floating Rate Demand Notes Risk.** Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness. Demand features, which are often issued by third-party financial institutions, may shorten the life of a variable or floating rate security. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the third-party financial institutions supporting the Fund's investments. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults and the third party is unable to fulfill its liquidity or guarantee demand feature obligations.

10<sub>½</sub>Janus Investment Fund

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### MANAGEMENT OF THE FUND
INVESTMENT ADVISER

Janus Henderson Investors US LLC (the "Adviser"), 151 Detroit Street, Denver, Colorado 80206-4805, is the investment adviser to the Fund. The Adviser is responsible for the day-to-day management of the Fund's investment portfolio and furnishes continuous advice and recommendations concerning the Fund's investments. The Adviser also provides certain administration and other services and is responsible for other business affairs of the Fund.

The Adviser (together with its predecessors and affiliates) has served as investment adviser to the Janus Henderson mutual funds since 1970 and currently serves as investment adviser to all of the Janus Henderson mutual funds, as well as the Janus Henderson exchange-traded funds, acts as subadviser for a number of private-label mutual funds, and provides separate account advisory services for institutional accounts and other unregistered products.

The Trust and the Adviser have received an exemptive order from the SEC that permits the Adviser, subject to the approval of the Board of Trustees ("Trustees"), to appoint or replace certain subadvisers to manage all or a portion of the Fund's assets and enter into, amend, or terminate a subadvisory agreement with certain subadvisers without obtaining shareholder approval (a "manager-of-managers structure"). The manager-of-managers structure applies to subadvisers that are not affiliated with the Trust or the Adviser ("non-affiliated subadvisers"), as well as any subadviser that is an indirect or direct "wholly-owned subsidiary" (as such term is defined by the Investment Company Act of 1940, as amended) of the Adviser or of another company that, indirectly or directly, wholly owns the Adviser (collectively, "wholly-owned subadvisers").

Pursuant to the order, the Adviser, with the approval of the Trustees, has the discretion to terminate any subadviser and allocate and, as appropriate, reallocate the Fund's assets among the Adviser and any other non-affiliated subadvisers or wholly- owned subadvisers (including terminating a non-affiliated subadviser and replacing it with a wholly-owned subadviser). To the extent that the Fund's assets are allocated to one or more subadvisers, the Adviser, subject to oversight by the Trustees, would have the responsibility to oversee such subadviser(s) to the Fund and to recommend for approval by the Trustees, the hiring, termination, and replacement of a subadviser for the Fund. In the event that the Adviser hires a subadviser pursuant to the manager-of-managers structure, the Fund would provide shareholders with information about the subadviser and subadvisory agreement within 90 days.

The Adviser furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Adviser generally pays the salaries, fees, and expenses of Fund officers with respect to services provided to the Fund, although some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund.

MANAGEMENT EXPENSES

The Fund pays the Adviser an investment advisory fee and incurs other expenses, including legal and auditing fees and Independent Trustees' fees and expenses. The Fund's investment advisory fee is calculated daily and paid monthly. The Fund's advisory agreement details the investment advisory fee and other expenses that the Fund pays.

The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate). The rate shown is a fixed rate based on the Fund's average daily net assets.

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| | | |
|:---|:---|:---|
| **Fund Name** | **Average Daily**<br> **Net Assets<br>of the Fund** | **Contractual**<br> **Investment**<br> **Advisory Fee (%)**<br> **(annual rate)** |
|  Janus Henderson Government Money Market Fund | All Asset Levels | 0.20 |

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#### American Cancer Society Support
The Adviser will donate from the Adviser's own resources, an amount representing 50% of the Adviser's quarterly management fee revenue attributable to the Fund, net of any fee waivers and/or expense reimbursements, to the American Cancer Society<sup>®</sup> ("ACS") in connection with ACS's agreement to license the use of its name and trademarks to the Adviser. The Adviser will make annual minimum contributions to ACS of $1 million from 2024 to 2027, and in each year thereafter to the extent this arrangement continues. The Adviser's donation may result in a tax benefit for the Adviser, but will not result in a tax benefit for shareholders. The ACS does not endorse any service or product. Shares of the Fund are not sponsored, endorsed, or promoted by the ACS, and the ACS is not an investment adviser or service provider to the Fund, Trust, or Adviser.

A discussion regarding the basis for the Trustees' approval of the Fund's investment advisory agreement is included in the Fund's semiannual report (for the period ended December 31, 2023) and in the Fund's financial statements (for the period ended June 30,

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2024 and moving forward). You can request the Fund's semiannual reports or financial statements (as they become available) (which, for the purpose of this Prospectus, includes cash portals), free of charge, by contacting your plan sponsor, broker-dealer, or financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687. This information is also available, free of charge, at janushenderson.com/info.

ADMINISTRATION FEE

The Fund pays an administration fee of 0.18% of the average daily net assets of American Cancer Society Support – Class I Shares to compensate the Adviser for providing certain administration services including, but not limited to, recordkeeping, fund accounting, preparation of reports and prospectuses distributed to current shareholders, and registration functions. This administration fee also covers expenses including, but not limited to, custody, transfer agency, shareholder servicing, and provision of office facilities and personnel necessary to carry on the business of the Fund. The administration fee may also be used to pay financial intermediaries for subaccounting, order processing for omnibus or networked accounts, or other shareholder servicing. Order processing includes the submission of transactions by financial intermediaries through the National Securities Clearing Corporation or similar systems, or those processed on a manual basis.

EXPENSE LIMITATION

The Adviser has contractually agreed to waive and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.20% for at least a one-year period commencing on December 9, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. For information about how the expense limit affects the total expenses of the Fund, see the "Fees and Expenses of the Fund" table in the Fund Summary of the Prospectus.

PORTFOLIO MANAGEMENT

#### Janus Henderson Government Money Market Fund
Co-Portfolio Managers Andrew Forman and Garrett Strum are responsible for the day-to-day management of the Fund. Mr. Strum, as Lead Portfolio Manager, has the authority to exercise final decision-making on the overall portfolios.

**Andrew Forman** is Co-Portfolio Manager of Janus Henderson Government Money Market Fund, which he has co-managed since February 2025. He is also Portfolio Manager of other Janus Henderson accounts. Mr. Forman joined the Adviser in 2013. He holds a Bachelor of Arts degree in Economics with a minor in Atmospheric and Oceanic Sciences from the University of Colorado.

**Garrett Strum** is Executive Vice President and Lead Portfolio Manager of Janus Henderson Government Money Market Fund, which he has managed or co-managed since May 2017. He is also Portfolio Manager of other Janus Henderson accounts and performs duties as an analyst. Mr. Strum holds a Bachelor of Science degree in Business with concentrations in Finance and Real Estate from Colorado State University.

#### Conflicts of Interest
The Adviser manages other funds and numerous other accounts, which may include separate accounts and other pooled investment vehicles, such as hedge funds. Side-by-side management of multiple accounts, including the management of a cash collateral pool for securities lending and investing the Janus Henderson funds' cash, may give rise to conflicts of interest among those accounts, and may create potential risks, such as the risk that investment activity in one account may adversely affect another account. For example, short sale activity in an account could adversely affect the market value of long positions in one or more other accounts (and vice versa). Side-by-side management may raise additional potential conflicts of interest relating to the allocation of investment opportunities and the aggregation and allocation of trades. Additionally, the Adviser manages the Janus Henderson "funds of funds," which are funds that invest primarily in other mutual funds that are managed by the Adviser. Because the Adviser manages the Janus Henderson "funds of funds" and the Janus Henderson funds, it is subject to certain potential conflicts of interest when allocating the assets of a Janus Henderson "fund of funds" among such Janus Henderson funds. To the extent that the Fund is an underlying fund in a Janus Henderson "fund of funds," a potential conflict of interest arises when allocating the assets of the Janus Henderson "fund of funds" to that Fund. Purchases and redemptions of fund shares by a Janus Henderson "fund of funds" due to reallocations or rebalancings may result in the Fund having to sell securities or invest cash when it otherwise would not do so, which could accelerate the recognition of taxable income or cause actual expenses to increase. The impact of these transactions is likely to be greater when a Janus Henderson "fund of funds" purchases, redeems, or owns a substantial portion of the Fund's shares. A further discussion of potential conflicts of interest and a discussion of certain procedures intended to mitigate such potential conflicts are contained in the Fund's SAI.

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### OTHER INFORMATION
DISTRIBUTION OF THE FUND

The Fund is distributed by Janus Henderson Distributors US LLC (the "Distributor"), which is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). To obtain information about FINRA member firms and their associated persons, you may contact FINRA at www.finra.org or 1-800-289-9999.

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### DISTRIBUTION AND TAXES
DISTRIBUTIONS

To avoid taxation of the Fund, the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), requires the Fund to distribute all or substantially all of its net investment income and any net capital gains realized on its investments at least annually. A return of capital distribution is tax-free to the extent of your basis in your shares and thereafter is treated as a capital gain if you hold your shares as a capital asset. Because a return of capital distribution reduces the basis of your shares, a return of capital distribution may result in a higher capital gain or a lower capital loss when you sell your shares held in a taxable account. Distributions are made at the class level, so they may vary from class to class within a single Fund.

Dividends representing substantially all of the net investment income and any net realized gains on sales of securities are declared daily (Saturdays, Sundays, and holidays included) and distributed as of the last business day of each month. If a month begins on a Saturday, Sunday, or holiday, dividends for those days are declared and distributed at the end of the preceding month.

For additional information on the accrual of dividends in connection with purchase orders and redemption requests, refer to "Purchases" and/or "Redemptions."

For your convenience, distributions of dividends and capital gains are automatically reinvested in additional Shares of the Fund. To receive distributions in cash, contact your financial intermediary. Whether reinvested or paid in cash, the distributions may be subject to taxes, unless your shares are held in a qualified tax-advantaged plan or account.

 TAXES<br>

As with any investment, you should consider the tax consequences of investing in the Fund. The following is a general discussion of certain federal income tax consequences of investing in the Fund. The discussion does not apply to qualified tax-advantaged accounts or other non-taxable entities, nor is it a complete analysis of the federal income tax implications of investing in the Fund. You should consult your tax adviser regarding the effect that an investment in the Fund may have on your particular tax situation, including the federal, state, local, and foreign tax consequences of your investment.

#### Taxes on Distributions
Distributions by the Fund are subject to federal income tax, regardless of whether the distribution is made in cash or reinvested in additional shares of the Fund. Distributions from net investment income (which includes dividends, interest, and realized net short-term capital gains), other than qualified dividend income, are taxable to shareholders as ordinary income. Distributions of qualified dividend income are taxed to individuals and other noncorporate shareholders at long-term capital gain rates, provided certain holding period and other requirements are satisfied. Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) are taxable as long-term capital gain, regardless of how long a shareholder has held Fund shares. In certain states, a portion of the distributions (depending on the sources of the Fund's income) may be exempt from state and local taxes. Individuals, trusts, and estates whose income exceeds certain threshold amounts are subject to an additional 3.8% Medicare contribution tax on net investment income. Net investment income includes dividends paid by the Fund and capital gains from any sale or exchange of Fund shares. The Fund's net investment income and capital gains are distributed to (and may be taxable to) those persons who are shareholders of the Fund at the record date of such payments. Although the Fund's total net income and net realized gain are the results of its operations, the per share amount distributed or taxable to shareholders is affected by the number of Fund shares outstanding at the record date. Distributions declared to shareholders of record in October, November, or December and paid on or before January 31 of the succeeding year will be treated for federal income tax purposes as if received by shareholders on December 31 of the year in which the distribution was declared. Generally, account tax information will be made available to shareholders on or before February 15 of each year. Information regarding distributions may also be reported to the Internal Revenue Service (the "IRS").

Distributions made by the Fund with respect to Shares purchased through a qualified retirement plan will generally be exempt from current taxation if left to accumulate within the qualified plan. Generally, withdrawals from qualified plans may be subject to federal income tax at ordinary income rates and, if made before age 59<sup>1</sup>⁄<sub>2</sub>, a 10% penalty tax may be imposed. The federal income tax status of your investment depends on the features of your qualified plan. For further information, please contact your plan sponsor or tax adviser.

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#### Taxes on Sales or Exchanges
Any time you sell or exchange shares of the Fund in a taxable account, it is considered a taxable event. For federal income tax purposes, an exchange is treated the same as a sale. Depending on the purchase price and the sale price, you may have a gain or loss on the transaction. The gain or loss will generally be treated as a long-term capital gain or loss if you held your shares for more than one year and if not held for such period, as a short-term capital gain or loss. Any tax liabilities generated by your transactions are your responsibility. Your ability to deduct capital losses may be limited under the Internal Revenue Code.

The Fund may be required to withhold U.S. federal income tax on all distributions and redemption proceeds to shareholders who fail to provide their correct taxpayer identification number, fail to make certain required certifications, or who have been notified by the IRS (or the Fund has been notified by the IRS) that they are subject to backup withholding. The current backup withholding rate is applied.

If a shareholder does not meet the requirements of the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to impose a 30% U.S. withholding tax on distributions and proceeds from the sale or other disposition of shares in the Fund. FATCA withholding will generally apply to payments of dividends from net investment income, payments of gross proceeds from sales of Fund shares, and distributions of net capital gains. Proposed Treasury regulations, however, generally eliminate withholding under FATCA on gross proceeds, which include certain capital gains distributions and gross proceeds from a sale or disposition of Fund shares. Taxpayers generally may rely on these proposed Treasury regulations until final Treasury regulations are issued. Shareholders should consult their individual tax advisers regarding the possible implications of FATCA.

For Shares sold from a taxable account, your intermediary will report cost basis information to you and to the IRS. Your intermediary (or the Fund) will permit shareholders to elect their preferred cost basis method. In the absence of an election, your cost basis method will be your intermediary's default method. Please consult your tax adviser to determine the appropriate cost basis method for your particular tax situation and to learn more about how the cost basis reporting laws apply to you and your investments.

#### Taxation of the Fund
Dividends, interest, and some capital gains received by the Fund on foreign securities may be subject to foreign tax withholding or other foreign taxes. If the Fund is eligible, it may from year to year make the election permitted under Section 853 of the Internal Revenue Code to pass through such taxes to shareholders. If the Fund makes such election, foreign taxes paid by the Fund will be reported to shareholders as income and shareholders may claim a tax credit or deduction for such taxes, subject to certain limitations. If such an election is not made, any foreign taxes paid or accrued will represent an expense to the Fund.

The Fund does not expect to pay any federal income or excise taxes because it intends to meet certain requirements of the Internal Revenue Code, including the distribution each year of substantially all its net investment income and net capital gains. It is important that the Fund meets these requirements so that any earnings on your investment will not be subject to federal income tax twice. If the Fund invests in partnerships, it may be subject to state tax liabilities.

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### SHAREHOLDER 'S GUIDE
**With certain exceptions, the Fund is generally available only to shareholders residing in the United States and employees of the Adviser or its affiliates. For purposes of this policy, the Fund requires that a shareholder and/or entity be a U.S. citizen residing in the United States or a U.S. Territory (including overseas U.S. military or diplomatic addresses) or a resident alien residing in the United States or a U.S. Territory with a valid U.S. Taxpayer Identification Number to open an account with the Fund.** 

The Fund offers multiple classes of shares in order to meet the needs of various types of investors.

**American Cancer Society Support – Class I Shares** are available to institutional investors investing through a cash portal and through an intermediary institution. American Cancer Society Support – Class I Shares may also be available to retail investors purchasing in qualified or nonqualified accounts where such accounts are held through an omnibus account at your broker or financial intermediary. Class I Shares may pay financial intermediaries for the provision of administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided to or on behalf of shareholders. In addition to these fees and expenses paid by American Cancer Society Support – Class I Shares, your broker or financial intermediary may impose a commission or other sales charge on purchases. The nature and amount of such commission or other sales charge for your purchases is determined solely by your broker or financial intermediary; for more information please contact your broker or financial intermediary representative.

The Shares are not offered directly to individual investors. Consult with your financial intermediary representative for additional information on whether the Shares are an appropriate investment choice. Certain funds may not be available through certain of these intermediaries and not all financial intermediaries offer all classes of shares. **If your financial intermediary offers more than one class of shares, you should carefully consider which class of shares to purchase. Certain classes have higher expenses than other classes, which may lower the return on your investment. For instructions on how to purchase, exchange, or redeem Shares, contact your financial intermediary or refer to your plan documents.**

PRICING OF FUND SHARES

The per share net asset value ("NAV") for each class is computed by dividing the total value of assets allocated to the class, less liabilities allocated to that class, by the total number of outstanding shares of the class. The Fund's NAV is generally calculated as of the following times each day that the New York Stock Exchange ("NYSE") is open ("business day"): 10:00 am, 1:00 pm, and 4:00 pm New York time. These times are each referred to as a "cut-off time."

The time at which the Fund's NAV is calculated may be changed if trading on the NYSE is restricted, the NYSE closes at a different time, or as permitted by the SEC. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. The value of the Fund's holdings may change on days that are not business days in the United States and on which you will not be able to purchase or redeem the Fund's Shares.

The price you pay for purchases of Shares is the public offering price, which is the NAV next calculated after your request is received in good order by the Fund or its agents. If a financial intermediary holds your shares, it is the responsibility of the financial intermediary to send your purchase order and payment to the Fund prior to the cut-off times specified above. Your financial intermediary may have earlier cut-off times for purchase orders. In addition, your financial intermediary may be closed at times when the Fund is open. Your order through a financial intermediary will be processed at the NAV next calculated following receipt of the order from the financial intermediary and acceptance by the Fund. In the event that the order is accepted by a financial intermediary that the Fund has authorized to accept orders on its behalf, the order will be priced at the Fund's NAV next calculated after it is accepted by the financial intermediary. In such cases, if requested by the Fund, a financial intermediary will be responsible for providing information with regard to the time that such order for purchase, redemption or exchange was received. Orders submitted through a financial intermediary that has not received such authorization will be priced at the Fund's NAV next calculated after the Fund receives the order from the financial intermediary and accepts it, which may not occur on the day the order is submitted to the financial intermediary.

The price you receive to sell Shares is also the NAV. Although purchases and redemptions are made at the NAV calculated after your order is received by the Fund or its agent, you may be charged a commission or an additional fee for processing purchases and redemptions of Shares by your broker or other financial institution. The nature and amount of the commission or additional fee for processing purchases and redemptions of Shares and the times at which it may be collected are determined by your broker. In order to receive the NAV next calculated, your order must be received in good order by the Fund or its agents prior to the cut-off times specified above.

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The Fund's portfolio securities are valued at amortized cost, which approximates market value. Amortized cost valuation involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity (or such other date as permitted by Rule 2a-7) of any discount or premium. If fluctuating interest rates cause the market value of the Fund's portfolio to deviate more than 1/2 of 1% from the value determined on the basis of amortized cost, the Trustees will consider whether any action, such as adjusting the NAV to reflect current market conditions, should be initiated to prevent any material dilutive effect on shareholders.

Purchases, exchanges, redemptions, or other account activity must generally be processed through your financial intermediary or plan sponsor. Your financial intermediary or plan sponsor is responsible for promptly transmitting purchase, redemption, and other requests to the Fund under the arrangements made between your financial intermediary or plan sponsor and its customers. The Fund is not responsible for the failure of any financial intermediary or plan sponsor to carry out its obligations to its customers.

CHOOSING A SHARE CLASS

American Cancer Society Support – Class I Shares offered by this Prospectus. The Fund offers multiple classes of shares in order to meet the needs of various types of investors. For more information about these classes of Shares and whether or not you are eligible to purchase these Shares, please call 1-877-335-2687.

Each class represents an interest in the same portfolio of investments, but has different charges and expenses, allowing you to choose the class that best meets your needs. For an analysis of fees associated with an investment in each share class or other similar funds, please visit www.finra.org/fundanalyzer. When choosing a share class, you should consider:

• how much you plan to invest;

• how long you expect to own the shares; and

• the expenses paid by each class.

You should also consult your financial intermediary about which class is most suitable for you. In addition, you should consider the factors below with respect to each class of Shares:

---

| | |
|:---|:---|
| **American Cancer Society Support – Class I Shares<sup>(1)</sup>** |  |
|  Initial sales charge on purchases |  |
|  Deferred sales charge (CDSC) |  |
|  Administration fee | 0.18%<sup>(1)</sup> |
|  Minimum initial investment |  |
| • Institutional investors investing through a cash portal | $250000 |
| • Through an intermediary institution | $2500<sup>(2)</sup> |
|  Maximum purchase |  |
|  Minimum aggregate account balance |  |

---

(1) In addition to these fees and expenses, your broker or financial intermediary may impose a commission or other sales charge on your purchases of American Cancer Society Support – Class I Shares. The nature and amount of such commission or other sales charge is determined solely by your broker or financial intermediary; for more information please contact your broker or financial intermediary representative.

(2) Exceptions to this minimum may apply for certain tax-advantaged, tax-qualified and retirement plans, including health savings accounts, accounts held through certain wrap programs, and certain retail brokerage accounts.

PAYMENTS TO FINANCIAL INTERMEDIARIES BY THE ADVISER OR ITS AFFILIATES

From their own assets, the Adviser or its affiliates may pay selected brokerage firms or other financial intermediaries that sell certain classes of Shares of the Janus Henderson funds for making cash management portal technology available to users of the cash management platform, distribution, marketing, promotional, or related services. Such payments may be based on gross sales, assets under management, or transactional charges, or on a combination of these factors. The amount of these payments is determined from time to time by the Adviser (or its affiliates), may be substantial, and may differ for different financial intermediaries. Payments based primarily on sales create an incentive to make new sales of shares, while payments based on assets create an incentive to retain previously sold shares. Sales- and asset-based payments currently range up to 25 basis points on sales and up to 20 basis points on average annual net assets of shares held through the intermediary and are subject to change. Payments based on transactional charges may include the payment or reimbursement of all or a portion of "ticket charges." Ticket charges are fees charged to salespersons purchasing through a financial intermediary firm in connection with mutual fund purchases, redemptions, or exchanges. The payment or reimbursement of ticket charges creates an incentive for salespersons of an intermediary to sell shares

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of Janus Henderson funds over shares of funds for which there is lesser or no payment or reimbursement of any applicable ticket charge. Payments made with respect to certain classes of Shares may create an incentive for an intermediary to promote or favor other share classes of the Janus Henderson funds. The Adviser and its affiliates consider a number of factors in making payments to financial intermediaries, including, but not limited to, the share class or share classes selected by the financial intermediary for a particular channel, platform or investor type, whether such class is open to new investors on a particular platform or channel, the distribution capabilities of the intermediary, the overall quality of the relationship, expected gross and/or net sales generated by the relationship, redemption and retention rates of assets held through the intermediary, the willingness of the intermediary to cooperate with the Adviser's marketing efforts, access to sales personnel, and the anticipated profitability of sales through the institutional relationship. These factors may change from time to time.

In addition, the Adviser, the Distributor, or their affiliates pay fees, from their own assets, to certain brokerage firms, banks, financial advisors, retirement plan service providers, and other financial intermediaries for providing other marketing or distribution-related services, as well as recordkeeping, subaccounting, transaction processing, other shareholder or administrative services (including payments for processing transactions via the National Securities Clearing Corporation or other means), and the Committee on Uniform Security Identification Procedures ("CUSIP") and fund setup fees, in connection with investments in the Janus Henderson funds. These fees are in addition to any fees that may be paid by the Janus Henderson funds for certain of these types of services or other services. The Adviser or its affiliates may have numerous agreements to make payments to financial institutions which perform recordkeeping or other administrative services with respect to shareholder accounts.

The Adviser or its affiliates periodically share certain marketing expenses with selected intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. The Adviser or its affiliates make payments to participate in selected intermediary marketing support programs which may provide the Adviser or its affiliates with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, data, business planning and strategy sessions with intermediary personnel, information on industry- or platform-specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of Janus Henderson funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Janus Henderson funds to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Janus Henderson funds available to their customers.

The receipt of (or prospect of receiving) payments, reimbursements, and other forms of compensation described above may provide a financial intermediary and its salespersons with an incentive to favor sales of Janus Henderson funds' shares over sales of other mutual funds (or non-mutual fund investments) or to favor sales of one class of Janus Henderson funds' shares over sales of another Janus Henderson funds' share class, with respect to which the financial intermediary does not receive such payments or receives them in a lower amount. The receipt of these payments may cause certain financial intermediaries to elevate the prominence of the Janus Henderson funds within such financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or the provision of preferential or enhanced opportunities to promote the Janus Henderson funds in various ways within such financial intermediary's organization.

From time to time, certain financial intermediaries approach the Adviser to request that the Adviser make contributions to certain charitable organizations. In these cases, the Adviser's contribution may result in the financial intermediary, or its salespersons, recommending Janus Henderson funds over other mutual funds (or non-mutual fund investments).

The payment arrangements described above will not change the price an investor pays for Shares nor the amount that a Janus Henderson fund receives to invest on behalf of the investor. However, as described elsewhere in this Prospectus, your financial adviser and/or his or her firm may also receive an administration fee in connection with your purchase and retention of Janus Henderson funds. When such fees are combined with the payments described above, the aggregate payments being made to a financial intermediary may be substantial. You should consider whether such arrangements exist when evaluating any recommendations from an intermediary to purchase or sell Shares of the Fund and, if applicable, when considering which share class of the Fund is most appropriate for you. Please contact your financial intermediary or plan sponsor for details on such arrangements.

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 PURCHASES<br>

With certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, you may not be able to open an account or buy additional shares.

Under certain circumstances, the Fund may permit an in-kind purchase of Shares. Your financial intermediary may charge you a separate or additional fee for processing purchases of Shares. Only certain financial intermediaries are authorized to receive purchase orders on the Fund's behalf. As discussed under "Payments to Financial Intermediaries by the Adviser or its Affiliates," the Adviser and its affiliates may make payments to brokerage firms or other financial intermediaries that were instrumental in the acquisition or retention of shareholders for the Fund or that provide services in connection with investments in the Fund. You should consider such arrangements when evaluating any recommendation of the Fund.

If a purchase order is received prior to the last cut-off time specified in "Pricing of Fund Shares" above and payment in federal funds is wired to and received by the Fund by the close of the Federal Reserve wire transfer system (normally, 6:00 p.m. New York time), then dividends will begin to accrue on the same business day that wire purchase order is received. In the event that an order is placed prior to 4:00 p.m. (New York time) and payment through federal funds or other immediately available funds is not received by the Fund by the close of the Federal Reserve wire transfer system or other immediately available funds that same day, you will not accrue a dividend on that that day and the Fund reserves the right to cancel your purchase order and you will be liable for any resulting losses or fees incurred by the Fund or the Fund's transfer agent.

If a payment is received through financial intermediaries or plan sponsors on your behalf through electronic trading platforms (e.g., National Securities Clearing Corporation ("NSCC")) on a business day after the last cut-off time specified in "Pricing of Fund Shares" above, you will not earn dividends on the day the purchase order is received.

The Fund reserves the right to require purchase requests and payments from the financial intermediary or plan sponsor prior to the final cut-off time specified above on days when the bond markets or NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time.

The Fund reserves the right to reject any purchase order, including exchange purchases, for any reason.

In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"), your financial intermediary is required to verify certain information on your account application as part of its Anti-Money Laundering Program. You will be required to provide your full name, date of birth, Social Security number, and permanent street address to assist in verifying your identity. You may also be asked to provide documents that may help to establish your identity. For investors other than individuals: When you open an account, you will be asked for the name of the entity, its principal place of business, and taxpayer identification number, and you may be requested to provide information on persons with authority or control over the account, or persons who own (whether directly, indirectly, or beneficially) 25% or more of the entity, such as name, permanent street address, date of birth, and Social Security number. Until verification of an identity is made, your financial intermediary may temporarily limit additional share purchases. In addition, your financial intermediary may close an account if it is unable to verify a shareholder's identity. Please contact your financial intermediary if you need additional assistance when completing your application or additional information about the intermediary's Anti-Money Laundering Program.

In an effort to ensure compliance with this law, the Adviser's Anti-Money Laundering Program (the "Program") provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

#### Minimum Investment Requirements

#### American Cancer Society Support – Class I Shares
Accounts offered to Institutional investors investing through cash portals must meet the minimum investment requirements of $250,000 per Fund account. Accounts offered through an intermediary institution must meet the minimum investment requirements of $2,500 per Fund account for non-retirement accounts and $500 per Fund account for certain tax-advantaged accounts or UTMA accounts. Directors, officers, and employees of Janus Henderson Group plc ("JHG") and its affiliates, as well as Trustees and officers of the Fund, may purchase American Cancer Society Support – Class I Shares through certain financial intermediaries' institutional platforms. For more information about this program and eligibility requirements, please contact a

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Janus Henderson representative at 1-800-333-1181. Exceptions to these minimums may apply for certain tax-advantaged, tax-qualified and retirement plans, including health savings accounts, accounts held through certain wrap programs, and certain retail brokerage accounts. For additional information, contact your intermediary, plan sponsor, administrator, or a Janus Henderson representative, as applicable.

The Fund reserves the right to annually request that intermediaries close Fund accounts that are valued at less than $100, other than as a result solely of depreciation in share value. Certain accounts held through intermediaries may not be subject to closure due to the policies of the intermediaries. You may receive written notice from your intermediary to increase your account balance to the required minimum to avoid having your account closed provided you meet certain residency eligibility requirements. You may receive written notice prior to the closure of your Fund account so that you may increase your account balance to the required minimum provided you meet certain residency eligibility requirements. Please note that you may incur a tax liability as a result of a redemption. The Fund reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part.

#### Systematic Purchase Plan
You may arrange for periodic purchases by authorizing your financial intermediary to withdraw the amount of your investment from your bank account on a day or days you specify. Not all financial intermediaries offer this plan. Contact your financial intermediary or a Janus Henderson representative for details.

 EXCHANGES<br>

With certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, the exchange privilege may not be available. Contact your financial intermediary or consult your plan documents to exchange into other funds in the Trust. Be sure to read the prospectus of the fund into which you are exchanging. An exchange from one fund to another is generally a taxable transaction (except for certain tax-advantaged accounts).

• You may generally exchange Shares of the Fund for Shares of the same class of any other fund in the Trust offered through your financial intermediary or qualified plan.

• You may also exchange shares of one class for another class of shares within the same fund, provided the eligibility requirements of the class of shares to be received are met. Same-fund exchanges will generally only be processed in instances where there is no CDSC on the shares to be exchanged and no initial sales charge on the shares to be received. The Fund's fees and expenses differ between share classes. Please read the Prospectus for the share class you are interested in prior to investing in that share class. Contact your financial intermediary or consult your plan documents for additional information.

• You must meet the minimum investment amount for each fund.

• The Fund reserves the right to reject any exchange request and to modify or terminate the exchange privilege at any time.

REDEMPTIONS

With certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, once you close your account, you may not make additional investments in the Fund.

Redemptions, like purchases, may generally be effected only through financial intermediaries and retirement platforms. Please contact your financial intermediary or a Janus Henderson representative (1-800-333-1181) 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 the Fund may be redeemed on any business day on which the Fund's NAV is calculated. Redemptions are duly processed at the NAV next calculated after your redemption order is received in good order by the Fund or its agents. The Fund reserves the right to require redemption requests prior to the final cut-off time specified above on days when the bond markets or NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time.

The length of time that the Fund typically expects to pay redemption proceeds depends on whether the payment of redemption proceeds is made by federal funds wire, or certain electronic trading platforms (e.g., NSCC). Under normal circumstances, for any proceeds to be paid by federal funds wire, if the Fund receives your order before the Fund's final daily cut-off time, the Fund typically expects to pay redemption proceeds to you by federal funds wire that same business day. Proceeds may be made

20<sub>½</sub>Janus Investment Fund

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available throughout the day following the calculation of NAVs, although the Fund reserves the right to postpone payment of redemption proceeds on an intraday basis under stressed market conditions. In such circumstances, the Fund would expect to pay redemption proceeds the next business day. For redemptions submitted through financial intermediaries on your behalf through certain electronic trading platforms (e.g., NSCC) before the Fund's final daily cut-off time, redemption proceeds will normally be sent within two business days following receipt of the redemption order.

Dividends will not accrue on shares that are redeemed and paid on a same day basis on the date of redemption. Other redeeming shareholders will accrue dividends on the redemption date.

The Fund typically expects to meet redemption requests by paying out proceeds from cash or cash equivalent portfolio holdings, or by selling portfolio holdings. In stressed market conditions, and other appropriate circumstances, redemption methods may include borrowing funds or redeeming in-kind.

The Fund reserves the right to postpone payment of redemption proceeds for up to seven calendar days. Additionally, the right to require the Fund to redeem its Shares may be suspended, or the date of payment may be postponed beyond seven calendar days, whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (ii) the SEC permits such suspension and so orders; or (iii) an emergency exists as determined by the SEC so that disposal of securities or determination of NAV is not reasonably practicable.

The Fund reserves the right to annually request that intermediaries close Fund accounts that are valued at less than $100, other than as a result solely of depreciation in share value. Certain accounts held through intermediaries may not be subject to closure due to the policies of the intermediaries. You may receive written notice from your intermediary to increase your account balance to the required minimum to avoid having your account closed provided you meet certain residency eligibility requirements. Please note that you may incur a tax liability as a result of a redemption.

#### Large Shareholder Redemptions
Certain large shareholders, such as other funds, institutional investors, financial intermediaries, individuals, accounts, and affiliates of the Adviser, may from time to time own (beneficially or of record) or control a significant percentage of the Fund's Shares. Redemptions by these large shareholders of their holdings in the Fund may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the recognition of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, which could lead to an increase in the Fund's expense ratio.

#### Redemptions In-Kind
Shares normally will be redeemed for cash, although the Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of remaining shareholders, to accommodate a request by a particular shareholder that does not adversely affect the interests of the remaining shareholders, or in connection with the liquidation of a fund, by delivery of securities selected from its assets at its discretion. However, the Fund is required to redeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV of that Fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the Fund will have the option of redeeming the excess in cash or in-kind. In-kind payment means payment will be made in portfolio securities rather than cash, and may potentially include illiquid investments. Illiquid investments may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such investments, which could cause the redeeming shareholder to realize losses on the investment if it is sold at a price lower than that at which it had been valued. If the Fund makes an in-kind payment, the redeeming shareholder might incur brokerage or other transaction costs to convert the securities to cash, whereas such costs are borne by the Fund for cash redemptions. Redemptions in-kind are taxable for federal income tax purposes in the same manner as redemptions for cash and subsequent sale of securities received in-kind may result in taxable gains for federal income tax purposes.

While the Fund may pay redemptions in-kind, the Fund may instead choose to raise cash to meet redemption requests through the sale of fund securities or permissible borrowings. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and may increase brokerage costs and accelerate the recognition of taxable income.

21<sub>½</sub>Janus Investment Fund

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#### Suspension of Redemptions
In the event the Fund's market-based net asset value per share has deviated from the Fund's amortized cost price per share, or the Fund's Trustees, including a majority of Independent Trustees, determines that such a deviation is likely to occur, then the Trustees will take such action as they deem appropriate including, but not limited to, suspending redemptions and the payment of redemption proceeds, in order to facilitate the liquidation of the Fund. In addition, if the Fund's weekly liquid assets fall below 10%, the Fund may cease honoring redemptions and liquidate at the discretion of the Trustees. Prior to suspending redemptions, such Fund would be required to notify the SEC of its decision to suspend redemptions and liquidate. If the Fund ceases honoring redemptions and makes a decision to liquidate, the Fund expects that it would notify shareholders on the Fund's websites or by press release.

#### Systematic Withdrawal Plan
You may arrange for periodic redemptions by authorizing your financial intermediary to redeem a specified amount from your account on a day or days you specify. Not all financial intermediaries offer this plan. Contact your financial intermediary or a Janus Henderson representative for details.

AVAILABILITY OF PORTFOLIO HOLDINGS INFORMATION

The Mutual Fund Holdings Disclosure Policies and Procedures adopted by the Adviser and all mutual funds managed within the Janus Henderson fund complex are designed to be in the best interests of the funds and to protect the confidentiality of the funds' portfolio holdings. The following describes such policies and procedures with respect to disclosure of portfolio holdings.

• **Full Holdings.** The Fund is required to disclose its complete holdings in the annual and semiannual financial statements located in Form N-CSR. In addition, the Fund is required to disclose its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. Form N-CSR filings and Form N-MFP reports (i) are available on the SEC's website at http://www.sec.gov and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free). Holdings are generally posted within 5 business days after each month end under Full Holdings for the Fund at janushenderson.com/info.

• **Top Holdings.** The Fund's top portfolio holdings, in order of position size and as a percentage of the Fund's total portfolio, are available monthly with a 15-day lag.

• **Other Information.** The Fund may occasionally provide security breakdowns (e.g., industry, sector, regional, market capitalization, and asset allocation) and specific portfolio level performance attribution information and statistics monthly with a 15-day lag.

Full portfolio holdings will be available monthly and will remain on the Janus Henderson websites for at least 6 months on a rolling basis and will link to the Fund's Form N-MFP filing available on the SEC website. Under extraordinary circumstances, exceptions to the Mutual Fund Holdings Disclosure Policies and Procedures may be made by the head of the applicable investment unit or a delegate, in consultation with the Fund's Chief Compliance Officer or a delegate. Such exceptions may be made without prior notice to shareholders. A summary of the Fund's portfolio holdings disclosure policies and procedures, which includes a discussion of any exceptions, is contained in the Fund's SAI.

SHAREHOLDER COMMUNICATIONS

#### Statements and Reports
Your financial intermediary or plan sponsor (or the Adviser) is responsible for sending you periodic statements of all transactions, along with trade confirmations and tax reporting, as required by applicable law.

Your financial intermediary or plan sponsor (or the Adviser) is responsible for providing annual and semiannual reports. Please contact your financial intermediary or plan sponsor (or the Adviser) to obtain these reports. The Fund's fiscal year ends June 30.

#### Lost (Unclaimed/Abandoned) Accounts
It is important to maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned as undeliverable. Based upon statutory requirements for returned mail, your financial intermediary or plan sponsor is required to attempt to locate the shareholder or rightful owner of the account. If the financial intermediary or plan sponsor is unable to locate the shareholder, then the financial intermediary or plan sponsor is legally obligated to deem the property "unclaimed" or "abandoned," and subsequently escheat (or transfer) unclaimed property

22<sub>½</sub>Janus Investment Fund

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(including shares of a mutual fund) to the appropriate state's unclaimed property administrator in accordance with statutory requirements. Further, your mutual fund account may be deemed "unclaimed" or "abandoned," and subsequently transferred to your state of residence if no activity (as defined by that state) occurs within your account during the time frame specified in your state's unclaimed property laws. The shareholder's last known address of record determines which state has jurisdiction. Interest or income is not earned on redemption or distribution check(s) sent to you during the time the check(s) remained uncashed.

23<sub>½</sub>Janus Investment Fund

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### FINANCIAL HIGHLIGHTS
The following table details the financial performance information of the Fund's American Cancer Society Support – Class T Shares (referenced in the table as "Class T"), which is described in a separate prospectus. Since American Cancer Society Support – Class I Shares of the Fund have not commenced operations prior to the date of this prospectus, there are no financial highlights available at this time for these share classes. Because American Cancer Society Support – Class I Shares have lower expenses and differing net assets than American Cancer Society Support – Class T Shares, financial highlights for American Cancer Society Support – Class I Shares may differ.

Items "Net asset value, beginning of period" through "Net asset value, end of period" reflect financial results for a single Fund Share. The gross expense ratio reflects expenses prior to any expense offset arrangement and waivers (reimbursements), if applicable. The net expense ratio reflects expenses after any expense offset arrangement and waivers (reimbursements), if applicable. The information for the Fund for the fiscal periods ended June 30 has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund's financial statements, is included in the Fund's Form N-CSR and is incorporated by reference into the SAI.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in American Cancer Society Support – Class T Shares of the Fund (assuming reinvestment of all dividends and distributions).

#### Janus Henderson Government Money Market Fund – Class T

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years ended June 30 | Years ended June 30 | Years ended June 30 | Years ended June 30 | Years ended June 30 |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
|  **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  ***Income/(Loss) from Investment Operations:*** |  |  |  |  |  |
|  Net investment income/(loss)<sup>(1)</sup> | 0.05 | 0.03 | —<sup>(2)</sup> | —<sup>(2)</sup> | 0.01 |
|  Net realized and unrealized gain/(loss)<sup>(2)</sup> |  |  |  |  |  |
|  Total from Investment Operations | 0.05 | 0.03 |  |  | 0.01 |
|  ***Less Dividends and Distributions:***  |  |  |  |  |  |
|  Dividends (from net investment income) | (0.05) | (0.03) | —<sup>(2)</sup> | —<sup>(2)</sup> | (0.01) |
|  Distributions (from capital gains) |  | —<sup>(2)</sup> |  |  |  |
|  Total Dividends and Distributions | (0.05) | (0.03) |  |  | (0.01) |
|  **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  Total Return\* | 4.86% | 3.25% | 0.00% | 0.00% | 0.94% |
|  Net Assets, End of Period (in thousands) | $6217 | $6264 | $8866 | $6846 | $7384 |
|  Ratios to Average Net Assets\*\*: |  |  |  |  |  |
|  Ratio of Gross Expenses | 0.59% | 0.60% | 0.59% | 0.59% | 0.66% |
|  Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.59% | 0.60% | 0.26% | 0.09% | 0.53% |
|  Ratio of Net Investment Income/(Loss) | 4.75% | 3.14% | 0.00%<sup>(3)</sup> | 0.00%<sup>(3)</sup> | 0.98% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis.

(3) Less than 0.005%.

24<sub>½</sub>Janus Investment Fund

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### GLOSSARY OF INVESTMENT TERMS
This glossary provides a more detailed description of some of the types of securities, investment strategies, and other instruments in which the Fund may invest, as well as some general investment terms. The Fund may invest in these instruments to the extent permitted by its investment objective and policies. The Fund is not limited by this discussion and may invest in any other types of instruments not precluded by the policies discussed elsewhere in this Prospectus.

EQUITY AND DEBT SECURITIES

**Agency discount notes** are U.S. Government securities that are issued by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States that are issued at a discount to the principal amount to be repaid at maturity without provision for the payment of interest.

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

**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 finance short-term credit needs. The Fund may purchase commercial paper issued in private placements under Section 4(2) of the Securities Act of 1933, as amended.

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

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

**Mortgage- and asset-backed securities** are shares in a pool of mortgages or other debt instruments. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to shareholders on a pro rata basis.

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

**Variable amount master demand notes** are demand obligations that permit the investment of fluctuating amounts at varying market rates of interest pursuant to arrangements between the issuer and a commercial bank acting as agent for the payee of such notes whereby both parties have the right to vary the amount of the outstanding indebtedness on the notes. These notes are direct lending arrangements between the lender and borrower and there is no secondary market for them. The principal plus accrued interest is redeemable at any time, however. This right to redeem the notes depends on the ability of the borrower to make the specified payments on demand.

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

OTHER INVESTMENTS, STRATEGIES, AND/OR TECHNIQUES

**Repurchase agreements** involve the purchase of a security by the Fund and a simultaneous agreement by the seller (generally a bank or dealer) to repurchase the security from the Fund at a specified date or upon demand. This technique offers a method of earning income on idle cash.

25<sub>½</sub>Janus Investment Fund

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You can make inquiries and request other information, including a Statement of Additional Information, annual report, or semiannual report or Fund financial statements (as they become available), free of charge, by contacting your plan sponsor, broker-dealer, or financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687. The Fund's Statement of Additional Information, most recent annual and semiannual reports, and Fund financial statements are also available, free of charge, at janushenderson.com/info. Additional information about the Fund's investments is available in the Fund's annual and semiannual reports and in Form N-CSR. In Form N-CSR, you will find the Fund's annual and semiannual financial statements. Other information is also available from financial intermediaries that sell Shares of the Fund.

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

### janushenderson.com
151 Detroit Street

Denver, CO 80206-4805

1-877-335-2687

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

------

October 18, 2024,

As Revised August 8, 2025

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| | |
|:---|:---|
| **Money Market** | **American Cancer**<br> **Society Support –<br>Class N Shares<sup>†</sup><br>Ticker** |
|  Janus Henderson Government Money Market Fund | ACOXX |

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## Janus Investment Fund
Prospectus

The Securities and Exchange Commission has not approved or disapproved of these securities or passed on the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

---

| | |
|:---|:---|
| <sup>†</sup> | The American Cancer Society<sup>®</sup> does not endorse any service or product. Shares of Janus Henderson Government Money Market Fund (the "Fund") are not sponsored, endorsed, or promoted by the American Cancer Society<sup>®</sup>, and the American Cancer Society<sup>®</sup> is not an investment adviser or service provider to the Fund, Janus Investment Fund, or Janus Henderson Investors US LLC. |

---

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![LOGO](g136083g1g09f19.jpg)

This Prospectus describes Janus Henderson Government Money Market Fund, a portfolio of Janus Investment Fund (the "Trust"). Janus Henderson Investors US LLC (the "Adviser") serves as investment adviser to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Only American Cancer Society Support – Class N Shares (the "Shares") offered by this Prospectus.

The Shares are not offered directly to individual investors. Certain financial intermediaries may not offer all classes of Shares. For additional information about this class of Shares and whether or not you are eligible to purchase these Shares, please refer to the Shareholder's Guide section of the Prospectus.

For the purpose of this Prospectus, any reference to the "Janus Henderson funds" is inclusive of all series of the Trust, collectively, unless otherwise noted in this Prospectus.

------

### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  FUND SUMMARY |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Janus Henderson Government Money Market Fund](#mmpron144207_1) | 4 |
|  ADDITIONAL INFORMATION ABOUT THE FUND |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fees and expenses](#mmpron144207_2) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Additional investment strategies and general portfolio policies](#mmpron144207_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Risks of the Fund](#mmpron144207_4) | 10 |
|  MANAGEMENT OF THE FUND |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment adviser](#mmpron144207_5) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Management expenses](#mmpron144207_6) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Administration fee](#mmpron144207_7) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio management](#mmpron144207_8) | 14 |
|  [OTHER INFORMATION](#mmpron144207_9) | 16 |
|  [DISTRIBUTIONS AND TAXES](#mmpron144207_10) | 17 |
|  SHAREHOLDER'S GUIDE |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pricing of fund shares](#mmpron144207_11) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments to financial intermediaries by the Adviser or its affiliates](#mmpron144207_12) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Purchases](#mmpron144207_13) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Exchanges](#mmpron144207_14) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Redemptions](#mmpron144207_15) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder communications](#mmpron144207_16) | 26 |
|  [FINANCIAL HIGHLIGHTS](#mmpron144207_17) | 27 |
|  [GLOSSARY OF INVESTMENT TERMS](#mmpron144207_18) | 28 |

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3<sub>½</sub>Janus Investment Fund

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### F UND SUMMARY

### Janus Henderson Government Money Market Fund
Ticker: ACOXX American Cancer Society Support – Class N Shares

INVESTMENT OBJECTIVES

**Janus Henderson Government Money Market Fund** seeks capital preservation and liquidity with current income as a secondary objective.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. Information about eligibility requirements for the Shares is available from your financial professional and in the "Purchases" section on page 22 of the Fund's Prospectus and in the "Purchase of Shares" section on page 20 of the Fund's Statement of Additional Information. You may also incur brokerage commissions charged by your broker or financial intermediary when buying American Cancer Society Support – Class N Shares of the Fund that are not reflected in the table or in the example below.

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| | |
|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES**<br> (expenses that you pay each year as a percentage of the value of your investment) | **American Cancer<br>Society Support –<br>Class N** |
|  Management Fees | 0.20% |
|  Other Expenses<sup>(1)</sup> | 0.03% |
|  Total Annual Fund Operating Expenses | 0.23% |
|  Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.03% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.20% |

---

(1) Other Expenses are based on the estimated annualized expenses that the Shares expect to incur.

(2) The Adviser has contractually agreed to waive and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.20% for at least a one-year period through December 31, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

#### EXAMPLE:
The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  American Cancer Society Support – Class N Shares | $20 | $71 | $126 | $290 |

---

PRINCIPAL INVESTMENT STRATEGIES

The Fund pursues its investment objectives by primarily investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities.

The Fund operates as a "government money market fund" as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended. As a government money market fund, the Fund pursues its investment objectives by normally investing at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). The Fund's investments in U.S. Government securities may include obligations issued and/or guaranteed as to principal and interest by the United States Government or by its agencies and instrumentalities, and repurchase agreements secured by such obligations. Although U.S. Government agencies and instrumentalities

4<sub>½</sub>Janus Henderson Government Money Market Fund

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may be chartered or sponsored by Acts of Congress, their securities are not issued by, and may not be guaranteed by (i.e., backed by the full faith and credit of), the U.S. Treasury. Some government agency and instrumentality securities not backed by the full faith and credit of the United States are supported by the issuer's ability to borrow from the U.S. Treasury, some are supported only by the credit of the issuer, and some are supported by the United States in some other way. The Fund's investments in securities issued by U.S. Government agencies and instrumentalities may be significant.

The Fund will:

• invest in high-quality, short-term money market instruments that present minimal credit risks, as determined by the Adviser

• invest only in U.S. dollar-denominated instruments that have a remaining maturity of 397 days or less (as calculated pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended)

• maintain a dollar-weighted average portfolio maturity of 60 days or less and maintain a dollar-weighted average portfolio life (portfolio maturity measured without reference to any maturity shortening provisions of adjustable rate securities by reference to their interest rate reset dates) of 120 days or less

As a government money market fund, the Board of Trustees has determined not to subject the Fund to a liquidity fee on Fund redemptions. Please note that the Board of Trustees has reserved the ability to change this determination with respect to liquidity fees, but only after providing appropriate prior notice to shareholders.

PRINCIPAL INVESTMENT RISKS

**Money Market Risk.** You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Adviser is not required to reimburse the Fund for losses, and you should not expect that the Adviser will provide financial support to the Fund at any time, including during periods of market stress. Accordingly, if the value of Fund Shares were to fall below $1.00 per share, there is no guarantee that the Adviser or its affiliates would protect the Fund or redeeming shareholders against any loss of principal.

**Liquidity Risk.** The liquidity of the securities which the Fund holds may deteriorate rapidly due to credit events affecting one or more issuers or guarantors or due to general market conditions and a lack of willing buyers. In such cases, the Fund may have to accept a lower price or may be unable to sell a security. An inability to sell one or more securities may negatively affect the Fund's ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Additionally, adverse market conditions impacting the trading of the value of money market instruments and/or an unusually high volume of redemption requests could cause the Fund to be unable to pay redemption proceeds within a short period of time. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's ability to maintain the value of your investment at $1.00 per share.

**Credit Quality Risk.** The value of the securities which the Fund holds may fall based on an issuer's actual or perceived creditworthiness, or an issuer's ability to meet its obligations (potentially even the U.S. Government). The credit quality of the Fund's holdings can change rapidly in certain market environments and any downgrade or default of a portfolio security could cause the Fund's yield to fall or cause the value of the Fund's Shares to fall below $1.00 per share.

**Interest Rate Risk.** Although the Fund seeks to invest only in high-quality, short-term money market instruments, there is a risk that the value of the securities it holds will fall as a result of the changes in interest rates. Rising interest rates could cause the value of the Fund's investments to decline, and a decline in interest rates is likely to cause the Fund's yield to decline. During periods of unusually low or negative interest rates, the Fund's yield may approach or fall below zero. Such low interest rate environments may prevent the Fund from providing a positive yield or could impair the Fund's ability to maintain the value of your investment at $1.00 per share. Over time, the real value of the Fund's yield may be eroded by inflation.

**Market Risk.** The Fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. For capital preservation and liquidity, the Fund may have a greater concentration in short-term securities including, but not limited to, investing up to all of its assets in overnight securities, which may result in a reduction of the Fund's yield.

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**Collateral Risk.** With respect to collateral received in repurchase transactions or other investments, the Fund may have significant exposure to government agencies not secured by the full faith and credit of the United States. Such exposure, depending on market conditions, could have a negative impact on the Fund, including minimizing the value of any collateral.

**Counterparty Risk.** Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

**Variable and Floating Rate Demand Notes Risk.** Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness. Demand features, which are often issued by third-party financial institutions, may shorten the life of a variable or floating rate security. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the third-party financial institutions supporting the Fund's investments. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults and the third party is unable to fulfill its liquidity or guarantee demand feature obligations.

**U.S. Government Securities Risk.** Certain U.S. Government securities are not guaranteed or backed by the full faith and credit of the United States. For these securities, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States.

**Repurchase Agreement Risk.** Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security.

PERFORMANCE INFORMATION

The following information provides some indication of the risks of investing in the Fund by showing how the Fund's performance has varied over time. American Cancer Society Support – Class T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund's inception. American Cancer Society Support – Class N Shares of the Fund commenced operations on October 18, 2024. The performance shown for American Cancer Society Support – Class N Shares for the period February 14, 1995 to December 31, 2023, reflects the performance of the Fund's American Cancer Society Support – Class T Shares. If American Cancer Society Support – Class N Shares had been available during periods prior to December 31, 2023, they would have substantially similar annual returns because all classes of shares invest in the same portfolio of securities, but returns will differ only to the extent that American Cancer Society Support – Class N Shares have lower expenses.

The bar chart depicts the change in performance from year to year during the periods indicated. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund's performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.

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*The Fund's past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/performance or by calling 1-877-335-2687.* 

**Annual Total Returns for American Cancer Society Support – Class T Shares** (calendar year-end)

![LOGO](g136083g1g19d20.jpg)

**Best Quarter:** 4th Quarter 2023 **1.22% Worst Quarter:** 4th Quarter 2014 **0.00%**

Class T Shares' year-to-date return as of the calendar quarter ended September 30, 2024 was 3.61%.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** (periods ended 12/31/23) | | | | |
|  | **1 Year** | **5 Years** | **10 Years** | **Since<br>Inception<br>(2/14/95)** |
| **American Cancer Society Support – Class T Shares<sup>(1)</sup>** |  |  |  |  |
|  Return Before Taxes | 4.54% | 1.50% | 0.90% | 2.06% |

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(1) American Cancer Society Support – Class T Shares of the Fund are not offered in the Prospectus. Ordinarily, American Cancer Society Support – Class N Shares would have similar annual returns because the shares are invested in the same portfolio of securities and the annual returns may likely differ to the extent that the classes do not have the same expenses. American Cancer Society Support – Class N Shares are new and have not completed a full calendar year of operations as of December 31, 2023 and therefore American Cancer Society Support – Class N Shares does not have annualized return information to report. Return information for the Fund's American Cancer Society Support – Class N Shares will be shown in future prospectuses offering the Fund's American Cancer Society Support – Class N Shares after the Fund's American Cancer Society Support – Class N Shares have a full calendar year of return information to report.

The 7-day yield on December 31, 2023 was 4.80% for Janus Henderson Government Money Market Fund.

Performance information for the Fund's other share classes is included in the Fund's annual and semiannual report (for the period ended December 31, 2023) and in the Fund's Form N-CSR filing (for the period ended June 30, 2024 and moving forward) and is available at janushenderson.com/reports or by calling 1-877-335-2687.

MANAGEMENT

**Investment Adviser:** Janus Henderson Investors US LLC

**Portfolio Management: Andrew Forman** is Co-Portfolio Manager of the Fund, which he co-managed since February 2025. **Garrett Strum** is Executive Vice President and Lead Portfolio Manager of the Fund, which he has managed or co-managed since May 2017.

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PURCHASE AND SALE OF FUND SHARES

#### Minimum Investment Requirements

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| | |
|:---|:---|
| **American Cancer Society Support – Class N Shares** |  |
|  Retirement investors (investing through an adviser-assisted, employer-sponsored retirement plan) |  |
|  Retail investors (investing through a financial intermediary omnibus account) | $2500 \* |
|  Institutional investors (investing directly with the Fund) | $1000000 |

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\* Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum.

Purchases, exchanges, and redemptions can generally be made only through institutional channels, such as financial intermediaries and retirement platforms. You should contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund. Requests must be received in good order by the Fund or its agents (financial intermediary or plan sponsor, if applicable) prior to the cut-off times specified in "Pricing of Fund Shares" of the Prospectus in order to receive the next net asset value calculated. For additional information, refer to "Purchases," "Exchanges," and/or "Redemptions" in the Prospectus.

TAX INFORMATION

The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account (in which case you may be taxed upon withdrawal of your investment from such account).

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

With respect to share classes not offered in this Prospectus, the Fund or its distributor (or its affiliates) pay select broker-dealer firms or other financial intermediaries (such as a bank), for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing a broker-dealer or other intermediary and a salesperson to recommend the Fund over another investment or to recommend one share class over another. Ask your salesperson or visit your financial intermediary's website for more information.

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### A DDITIONAL INFORMATION ABOUT THE F UND
FEES AND EXPENSES

**Please refer to the following important information when reviewing the "Fees and Expenses of the Fund" table in the Fund Summary of the Prospectus.** The fees and expenses shown reflect estimated annualized expenses that the Shares expect to incur.

• "Annual Fund Operating Expenses" are paid out of the Fund's assets and include fees for portfolio management and administrative services, including recordkeeping, subaccounting, and other shareholder services. You do not pay these fees directly but, as the Example in the Fund Summary shows, these costs are borne indirectly by all shareholders through the management fee and the administration fee paid to the Adviser.

• The "Management Fee" is the investment advisory fee rate paid by the Fund to the Adviser. Refer to "Management Expenses" in this Prospectus for additional information with further description in the Statement of Additional Information ("SAI").

• "Other Expenses" for the Fund include an administration fee of 0.02% for American Cancer Society Support – Class N Shares of the average daily net assets of the Fund to compensate the Adviser for providing certain administration services including, but not limited to, recordkeeping and registration functions and also to pay for costs such as shareholder servicing and custody.

• The Adviser has contractually agreed to waive and/or reimburse the Fund's "Total Annual Fund Operating Expenses" to the extent such expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.20% for at least a one-year period through December 31, 2025. The expense limit is described in the "Expense Limitation" section of this Prospectus.

• The Adviser may voluntarily waive and/or reimburse fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. Any waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield.

• All expenses in the Fund's "Fees and Expenses of the Fund" table are shown without the effect of expense offset arrangements. Pursuant to such arrangements, credits realized as a result of uninvested cash balances are used to reduce custodian and transfer agent expenses.

ADDITIONAL INVESTMENT STRATEGIES AND GENERAL PORTFOLIO POLICIES

The Fund's Board of Trustees ("Trustees") may change the Fund's investment objective or non-fundamental principal investment strategies without a shareholder vote. The Fund will notify you in writing at least 60 days before making any such change it considers material. In addition, the Fund will provide shareholders with at least 60 days' notice prior to changing the 80% investment policy. If there is a material change to the Fund's investment objective or principal investment strategies, you should consider whether the Fund remains an appropriate investment for you. There is no guarantee that the Fund will achieve its investment objective.

This section takes a closer look at investment strategies and general policies that apply to the Fund. Some of these strategies and policies may be part of a principal strategy. Other strategies and policies may be utilized to a lesser extent. The Fund is subject to certain specific Securities and Exchange Commission ("SEC") rule requirements. Among other things, the Fund is limited to investing in U.S. dollar-denominated instruments with a remaining maturity of 397 days or less (as calculated pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended) that are determined to present minimal credit risk.

#### Security Selection
In selecting securities for the Fund's portfolio, portfolio management focuses on securities that offer liquidity and a competitive yield. The Adviser conducts a credit analysis of each potential issuer prior to the purchase of its securities.

#### Demand Features
Demand features give the Fund the right to resell securities at specified periods prior to their maturity dates. Demand features may shorten the life of a variable or floating rate security or preferred stock, enhance the instrument's credit quality, and provide a source of liquidity. Demand features are often issued by third party financial institutions, generally domestic and foreign banks. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the banks supporting the Fund's investments. This will result in exposure to risks pertaining to the banking industry, including the foreign banking industry. Brokerage firms and insurance companies also provide certain liquidity and credit support.

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#### Liquidity
The Fund has adopted liquidity requirements (measured at the time of purchase) as noted:

• **Daily liquidity.** The Fund will invest at least 25% of its total assets in "daily liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day, and/or amounts receivable and due unconditionally within one business day on pending sales of portfolio securities.

• **Weekly liquidity.** The Fund will invest at least 50% of its assets in "weekly liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.

• The Fund will limit its investments in illiquid securities to 5% or less of its total assets.

#### Mortgage- and Asset-Backed Securities
The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed by the full faith and credit of the U.S. Government, which means that the U.S. Government guarantees that the interest and principal will be paid when due. Fannie Mae and Freddie Mac securities, as well as the securities of other government or government-related entities, are not backed by the full faith and credit of the U.S. Government.

#### Participation Interests
A participation interest gives the Fund a proportionate, undivided interest in underlying debt securities and usually carries a demand feature.

#### Repurchase Agreements
The Fund may enter into collateralized repurchase agreements by cash or U.S. Government securities. Repurchase agreements are transactions in which the Fund purchases securities and simultaneously commits to resell those securities to the seller at an agreed-upon price on an agreed-upon future date. The repurchase price reflects a market rate of interest.

#### U.S. Government Securities
The Fund may invest in U.S. Government securities. U.S. Government securities include those issued directly by the U.S. Treasury and those issued or guaranteed by various U.S. Government agencies and instrumentalities. Some government securities are backed by the full faith and credit of the United States. Other government securities are backed only by the rights of the issuer to borrow from the U.S. Treasury. Others are supported by the discretionary authority of the U.S. Government to purchase the obligations. Certain other government securities are supported only by the credit of the issuer.

#### Variable and Floating Rate Securities
The Fund may purchase variable and floating rate demand notes of U.S. Government issuers. These securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference to an interest rate index or market interest rate. Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness.

RISKS OF THE FUND

The value of your investment may vary over time, and you may lose money by investing in the Fund. The following information is intended to help you better understand some of the risks of investing in the Fund, including those risks that are summarized in the Fund Summary sections. This information also includes descriptions of other risks the Fund may be subject to as a result of additional investment strategies and general policies that may apply to the Fund. The impact of the following risks on the Fund may vary depending on the Fund's investments. The greater the Fund's investment in a particular security, the greater the Fund's exposure to the risks associated with that security. Before investing in the Fund, you should consider carefully the risks that you assume when investing in the Fund.

**Commercial Paper Risk.** Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investments in commercial paper are subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. In addition, under certain

10<sub>½</sub>Janus Investment Fund

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circumstances commercial paper may become illiquid or may suffer from reduced liquidity. Commercial paper can be fixed- rate or variable rate and can be adversely affected by changes in interest rates.

**Counterparty Risk**. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

**Credit Quality Risk.** The value of the securities which the Fund holds may fall based on an issuer's actual or perceived creditworthiness, or an issuer's ability to meet its obligations. The credit quality of the Fund's holdings can change rapidly in certain market environments and any downgrade or default of a portfolio security could cause the Fund's yield to fall or cause the value of the Fund's Shares to fall below $1.00 per share.

**Liquidity Risk.** The liquidity of the securities which the Fund holds may deteriorate rapidly due to credit events affecting one or more issuers or guarantors or due to general market conditions and a lack of willing buyers. In such cases, the Fund may have to accept a lower price or may be unable to sell a security. An inability to sell one or more securities may negatively affect the Fund's ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Additionally, adverse market conditions impacting the trading of the value of money market instruments and/or an unusually high volume of redemption requests could cause the Fund to be unable to pay redemption proceeds within a short period of time. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's ability to maintain the value of your investment at $1.00 per share.

**Market Risk.** The Fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. For capital preservation and liquidity, the Fund may have a greater concentration in short-term securities including, but not limited to, investing up to all of its assets in overnight securities, which may result in a reduction of the Fund's yield. Further, regardless of how well securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions that have a significant effect on issuers. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions, could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• **Armed Conflict.** Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the United States and broader global economy and the markets for certain securities and commodities.

**Mortgage- and Asset-Backed Securities Risk.** Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer loans or receivables. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact the Fund's yield and return. Mortgage- and asset-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage- and asset-backed securities are subject to both extension risk, where during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally expected, and prepayment risk, where during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated. These risks may reduce the Fund's returns. In addition, investments in certain mortgage- and asset- backed securities may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.

**Participation Interests Risk.** If the Fund purchases a participation interest, it typically will have a contractual relationship with the lender and not with the borrower. The Fund may only be able to enforce its rights through the lender and may assume the

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credit risk of both the borrower and the lender, or any other intermediate participant. The Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender and only upon receipt by the lender of the payments from the borrower. The failure by the Fund to receive scheduled interest or principal payments may adversely affect the income of the Fund and may likely reduce the value of its assets, which would be reflected by a reduction in the Fund's net asset value.

**Repurchase Agreement Risk.** Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. While it is not possible to eliminate all risks from these transactions, it is the policy of the Fund to limit repurchase agreements to those parties whose creditworthiness has been reviewed and found satisfactory. There is no guarantee that the Adviser's analysis of the creditworthiness of the counterparty will be accurate, and the underlying collateral involved in the transaction can expose the Fund to additional risk regardless of the creditworthiness of the parties involved in the transaction.

**U.S. Government Securities Risk.** Because of the rising U.S. Government debt burden, it is possible that the U.S. Government may not be able to meet its financial obligations or that securities issued or backed by the U.S. Government may experience credit downgrades. Such a credit event may adversely affect the financial markets. Certain U.S. Government securities are not guaranteed or backed by the full faith and credit of the United States. For these securities, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States.

**Variable and Floating Rate Demand Notes Risk.** Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness. Demand features, which are often issued by third-party financial institutions, may shorten the life of a variable or floating rate security. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the third-party financial institutions supporting the Fund's investments. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults and the third party is unable to fulfill its liquidity or guarantee demand feature obligations.

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### M ANAGEMENT OF THE F UND
INVESTMENT ADVISER

Janus Henderson Investors US LLC (the "Adviser"), 151 Detroit Street, Denver, Colorado 80206-4805, is the investment adviser to the Fund. The Adviser is responsible for the day-to-day management of the Fund's investment portfolio and furnishes continuous advice and recommendations concerning the Fund's investments. The Adviser also provides certain administration and other services and is responsible for other business affairs of the Fund.

The Adviser (together with its predecessors and affiliates) has served as investment adviser to the Janus Henderson mutual funds since 1970 and currently serves as investment adviser to all of the Janus Henderson mutual funds, as well as the Janus Henderson exchange-traded funds, acts as subadviser for a number of private-label mutual funds, and provides separate account advisory services for institutional accounts and other unregistered products.

The Trust and the Adviser have received an exemptive order from the SEC that permits the Adviser, subject to the approval of the Board of Trustees ("Trustees"), to appoint or replace certain subadvisers to manage all or a portion of the Fund's assets and enter into, amend, or terminate a subadvisory agreement with certain subadvisers without obtaining shareholder approval (a "manager-of-managers structure"). The manager-of-managers structure applies to subadvisers that are not affiliated with the Trust or the Adviser ("non-affiliated subadvisers"), as well as any subadviser that is an indirect or direct "wholly-owned subsidiary" (as such term is defined by the Investment Company Act of 1940, as amended) of the Adviser or of another company that, indirectly or directly, wholly owns the Adviser (collectively, "wholly-owned subadvisers").

Pursuant to the order, the Adviser, with the approval of the Trustees, has the discretion to terminate any subadviser and allocate and, as appropriate, reallocate the Fund's assets among the Adviser and any other non-affiliated subadvisers or wholly- owned subadvisers (including terminating a non-affiliated subadviser and replacing it with a wholly-owned subadviser). To the extent that the Fund's assets are allocated to one or more subadvisers, the Adviser, subject to oversight by the Trustees, would have the responsibility to oversee such subadviser(s) to the Fund and to recommend for approval by the Trustees, the hiring, termination, and replacement of a subadviser for the Fund. In the event that the Adviser hires a subadviser pursuant to the manager-of-managers structure, the Fund would provide shareholders with information about the subadviser and subadvisory agreement within 90 days.

The Adviser furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Adviser generally pays the salaries, fees, and expenses of Fund officers with respect to services provided to the Fund, although some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund.

MANAGEMENT EXPENSES

The Fund pays the Adviser an investment advisory fee and incurs other expenses, including legal and auditing fees and Independent Trustees' fees and expenses. The Fund's investment advisory fee is calculated daily and paid monthly. The Fund's advisory agreement details the investment advisory fee and other expenses that the Fund pays.

The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate). The rate shown is a fixed rate based on the Fund's average daily net assets.

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| | | |
|:---|:---|:---|
| **Fund Name** | **Average Daily**<br> **Net Assets<br>of the Fund** | **Contractual**<br> **Investment**<br> **Advisory Fee (%)**<br> **(annual rate)** |
|  Janus Henderson Government Money Market Fund | All Asset Levels | 0.20 |

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#### American Cancer Society Support
The Adviser will donate from the Adviser's own resources, an amount representing 50% of the Adviser's quarterly management fee revenue attributable to the Fund, net of any fee waivers and/or expense reimbursements, to the American Cancer Society<sup>®</sup> ("ACS") in connection with ACS's agreement to license the use of its name and trademarks to the Adviser. The Adviser will make annual minimum contributions to ACS of $1 million from 2024 to 2027, and in each year thereafter to the extent this arrangement continues. The Adviser's donation may result in a tax benefit for the Adviser, but will not result in a tax benefit for shareholders. The ACS does not endorse any service or product. Shares of the Fund are not sponsored, endorsed, or promoted by the ACS, and the ACS is not an investment adviser or service provider to the Fund, Trust, or Adviser.

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A discussion regarding the basis for the Trustees' approval of the Fund's investment advisory agreement is included in the Fund's semiannual report (for the period ended December 31, 2023) and in the Fund's financial statements (for the period ended June 30, 2024 and moving forward). You can request the Fund's semiannual reports or financial statements (as they become available), free of charge, by contacting your plan sponsor, broker-dealer, or financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687. This information is also available, free of charge, at janushenderson.com/info.

ADMINISTRATION FEE

The Fund pays an administration fee of 0.02% of the average daily net assets of American Cancer Society Support – Class N Shares to compensate the Adviser for providing certain administration services including, but not limited to, recordkeeping, fund accounting, preparation of reports and prospectuses distributed to current shareholders, and registration functions. This administration fee also covers expenses including, but not limited to, custody, transfer agency, shareholder servicing, and provision of office facilities and personnel necessary to carry on the business of the Fund. The administration fee may also be used to pay financial intermediaries for subaccounting, order processing for omnibus or networked accounts, or other shareholder servicing. Order processing includes the submission of transactions by financial intermediaries through the National Securities Clearing Corporation or similar systems, or those processed on a manual basis.

EXPENSE LIMITATION

The Adviser has contractually agreed to waive and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.20% for at least a one-year period through December 31, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. For information about how the expense limit affects the total expenses of the Fund, see the "Fees and Expenses of the Fund" table in the Fund Summary of the Prospectus.

PORTFOLIO MANAGEMENT

#### Janus Henderson Government Money Market Fund
Co-Portfolio Managers Andrew Forman and Garrett Strum are responsible for the day-to-day management of the Fund. Mr. Strum, as Lead Portfolio Manager, has the authority to exercise final decision-making on the overall portfolios.

**Andrew Forman** is Co-Portfolio Manager of Janus Henderson Government Money Market Fund, which he has co-managed since February 2025. He is also Portfolio Manager of other Janus Henderson accounts. Mr. Forman joined the Adviser in 2013. He holds a Bachelor of Arts degree in Economics with a minor in Atmospheric and Oceanic Sciences from the University of Colorado.

**Garrett Strum** is Executive Vice President and Lead Portfolio Manager of Janus Henderson Government Money Market Fund, which he has managed or co-managed since May 2017. He is also Portfolio Manager of other Janus Henderson accounts and performs duties as an analyst. Mr. Strum holds a Bachelor of Science degree in Business with concentrations in Finance and Real Estate from Colorado State University.

#### Conflicts of Interest
The Adviser manages other funds and numerous other accounts, which may include separate accounts and other pooled investment vehicles, such as hedge funds. Side-by-side management of multiple accounts, including the management of a cash collateral pool for securities lending and investing the Janus Henderson funds' cash, may give rise to conflicts of interest among those accounts, and may create potential risks, such as the risk that investment activity in one account may adversely affect another account. For example, short sale activity in an account could adversely affect the market value of long positions in one or more other accounts (and vice versa). Side-by-side management may raise additional potential conflicts of interest relating to the allocation of investment opportunities and the aggregation and allocation of trades. Additionally, the Adviser manages the Janus Henderson "funds of funds," which are funds that invest primarily in other mutual funds that are managed by the Adviser. Because the Adviser manages the Janus Henderson "funds of funds" and the Janus Henderson funds, it is subject to certain potential conflicts of interest when allocating the assets of a Janus Henderson "fund of funds" among such Janus Henderson funds. To the extent that the Fund is an underlying fund in a Janus Henderson "fund of funds," a potential conflict of interest

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arises when allocating the assets of the Janus Henderson "fund of funds" to that Fund. Purchases and redemptions of fund shares by a Janus Henderson "fund of funds" due to reallocations or rebalancings may result in the Fund having to sell securities or invest cash when it otherwise would not do so, which could accelerate the recognition of taxable income or cause actual expenses to increase. The impact of these transactions is likely to be greater when a Janus Henderson "fund of funds" purchases, redeems, or owns a substantial portion of the Fund's shares. A further discussion of potential conflicts of interest and a discussion of certain procedures intended to mitigate such potential conflicts are contained in the Fund's SAI.

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### OTHER INFORMATION
DISTRIBUTION OF THE FUND

The Fund is distributed by Janus Henderson Distributors US LLC (the "Distributor"), which is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). To obtain information about FINRA member firms and their associated persons, you may contact FINRA at www.finra.org or 1-800-289-9999.

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### DISTRIBUTION AND TAXES
DISTRIBUTIONS

To avoid taxation of the Fund, the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), requires the Fund to distribute all or substantially all of its net investment income and any net capital gains realized on its investments at least annually. A return of capital distribution is tax-free to the extent of your basis in your shares and thereafter is treated as a capital gain if you hold your shares as a capital asset. Because a return of capital distribution reduces the basis of your shares, a return of capital distribution may result in a higher capital gain or a lower capital loss when you sell your shares held in a taxable account. Distributions are made at the class level, so they may vary from class to class within a single Fund.

Dividends representing substantially all of the net investment income and any net realized gains on sales of securities are declared daily (Saturdays, Sundays, and holidays included) and distributed as of the last business day of each month. If a month begins on a Saturday, Sunday, or holiday, dividends for those days are declared and distributed at the end of the preceding month.

For additional information on the accrual of dividends in connection with purchase orders and redemption requests, refer to "Purchases" and/or "Redemptions."

For your convenience, distributions of dividends and capital gains are automatically reinvested in additional Shares of the Fund. To receive distributions in cash, contact your financial intermediary. Whether reinvested or paid in cash, the distributions may be subject to taxes, unless your shares are held in a qualified tax-advantaged plan or account.

 TAXES<br>

As with any investment, you should consider the tax consequences of investing in the Fund. The following is a general discussion of certain federal income tax consequences of investing in the Fund. The discussion does not apply to qualified tax-advantaged accounts or other non-taxable entities, nor is it a complete analysis of the federal income tax implications of investing in the Fund. You should consult your tax adviser regarding the effect that an investment in the Fund may have on your particular tax situation, including the federal, state, local, and foreign tax consequences of your investment.

#### Taxes on Distributions
Distributions by the Fund are subject to federal income tax, regardless of whether the distribution is made in cash or reinvested in additional shares of the Fund. Distributions from net investment income (which includes dividends, interest, and realized net short-term capital gains), other than qualified dividend income, are taxable to shareholders as ordinary income. Distributions of qualified dividend income are taxed to individuals and other noncorporate shareholders at long-term capital gain rates, provided certain holding period and other requirements are satisfied. Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) are taxable as long-term capital gain, regardless of how long a shareholder has held Fund shares. In certain states, a portion of the distributions (depending on the sources of the Fund's income) may be exempt from state and local taxes. Individuals, trusts, and estates whose income exceeds certain threshold amounts are subject to an additional 3.8% Medicare contribution tax on net investment income. Net investment income includes dividends paid by the Fund and capital gains from any sale or exchange of Fund shares. The Fund's net investment income and capital gains are distributed to (and may be taxable to) those persons who are shareholders of the Fund at the record date of such payments. Although the Fund's total net income and net realized gain are the results of its operations, the per share amount distributed or taxable to shareholders is affected by the number of Fund shares outstanding at the record date. Distributions declared to shareholders of record in October, November, or December and paid on or before January 31 of the succeeding year will be treated for federal income tax purposes as if received by shareholders on December 31 of the year in which the distribution was declared. Generally, account tax information will be made available to shareholders on or before February 15 of each year. Information regarding distributions may also be reported to the Internal Revenue Service (the "IRS").

Distributions made by the Fund with respect to Shares purchased through a qualified retirement plan will generally be exempt from current taxation if left to accumulate within the qualified plan. Generally, withdrawals from qualified plans may be subject to federal income tax at ordinary income rates and, if made before age 59<sup>1</sup>⁄<sub>2</sub>, a 10% penalty tax may be imposed. The federal income tax status of your investment depends on the features of your qualified plan. For further information, please contact your plan sponsor or tax adviser.

#### Taxes on Sales or Exchanges
Any time you sell or exchange shares of the Fund in a taxable account, it is considered a taxable event. For federal income tax purposes, an exchange is treated the same as a sale. Depending on the purchase price and the sale price, you may have a gain or

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loss on the transaction. The gain or loss will generally be treated as a long-term capital gain or loss if you held your shares for more than one year and if not held for such period, as a short-term capital gain or loss. Any tax liabilities generated by your transactions are your responsibility. Your ability to deduct capital losses may be limited under the Internal Revenue Code.

The Fund may be required to withhold U.S. federal income tax on all distributions and redemption proceeds to shareholders who fail to provide their correct taxpayer identification number, fail to make certain required certifications, or who have been notified by the IRS (or the Fund has been notified by the IRS) that they are subject to backup withholding. The current backup withholding rate is applied.

If a shareholder does not meet the requirements of the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to impose a 30% U.S. withholding tax on distributions and proceeds from the sale or other disposition of shares in the Fund. FATCA withholding will generally apply to payments of dividends from net investment income, payments of gross proceeds from sales of Fund shares, and distributions of net capital gains. Proposed Treasury regulations, however, generally eliminate withholding under FATCA on gross proceeds, which include certain capital gains distributions and gross proceeds from a sale or disposition of Fund shares. Taxpayers generally may rely on these proposed Treasury regulations until final Treasury regulations are issued. Shareholders should consult their individual tax advisers regarding the possible implications of FATCA.

For Shares sold from a taxable account, your intermediary (or the Fund, if you hold American Cancer Society Support – Class N Shares directly with the Fund) will report cost basis information to you and to the IRS. Your intermediary (or the Fund) will permit shareholders to elect their preferred cost basis method. In the absence of an election, your cost basis method will be your intermediary's default method, unless you hold American Cancer Society Support – Class N Shares directly with the Fund in which case the Fund will use an average cost basis method. Please consult your tax adviser to determine the appropriate cost basis method for your particular tax situation and to learn more about how the cost basis reporting laws apply to you and your investments.

#### Taxation of the Fund
Dividends, interest, and some capital gains received by the Fund on foreign securities may be subject to foreign tax withholding or other foreign taxes. If the Fund is eligible, it may from year to year make the election permitted under Section 853 of the Internal Revenue Code to pass through such taxes to shareholders. If the Fund makes such election, foreign taxes paid by the Fund will be reported to shareholders as income and shareholders may claim a tax credit or deduction for such taxes, subject to certain limitations. If such an election is not made, any foreign taxes paid or accrued will represent an expense to the Fund.

The Fund does not expect to pay any federal income or excise taxes because it intends to meet certain requirements of the Internal Revenue Code, including the distribution each year of substantially all its net investment income and net capital gains. It is important that the Fund meets these requirements so that any earnings on your investment will not be subject to federal income tax twice. If the Fund invests in partnerships, it may be subject to state tax liabilities.

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### S HAREHOLDER ' S GUIDE
**With certain exceptions, the Fund is generally available only to shareholders residing in the United States and employees of the Adviser or its affiliates. For purposes of this policy, the Fund requires that a shareholder and/or entity be a U.S. citizen residing in the United States or a U.S. Territory (including overseas U.S. military or diplomatic addresses) or a resident alien residing in the United States or a U.S. Territory with a valid U.S. Taxpayer Identification Number to open an account with the Fund.** 

The Fund offers multiple classes of shares in order to meet the needs of various types of investors.

**American Cancer Society Support – Class N Shares** are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans, and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) institutional investors and retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser or its affiliates, for distribution-related or other shareholder services. Your broker or financial intermediary may impose a commission or other sales charge on purchases of American Cancer Society Support – Class N Shares. The nature and amount of such commission or other sales charge for your purchases is determined solely by your broker or financial intermediary; for more information please contact your broker or financial intermediary representative. American Cancer Society Support – Class N Shares also are available to Janus Henderson proprietary products. American Cancer Society Support – Class N Shares also are available to certain direct institutional investors approved by the Distributor including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

The Shares are not offered directly to individual investors. Consult with your financial intermediary representative for additional information on whether the Shares are an appropriate investment choice. Certain funds may not be available through certain of these intermediaries and not all financial intermediaries offer all classes of shares. **If your financial intermediary offers more than one class of shares, you should carefully consider which class of shares to purchase. Certain classes have higher expenses than other classes, which may lower the return on your investment. For instructions on how to purchase, exchange, or redeem Shares, contact your financial intermediary or refer to your plan documents. For American Cancer Society Support – Class N Shares held directly with the Fund, please contact a Janus Henderson representative at 1-800-333-1181.**

PRICING OF FUND SHARES

The per share net asset value ("NAV") for the class is computed by dividing the total value of assets allocated to the class, less liabilities allocated to that class, by the total number of outstanding shares of the class. The Fund's NAV is generally calculated as of the following times each day that the New York Stock Exchange ("NYSE") is open ("business day"): 10:00 am, 1:00 pm, and 4:00 pm New York time. These times are each referred to as a "cut-off time."

The time at which the Fund's NAV is calculated may be changed if trading on the NYSE is restricted, the NYSE closes at a different time, or as permitted by the SEC. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. The value of the Fund's holdings may change on days that are not business days in the United States and on which you will not be able to purchase or redeem the Fund's Shares.

The price you pay for purchases of Shares is the public offering price, which is the NAV next calculated after your request is received in good order by the Fund or its agents. If a financial intermediary holds your shares, it is the responsibility of the financial intermediary to send your purchase order and payment to the Fund prior to the cut-off times specified above. Your financial intermediary may have earlier cut-off times for purchase orders. In addition, your financial intermediary may be closed at times when the Fund is open. Your order through a financial intermediary will be processed at the NAV next calculated following receipt of the order from the financial intermediary and acceptance by the Fund. In the event that the order is accepted by a financial intermediary that the Fund has authorized to accept orders on its behalf, the order will be priced at the Fund's NAV next calculated after it is accepted by the financial intermediary. In such cases, if requested by the Fund, a financial intermediary will be responsible for providing information with regard to the time that such order for purchase, redemption or exchange was received. Orders submitted through a financial intermediary that has not received such authorization will be priced at the Fund's NAV next calculated after the Fund receives the order from the financial intermediary and accepts it, which may not occur on the day the order is submitted to the financial intermediary.

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The price you receive to sell Shares is also the NAV. Although purchases and redemptions are made at the NAV calculated after your order is received by the Fund or its agent, you may be charged a commission or an additional fee for processing purchases and redemptions of Shares by your broker or other financial institution. The nature and amount of the commission or additional fee for processing purchases and redemptions of Shares and the times at which it may be collected are determined by your broker. In order to receive the NAV next calculated, your order must be received in good order by the Fund or its agents prior to the cut-off times specified above.

The Fund's portfolio securities are valued at amortized cost, which approximates market value. Amortized cost valuation involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity (or such other date as permitted by Rule 2a-7) of any discount or premium. If fluctuating interest rates cause the market value of the Fund's portfolio to deviate more than 1/2 of 1% from the value determined on the basis of amortized cost, the Trustees will consider whether any action, such as adjusting the NAV to reflect current market conditions, should be initiated to prevent any material dilutive effect on shareholders.

Purchases, exchanges, redemptions, or other account activity must generally be processed through your financial intermediary or plan sponsor. Your financial intermediary or plan sponsor is responsible for promptly transmitting purchase, redemption, and other requests to the Fund under the arrangements made between your financial intermediary or plan sponsor and its customers. The Fund is not responsible for the failure of any financial intermediary or plan sponsor to carry out its obligations to its customers.

CHOOSING A SHARE CLASS

American Cancer Society Support – Class N Shares are offered by this Prospectus. The Fund offers multiple classes of shares in order to meet the needs of various types of investors. For more information about these classes of Shares and whether or not you are eligible to purchase these Shares, please call 1-877-335-2687.

Each class represents an interest in the same portfolio of investments, but has different charges and expenses, allowing you to choose the class that best meets your needs. For an analysis of fees associated with an investment in each share class or other similar funds, please visit www.finra.org/fundanalyzer. When choosing a share class, you should consider:

• how much you plan to invest;

• how long you expect to own the shares; and

• the expenses paid by each class.

You should also consult your financial intermediary about which class is most suitable for you. In addition, you should consider the factors below with respect to the Shares:

---

| | |
|:---|:---|
| **American Cancer Society Support – Class N Shares<sup>(1)</sup>** |  |
|  Initial sales charge on purchases |  |
|  Deferred sales charge (CDSC) |  |
|  Administration fee | 0.02%<sup>(1)</sup> |
|  Minimum initial investment |  |
| • Retirement investors (investing through an adviser-assisted, employer-sponsored plan) |  |
| • Retail investors (investing through a financial intermediary omnibus account) | $2500<sup>(2)</sup> |
| • Institutional investors (investing directly with the Fund) | $1000000 |
|  Maximum purchase |  |
|  Minimum aggregate account balance |  |

---

(1) In addition to these fees and expenses, your broker or financial intermediary may impose a commission or other sales charge on your purchases of American Cancer Society Support – Class N Shares. The nature and amount of such commission or other sales charge is determined solely by your broker or financial intermediary; for more information please contact your broker or financial intermediary representative.

(2) Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum.

PAYMENTS TO FINANCIAL INTERMEDIARIES BY THE ADVISER OR ITS AFFILIATES

From their own assets, the Adviser or its affiliates pay selected brokerage firms or other financial intermediaries that sell certain classes of Shares of the Janus Henderson funds for distribution, marketing, promotional, or related services. Such payments may be based on gross sales, assets under management, or transactional charges, or on a combination of these factors. The amount of these payments is determined from time to time by the Adviser, may be substantial, and may differ for different financial

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intermediaries. Payments based primarily on sales create an incentive to make new sales of shares, while payments based on assets create an incentive to retain previously sold shares. Sales- and asset-based payments currently range up to 25 basis points on sales and up to 20 basis points on average annual net assets of shares held through the intermediary and are subject to change. Payments based on transactional charges may include the payment or reimbursement of all or a portion of "ticket charges." Ticket charges are fees charged to salespersons purchasing through a financial intermediary firm in connection with mutual fund purchases, redemptions, or exchanges. The payment or reimbursement of ticket charges creates an incentive for salespersons of an intermediary to sell shares of Janus Henderson funds over shares of funds for which there is lesser or no payment or reimbursement of any applicable ticket charge. Payments made with respect to certain classes of Shares may create an incentive for an intermediary to promote or favor other share classes of the Janus Henderson funds. The Adviser and its affiliates consider a number of factors in making payments to financial intermediaries, including, but not limited to, the share class or share classes selected by the financial intermediary for a particular channel, platform or investor type, whether such class is open to new investors on a particular platform or channel, the distribution capabilities of the intermediary, the overall quality of the relationship, expected gross and/or net sales generated by the relationship, redemption and retention rates of assets held through the intermediary, the willingness of the intermediary to cooperate with the Adviser's marketing efforts, access to sales personnel, and the anticipated profitability of sales through the institutional relationship. These factors may change from time to time.

In addition, the Adviser, the Distributor, or their affiliates pay fees, from their own assets, to certain brokerage firms, banks, financial advisors, retirement plan service providers, and other financial intermediaries for providing other marketing or distribution-related services, as well as recordkeeping, subaccounting, transaction processing, other shareholder or administrative services (including payments for processing transactions via the National Securities Clearing Corporation or other means), and the Committee on Uniform Security Identification Procedures ("CUSIP") and fund setup fees, in connection with investments in the Janus Henderson funds. These fees are in addition to any fees that may be paid by the Janus Henderson funds for certain of these types of services or other services. The Adviser or its affiliates may have numerous agreements to make payments to financial institutions which perform recordkeeping or other administrative services with respect to shareholder accounts.

The Adviser or its affiliates periodically share certain marketing expenses with selected intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. The Adviser or its affiliates make payments to participate in selected intermediary marketing support programs which may provide the Adviser or its affiliates with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, data, business planning and strategy sessions with intermediary personnel, information on industry- or platform-specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of Janus Henderson funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Janus Henderson funds to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Janus Henderson funds available to their customers.

The receipt of (or prospect of receiving) payments, reimbursements, and other forms of compensation described above may provide a financial intermediary and its salespersons with an incentive to favor sales of Janus Henderson funds' shares over sales of other mutual funds (or non-mutual fund investments) or to favor sales of one class of Janus Henderson funds' shares over sales of another Janus Henderson funds' share class, with respect to which the financial intermediary does not receive such payments or receives them in a lower amount. The receipt of these payments may cause certain financial intermediaries to elevate the prominence of the Janus Henderson funds within such financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or the provision of preferential or enhanced opportunities to promote the Janus Henderson funds in various ways within such financial intermediary's organization.

From time to time, certain financial intermediaries approach the Adviser to request that the Adviser make contributions to certain charitable organizations. In these cases, the Adviser's contribution may result in the financial intermediary, or its salespersons, recommending Janus Henderson funds over other mutual funds (or non-mutual fund investments).

The payment arrangements described above will not change the price an investor pays for Shares nor the amount that a Janus Henderson fund receives to invest on behalf of the investor. However, as described elsewhere in this Prospectus, your financial adviser

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and/or his or her firm may also receive an administration fee in connection with your purchase and retention of Janus Henderson funds. When such fees are combined with the payments described above, the aggregate payments being made to a financial intermediary may be substantial. You should consider whether such arrangements exist when evaluating any recommendations from an intermediary to purchase or sell Shares of the Fund and, if applicable, when considering which share class of the Fund is most appropriate for you. Please contact your financial intermediary or plan sponsor for details on such arrangements.

 PURCHASES<br>

With certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, you may not be able to open an account or buy additional shares.

American Cancer Society Support – Class N Shares may be purchased directly with the Fund in certain circumstances as described in the eligibility discussion at the beginning of this "Shareholder's Guide" section. Contact your financial intermediary, a Janus Henderson representative (1-800-333-1181) if you hold American Cancer Society Support – Class N Shares directly with the Adviser, or refer to your plan documents for information on how to invest in the Fund, including additional information on minimum initial or subsequent investment requirements. Under certain circumstances, the Fund may permit an in-kind purchase of Shares. Your financial intermediary may charge you a separate or additional fee for processing purchases of Shares. Only certain financial intermediaries are authorized to receive purchase orders on the Fund's behalf. As discussed under "Payments to Financial Intermediaries by the Adviser or its Affiliates," the Adviser and its affiliates may make payments to brokerage firms or other financial intermediaries that were instrumental in the acquisition or retention of shareholders for the Fund or that provide services in connection with investments in the Fund. You should consider such arrangements when evaluating any recommendation of the Fund.

If a purchase order is received prior to the last cut-off time specified in "Pricing of Fund Shares" above and payment in federal funds is wired to and received by the Fund by the close of the Federal Reserve wire transfer system (normally, 6:00 p.m. New York time), then dividends will begin to accrue on the same business day that wire purchase order is received. In the event that an order is placed prior to 4:00 p.m. (New York time) and payment through federal funds or other immediately available funds is not received by the Fund by the close of the Federal Reserve wire transfer system or other immediately available funds that same day, you will not accrue a dividend on that that day and the Fund reserves the right to cancel your purchase order and you will be liable for any resulting losses or fees incurred by the Fund or the Fund's transfer agent.

If a payment is received through financial intermediaries or plan sponsors on your behalf through electronic trading platforms (e.g., National Securities Clearing Corporation ("NSCC")) on a business day after the last cut-off time specified in "Pricing of Fund Shares" above, you will not earn dividends on the day the purchase order is received.

The Fund reserves the right to require purchase requests and payments from the financial intermediary or plan sponsor prior to the final cut-off time specified above on days when the bond markets or NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time.

The Fund reserves the right to reject any purchase order, including exchange purchases, for any reason.

In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"), your financial intermediary (or the Adviser if you hold Shares directly with the Fund) is required to verify certain information on your account application as part of its Anti-Money Laundering Program. You will be required to provide your full name, date of birth, Social Security number, and permanent street address to assist in verifying your identity. You may also be asked to provide documents that may help to establish your identity. For investors other than individuals: When you open an account, you will be asked for the name of the entity, its principal place of business, and taxpayer identification number, and you may be requested to provide information on persons with authority or control over the account, or persons who own (whether directly, indirectly, or beneficially) 25% or more of the entity, such as name, permanent street address, date of birth, and Social Security number. Until verification of an identity is made, your financial intermediary (or the Adviser if you hold Shares directly with the Fund) may temporarily limit additional share purchases. In addition, your financial intermediary (or the Adviser if you hold Shares directly with the Fund) may close an account if it is unable to verify a shareholder's identity. Please contact your financial intermediary (or a Janus Henderson representative if you hold Shares directly with the Fund) if you need additional assistance when completing your application or additional information about the intermediary's Anti-Money Laundering Program.

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In an effort to ensure compliance with this law, the Adviser's Anti-Money Laundering Program (the "Program") provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

#### Minimum Investment Requirements

#### American Cancer Society Support – Class N Shares
For retail investors whose accounts are held through an omnibus account at their financial intermediary, the minimum investment is $2,500 per Fund account. Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum. For institutional investors investing directly with the Fund, the minimum investment is $1 million per Fund account. There is no investment minimum for adviser-assisted, employer-sponsored retirement plans, including health savings accounts. For additional information, contact your intermediary, plan sponsor, administrator, or a Janus Henderson representative, as applicable.

The Fund reserves the right to annually request that intermediaries close Fund accounts that are valued at less than $100, other than as a result solely of depreciation in share value. Certain accounts held through intermediaries may not be subject to closure due to the policies of the intermediaries. You may receive written notice from your intermediary to increase your account balance to the required minimum to avoid having your account closed provided you meet certain residency eligibility requirements. You may receive written notice prior to the closure of your Fund account so that you may increase your account balance to the required minimum provided you meet certain residency eligibility requirements. Please note that you may incur a tax liability as a result of a redemption. The Fund reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part.

#### Systematic Purchase Plan
You may arrange for periodic purchases by authorizing your financial intermediary (or the Adviser if you hold Shares directly with the Fund) to withdraw the amount of your investment from your bank account on a day or days you specify. Not all financial intermediaries offer this plan. Contact your financial intermediary or a Janus Henderson representative for details.

 EXCHANGES<br>

With certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, the exchange privilege may not be available. Contact your financial intermediary, a Janus Henderson representative (1-800-333-1181) if you hold Shares directly with the Fund, or consult your plan documents to exchange into other funds in the Trust. Be sure to read the prospectus of the fund into which you are exchanging. An exchange from one fund to another is generally a taxable transaction (except for certain tax-advantaged accounts).

• You may generally exchange Shares of the Fund for Shares of the same class of any other fund in the Trust offered through your financial intermediary or qualified plan.

• You may also exchange shares of one class for another class of shares within the same fund, provided the eligibility requirements of the class of shares to be received are met. Same-fund exchanges will generally only be processed in instances where there is no CDSC on the shares to be exchanged and no initial sales charge on the shares to be received. The Fund's fees and expenses differ between share classes. Please read the Prospectus for the share class you are interested in prior to investing in that share class. Contact your financial intermediary or consult your plan documents for additional information.

• You must meet the minimum investment amount for each fund.

• The Fund reserves the right to reject any exchange request and to modify or terminate the exchange privilege at any time.

REDEMPTIONS

With certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, once you close your account, you may not make additional investments in the Fund.

Redemptions, like purchases, may generally be effected only through financial intermediaries, retirement platforms, and by certain direct institutional investors holding American Cancer Society Support – Class N Shares. Please contact your financial intermediary, a Janus Henderson representative (1-800-333-1181) if you hold American Cancer Society Support – Class N Shares directly with the 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.

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Shares of the Fund may be redeemed on any business day on which the Fund's NAV is calculated. Redemptions are duly processed at the NAV next calculated after your redemption order is received in good order by the Fund or its agents. The Fund reserves the right to require redemption requests prior to the final cut-off time specified above on days when the bond markets or NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time.

The length of time that the Fund typically expects to pay redemption proceeds depends on whether the payment of redemption proceeds is made by federal funds wire, or certain electronic trading platforms (e.g., NSCC). Under normal circumstances, for any proceeds to be paid by federal funds wire, if the Fund receives your order before the Fund's final daily cut-off time, the Fund typically expects to pay redemption proceeds to you by federal funds wire that same business day. Proceeds may be made available throughout the day following the calculation of NAVs, although the Fund reserves the right to postpone payment of redemption proceeds on an intraday basis under stressed market conditions. In such circumstances, the Fund would expect to pay redemption proceeds the next business day. For redemptions submitted through financial intermediaries on your behalf through certain electronic trading platforms (e.g., NSCC) before the Fund's final daily cut-off time, redemption proceeds will normally be sent within two business days following receipt of the redemption order.

Dividends will not accrue on shares that are redeemed and paid on a same day basis on the date of redemption. Other redeeming shareholders will accrue dividends on the redemption date.

The Fund typically expects to meet redemption requests by paying out proceeds from cash or cash equivalent portfolio holdings, or by selling portfolio holdings. In stressed market conditions, and other appropriate circumstances, redemption methods may include borrowing funds or redeeming in-kind.

The Fund reserves the right to postpone payment of redemption proceeds for up to seven calendar days. Additionally, the right to require the Fund to redeem its Shares may be suspended, or the date of payment may be postponed beyond seven calendar days, whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (ii) the SEC permits such suspension and so orders; or (iii) an emergency exists as determined by the SEC so that disposal of securities or determination of NAV is not reasonably practicable.

The Fund reserves the right to annually request that intermediaries close Fund accounts that are valued at less than $100, other than as a result solely of depreciation in share value. Certain accounts held through intermediaries may not be subject to closure due to the policies of the intermediaries. You may receive written notice from your intermediary to increase your account balance to the required minimum to avoid having your account closed provided you meet certain residency eligibility requirements. If you hold American Cancer Society Support – Class N Shares directly with the Fund, you may receive written notice prior to the closure of your Fund account so that you may increase your account balance to the required minimum provided you meet certain residency eligibility requirements. Please note that you may incur a tax liability as a result of a redemption.

#### Large Shareholder Redemptions
Certain large shareholders, such as other funds, institutional investors, financial intermediaries, individuals, accounts, and affiliates of the Adviser, may from time to time own (beneficially or of record) or control a significant percentage of the Fund's Shares. Redemptions by these large shareholders of their holdings in the Fund may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the recognition of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, which could lead to an increase in the Fund's expense ratio.

#### Redemptions In-Kind
Shares normally will be redeemed for cash, although the Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of remaining shareholders, to accommodate a request by a particular shareholder that does not adversely affect the interests of the remaining shareholders, or in connection with the liquidation of a fund, by delivery of securities selected from its assets at its discretion. However, the Fund is required to redeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV of that Fund during any 90-day period for any one shareholder. Should

24<sub>½</sub>Janus Investment Fund

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redemptions by any shareholder exceed such limitation, the Fund will have the option of redeeming the excess in cash or in-kind. In-kind payment means payment will be made in portfolio securities rather than cash, and may potentially include illiquid investments. Illiquid investments may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such investments, which could cause the redeeming shareholder to realize losses on the investment if it is sold at a price lower than that at which it had been valued. If the Fund makes an in-kind payment, the redeeming shareholder might incur brokerage or other transaction costs to convert the securities to cash, whereas such costs are borne by the Fund for cash redemptions. Redemptions in-kind are taxable for federal income tax purposes in the same manner as redemptions for cash and subsequent sale of securities received in-kind may result in taxable gains for federal income tax purposes.

While the Fund may pay redemptions in-kind, the Fund may instead choose to raise cash to meet redemption requests through the sale of fund securities or permissible borrowings. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and may increase brokerage costs and accelerate the recognition of taxable income.

#### Suspension of Redemptions
In the event the Fund's market-based net asset value per share has deviated from the Fund's amortized cost price per share, or the Fund's Trustees, including a majority of Independent Trustees, determines that such a deviation is likely to occur, then the Trustees will take such action as they deem appropriate including, but not limited to, suspending redemptions and the payment of redemption proceeds, in order to facilitate the liquidation of the Fund. In addition, if the Fund's weekly liquid assets fall below 10%, the Fund may cease honoring redemptions and liquidate at the discretion of the Trustees. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to suspend redemptions and liquidate. If the Fund ceases honoring redemptions and makes a decision to liquidate, the Fund expects that it would notify shareholders on the Fund's websites or by press release.

#### Systematic Withdrawal Plan
You may arrange for periodic redemptions by authorizing your financial intermediary (or the Adviser if you hold Shares directly with the Fund) to redeem a specified amount from your account on a day or days you specify. Not all financial intermediaries offer this plan. Contact your financial intermediary or a Janus Henderson representative for details.

AVAILABILITY OF PORTFOLIO HOLDINGS INFORMATION

The Mutual Fund Holdings Disclosure Policies and Procedures adopted by the Adviser and all mutual funds managed within the Janus Henderson fund complex are designed to be in the best interests of the funds and to protect the confidentiality of the funds' portfolio holdings. The following describes such policies and procedures with respect to disclosure of portfolio holdings.

• **Full Holdings.** The Fund is required to disclose its complete holdings in the annual and semiannual financial statements located in Form N-CSR. In addition, the Fund is required to disclose its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. Form N-CSR filings and Form N-MFP reports (i) are available on the SEC's website at http://www.sec.gov and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free). Holdings are generally posted within 5 business days after each month end under Full Holdings for the Fund at janushenderson.com/info.

• **Top Holdings.** The Fund's top portfolio holdings, in order of position size and as a percentage of the Fund's total portfolio, are available monthly with a 15-day lag.

• **Other Information.** The Fund may occasionally provide security breakdowns (e.g., industry, sector, regional, market capitalization, and asset allocation) and specific portfolio level performance attribution information and statistics monthly with a 15-day lag.

Full portfolio holdings will be available monthly and will remain on the Janus Henderson websites for at least 6 months on a rolling basis and will link to the Fund's Form N-MFP filing available on the SEC website. Under extraordinary circumstances, exceptions to the Mutual Fund Holdings Disclosure Policies and Procedures may be made by the head of the applicable investment unit or a delegate, in consultation with the Fund's Chief Compliance Officer or a delegate. Such exceptions may be made without prior notice to shareholders. A summary of the Fund's portfolio holdings disclosure policies and procedures, which includes a discussion of any exceptions, is contained in the Fund's SAI.

25<sub>½</sub>Janus Investment Fund

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SHAREHOLDER COMMUNICATIONS

#### Statements and Reports
Your financial intermediary or plan sponsor (or the Adviser if you hold Shares directly with the Fund) is responsible for sending you periodic statements of all transactions, along with trade confirmations and tax reporting, as required by applicable law.

Your financial intermediary or plan sponsor (or the Adviser if you hold Shares directly with the Fund) is responsible for providing annual and semiannual reports. Please contact your financial intermediary or plan sponsor (or the Adviser) to obtain these reports. The Fund's fiscal year ends June 30.

#### Lost (Unclaimed/Abandoned) Accounts
It is important to maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned as undeliverable. Based upon statutory requirements for returned mail, your financial intermediary or plan sponsor (or the Adviser if you hold Shares directly with the Fund) is required to attempt to locate the shareholder or rightful owner of the account. If the financial intermediary or plan sponsor (or the Adviser) is unable to locate the shareholder, then the financial intermediary or plan sponsor (or the Adviser) is legally obligated to deem the property "unclaimed" or "abandoned," and subsequently escheat (or transfer) unclaimed property (including shares of a mutual fund) to the appropriate state's unclaimed property administrator in accordance with statutory requirements. Further, your mutual fund account may be deemed "unclaimed" or "abandoned," and subsequently transferred to your state of residence if no activity (as defined by that state) occurs within your account during the time frame specified in your state's unclaimed property laws. The shareholder's last known address of record determines which state has jurisdiction. Interest or income is not earned on redemption or distribution check(s) sent to you during the time the check(s) remained uncashed.

26<sub>½</sub>Janus Investment Fund

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### FINANCIAL HIGHLIGHTS
The following table details the financial performance information of the Fund's American Cancer Society Support – Class T Shares (referenced in the table as "Class T"), which is described in a separate prospectus. Since American Cancer Society Support – Class N Shares of the Fund have not commenced operations prior to the date of this prospectus, there are no financial highlights available at this time for this share class. Because American Cancer Society Support – Class N Shares have lower expenses and differing net assets than American Cancer Society Support – Class T Shares, financial highlights for American Cancer Society Support – Class N Shares may differ.

Items "Net asset value, beginning of period" through "Net asset value, end of period" reflect financial results for a single Fund Share. The gross expense ratio reflects expenses prior to any expense offset arrangement and waivers (reimbursements), if applicable. The net expense ratio reflects expenses after any expense offset arrangement and waivers (reimbursements), if applicable. The information for the Fund for the fiscal periods ended June 30 has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund's financial statements, is included in the Fund's Form N-CSR and is incorporated by reference into the SAI.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in American Cancer Society Support – Class T Shares of the Fund (assuming reinvestment of all dividends and distributions).

#### Janus Henderson Government Money Market Fund – Class T

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years ended June 30 | Years ended June 30 | Years ended June 30 | Years ended June 30 | Years ended June 30 |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
|  **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  ***Income/(Loss) from Investment Operations:*** |  |  |  |  |  |
|  Net investment income/(loss)<sup>(1)</sup> | 0.05 | 0.03 | —<sup>(2)</sup> | —<sup>(2)</sup> | 0.01 |
|  Net realized and unrealized gain/(loss)<sup>(2)</sup> |  |  |  |  |  |
|  Total from Investment Operations | 0.05 | 0.03 |  |  | 0.01 |
|  ***Less Dividends and Distributions:***  |  |  |  |  |  |
|  Dividends (from net investment income) | (0.05) | (0.03) | —<sup>(2)</sup> | —<sup>(2)</sup> | (0.01) |
|  Distributions (from capital gains) |  | —<sup>(2)</sup> |  |  |  |
|  Total Dividends and Distributions | (0.05) | (0.03) |  |  | (0.01) |
|  **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  Total Return\* | 4.86% | 3.25% | 0.00% | 0.00% | 0.94% |
|  Net Assets, End of Period (in thousands) | $6217 | $6264 | $8866 | $6846 | $7384 |
|  Ratios to Average Net Assets\*\*: |  |  |  |  |  |
|  Ratio of Gross Expenses | 0.59% | 0.60% | 0.59% | 0.59% | 0.66% |
|  Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.59% | 0.60% | 0.26% | 0.09% | 0.53% |
|  Ratio of Net Investment Income/(Loss) | 4.75% | 3.14% | 0.00%<sup>(3)</sup> | 0.00%<sup>(3)</sup> | 0.98% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis.

(3) Less than 0.005%.

27<sub>½</sub>Janus Investment Fund

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### GLOSSARY OF INVESTMENT TERMS
This glossary provides a more detailed description of some of the types of securities, investment strategies, and other instruments in which the Fund may invest, as well as some general investment terms. The Fund may invest in these instruments to the extent permitted by its investment objective and policies. The Fund is not limited by this discussion and may invest in any other types of instruments not precluded by the policies discussed elsewhere in this Prospectus.

EQUITY AND DEBT SECURITIES

**Agency discount notes** are U.S. Government securities that are issued by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States that are issued at a discount to the principal amount to be repaid at maturity without provision for the payment of interest.

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

**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 finance short-term credit needs. The Fund may purchase commercial paper issued in private placements under Section 4(2) of the Securities Act of 1933, as amended.

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

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

**Mortgage- and asset-backed securities** are shares in a pool of mortgages or other debt instruments. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to shareholders on a pro rata basis.

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

**Variable amount master demand notes** are demand obligations that permit the investment of fluctuating amounts at varying market rates of interest pursuant to arrangements between the issuer and a commercial bank acting as agent for the payee of such notes whereby both parties have the right to vary the amount of the outstanding indebtedness on the notes. These notes are direct lending arrangements between the lender and borrower and there is no secondary market for them. The principal plus accrued interest is redeemable at any time, however. This right to redeem the notes depends on the ability of the borrower to make the specified payments on demand.

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

OTHER INVESTMENTS, STRATEGIES, AND/OR TECHNIQUES

**Repurchase agreements** involve the purchase of a security by the Fund and a simultaneous agreement by the seller (generally a bank or dealer) to repurchase the security from the Fund at a specified date or upon demand. This technique offers a method of earning income on idle cash.

28<sub>½</sub>Janus Investment Fund

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You can make inquiries and request other information, including a Statement of Additional Information, annual report, or semiannual report or Fund financial statements (as they become available), free of charge, by contacting your plan sponsor, broker-dealer, or financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687. The Fund's Statement of Additional Information, most recent annual and semiannual reports, and Fund financial statements are also available, free of charge, at janushenderson.com/info. Additional information about the Fund's investments is available in the Fund's annual and semiannual reports and in Form N-CSR. In Form N-CSR, you will find the Fund's annual and semiannual financial statements. Other information is also available from financial intermediaries that sell Shares of the Fund.

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

### janushenderson.com
151 Detroit Street

Denver, CO 80206-4805

1-877-335-2687

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

------

October 28, 2024

As Revised August 8, 2025

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| | |
|:---|:---|
| **Money Market** | **American Cancer<br>Society Support –<br>Class T Shares<sup>†</sup>Ticker** |
|  Janus Henderson Government Money Market Fund | ACTXX |

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## Janus Investment Fund
Prospectus

The Securities and Exchange Commission has not approved or disapproved of these securities or passed on the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

---

| | |
|:---|:---|
| <sup>†</sup> | The American Cancer Society<sup>®</sup> does not endorse any service or product. Shares of Janus Henderson Government Money Market Fund (the "Fund") are not sponsored, endorsed, or promoted by the American Cancer Society<sup>®</sup>, and the American Cancer Society<sup>®</sup> is not an investment adviser or service provider to the Fund, Janus Investment Fund, or Janus Henderson Investors US LLC. |

---

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![LOGO](g136083g09f19.jpg)

This Prospectus describes Janus Henderson Government Money Market Fund (the "Fund"), a portfolio of Janus Investment Fund (the "Trust"). Janus Henderson Investors US LLC (the "Adviser") serves as investment adviser to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Only American Cancer Society Support – Class T Shares (the "Shares") are offered by this Prospectus. The Shares are not offered directly to individual investors. For additional information about the Shares and whether or not you are eligible to purchase the Shares, please refer to the Shareholder's Guide section of the Prospectus.

For the purpose of this Prospectus, any reference to the "Janus Henderson funds" is inclusive of all series of the Trust, collectively, unless otherwise noted in this Prospectus.

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### T ABLE OF CONTENTS

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| | |
|:---|:---|
|  [FUND SUMMARY](#tpro136083_1a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Janus Henderson Government Money Market Fund](#tpro136083_1) | 2 |
|  [ADDITIONAL INFORMATION ABOUT THE FUND](#tpro136083_1b) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fees and expenses](#tpro136083_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Additional investment strategies and general portfolio policies](#tpro136083_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Risks of the Fund](#tpro136083_4) | 7 |
|  [MANAGEMENT OF THE FUND](#tpro136083_8a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment adviser](#tpro136083_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Management expenses](#tpro136083_6) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Administration fee](#tpro136083_7) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Expense limitation](#tpro136083_8) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio management](#tpro136083_9) | 11 |
|  [OTHER INFORMATION](#tpro136083_10) | 13 |
|  [DISTRIBUTIONS AND TAXES](#tpro136083_11) | 14 |
|  [SHAREHOLDER'S GUIDE](#tpro136083_11a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pricing of fund shares](#tpro136083_12) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments to financial intermediaries by the Adviser or its affiliates](#tpro136083_13) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Purchases](#tpro136083_14) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Exchanges](#tpro136083_15) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Redemptions](#tpro136083_16) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder communications](#tpro136083_17) | 21 |
|  [FINANCIAL HIGHLIGHTS](#tpro136083_18) | 22 |
|  [GLOSSARY OF INVESTMENT TERMS](#tpro136083_19) | 23 |

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1<sub>½</sub>Janus Investment Fund

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### FUND SUMMARY

### Janus Henderson Government Money Market Fund
Ticker: ACTXX American Cancer Society Support – Class T Shares ("Class T Shares")

INVESTMENT OBJECTIVES

Janus Henderson Government Money Market Fund seeks capital preservation and liquidity with current income as a secondary objective.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.

---

| | |
|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES**<br> (expenses that you pay each year as a percentage of the value of your investment) | **Class T** |
|  Management Fees | 0.20% |
|  Other Expenses<sup>(1)</sup> | 0.29% |
|  Total Annual Fund Operating Expenses | 0.49% |
|  Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.03% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.46% |

---

(1) Restated to reflect a contractual reduction in administration fees effective October 28, 2024.

(2) The Adviser has contractually agreed to waive and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.46% for at least a one-year period through December 31, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

#### EXAMPLE:
The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  Class T Shares | $50 | $157 | $274 | $616 |

---

PRINCIPAL INVESTMENT STRATEGIES

The Fund pursues its investment objectives by primarily investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities.

The Fund operates as a "government money market fund" as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended. As a government money market fund, the Fund pursues its investment objectives by normally investing at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). The Fund's investments in U.S. Government securities may include obligations issued and/or guaranteed as to principal and interest by the United States Government or by its agencies and instrumentalities, and repurchase agreements secured by such obligations. Although U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are not issued by, and may not be guaranteed by (i.e., backed by the full faith and credit of), the U.S. Treasury. Some government agency and instrumentality securities not backed by the full faith and credit of the United States are supported by the issuer's ability to borrow from the U.S. Treasury, some are supported only by the credit of the issuer, and some are supported by the United States in some other way. The Fund's investments in securities issued by U.S. Government agencies and instrumentalities may be significant.

2<sub>½</sub>Janus Henderson Government Money Market Fund

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The Fund will:

• invest in high-quality, short-term money market instruments that present minimal credit risks, as determined by the Adviser

• invest only in U.S. dollar-denominated instruments that have a remaining maturity of 397 days or less (as calculated pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended)

• maintain a dollar-weighted average portfolio maturity of 60 days or less and maintain a dollar-weighted average portfolio life (portfolio maturity measured without reference to any maturity shortening provisions of adjustable rate securities by reference to their interest rate reset dates) of 120 days or less

As a government money market fund, the Board of Trustees has determined not to subject the Fund to a liquidity fee on Fund redemptions. Please note that the Board of Trustees has reserved the ability to change this determination with respect to liquidity fees, but only after providing appropriate prior notice to shareholders.

PRINCIPAL INVESTMENT RISKS

**Money Market Risk.** You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Adviser is not required to reimburse the Fund for losses, and you should not expect that the Adviser will provide financial support to the Fund at any time, including during periods of market stress. Accordingly, if the value of Fund Shares were to fall below $1.00 per share, there is no guarantee that the Adviser or its affiliates would protect the Fund or redeeming shareholders against any loss of principal.

**Liquidity Risk.** The liquidity of the securities which the Fund holds may deteriorate rapidly due to credit events affecting one or more issuers or guarantors or due to general market conditions and a lack of willing buyers. In such cases, the Fund may have to accept a lower price or may be unable to sell a security. An inability to sell one or more securities may negatively affect the Fund's ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Additionally, adverse market conditions impacting the trading of the value of money market instruments and/or an unusually high volume of redemption requests could cause the Fund to be unable to pay redemption proceeds within a short period of time. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's ability to maintain the value of your investment at $1.00 per share.

**Credit Quality Risk.** The value of the securities which the Fund holds may fall based on an issuer's actual or perceived creditworthiness, or an issuer's ability to meet its obligations (potentially even the U.S. Government). The credit quality of the Fund's holdings can change rapidly in certain market environments and any downgrade or default of a portfolio security could cause the Fund's yield to fall or cause the value of the Fund's Shares to fall below $1.00 per share.

**Interest Rate Risk.** Although the Fund seeks to invest only in high-quality, short-term money market instruments, there is a risk that the value of the securities it holds will fall as a result of the changes in interest rates. Rising interest rates could cause the value of the Fund's investments to decline, and a decline in interest rates is likely to cause the Fund's yield to decline. During periods of unusually low or negative interest rates, the Fund's yield may approach or fall below zero. Such low interest rate environments may prevent the Fund from providing a positive yield or could impair the Fund's ability to maintain the value of your investment at $1.00 per share. Over time, the real value of the Fund's yield may be eroded by inflation.

**Market Risk.** The Fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. For capital preservation and liquidity, the Fund may have a greater concentration in short-term securities including, but not limited to, investing up to all of its assets in overnight securities, which may result in a reduction of the Fund's yield.

**Collateral Risk.** With respect to collateral received in repurchase transactions or other investments, the Fund may have significant exposure to government agencies not secured by the full faith and credit of the United States. Such exposure, depending on market conditions, could have a negative impact on the Fund, including minimizing the value of any collateral.

**Counterparty Risk.** Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or

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not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

**Variable and Floating Rate Demand Notes Risk.** Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness. Demand features, which are often issued by third-party financial institutions, may shorten the life of a variable or floating rate security. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the third-party financial institutions supporting the Fund's investments. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults and the third party is unable to fulfill its liquidity or guarantee demand feature obligations.

**U.S. Government Securities Risk.** Certain U.S. Government securities are not guaranteed or backed by the full faith and credit of the United States. For these securities, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States.

**Repurchase Agreement Risk.** Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security.

PERFORMANCE INFORMATION

The following information provides some indication of the risks of investing in the Fund by showing how the Fund's performance has varied over time. American Cancer Society Support – Class T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund's inception. The performance shown for American Cancer Society Support – Class T Shares is calculated using the fees and expenses of American Cancer Society Support – Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

The bar chart depicts the change in performance from year to year during the periods indicated. The table shows how the Fund's returns over different periods average out. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund's performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.

*The Fund's past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/performance or by calling 1-877-335-2687.* 

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

![LOGO](g136083g01k45.jpg)

**Best Quarter:** 4th Quarter 2023 **1.22% Worst Quarter:** 4th Quarter 2014 **0.00%**

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Class T Shares' year-to-date return as of the calendar quarter ended September 30, 2024 was 3.61%.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** (periods ended 12/31/23) | | | | |
|  | **1 Year** | **5 Years** | **10 Years** | **Since<br>Inception<br>(2/14/95)** |
| **Class T Shares** |  |  |  |  |
|  Return Before Taxes | 4.54% | 1.50% | 0.90% | 2.06% |

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The 7-day yield on December 31, 2023 was 4.80% for Janus Henderson Government Money Market Fund.

MANAGEMENT

**Investment Adviser:** Janus Henderson Investors US LLC

**Portfolio Management: Andrew Forman** is Co-Portfolio Manager of the Fund, which he co-managed since February 2025. **Garrett Strum** is Executive Vice President and Lead Portfolio Manager of the Fund, which he has managed or co-managed since May 2017.

PURCHASE AND SALE OF FUND SHARES

#### Minimum Investment Requirements
The minimum investment for American Cancer Society Support – Class T Shares is $2,500 per Fund account for non- retirement accounts and $500 per Fund account for certain tax-advantaged accounts or UGMA/UTMA accounts. Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage accounts that maintain omnibus accounts and charge asset-based service fees may not be subject to the $2,500 minimum investment requirement noted above.

Purchases, exchanges, and redemptions can generally be made only through institutional channels, such as financial intermediaries and retirement platforms. You should contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund. Requests must be received in good order by the Fund or its agents (financial intermediary or plan sponsor, if applicable) prior to the cut-off times specified in "Pricing of Fund Shares" of the Prospectus in order to receive the next net asset value calculated. For additional information, refer to "Purchases," "Exchanges," and/or "Redemptions" in the Prospectus.

TAX INFORMATION

The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account (in which case you may be taxed upon withdrawal of your investment from such account).

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund or its distributor (or its affiliates) may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment or to recommend one share class over another. Ask your salesperson or visit your financial intermediary's website for more information.

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### ADDITIONAL INFORMATION ABOUT THE FUND
FEES AND EXPENSES

**Please refer to the following important information when reviewing the "Fees and Expenses of the Fund" table in the Fund Summary of the Prospectus.** The fees and expenses shown were determined based on average net assets as of the fiscal year ended June 30, 2024.

• "Annual Fund Operating Expenses" are paid out of the Fund's assets and include fees for portfolio management and administrative services, including recordkeeping, subaccounting, and other shareholder services. You do not pay these fees directly but, as the Example in the Fund Summary shows, these costs are borne indirectly by all shareholders through the management fee and the administration fee paid to the Adviser.

• The "Management Fee" is the investment advisory fee rate paid by the Fund to the Adviser. Refer to "Management Expenses" in this Prospectus for additional information with further description in the Statement of Additional Information ("SAI").

• "Other Expenses" for the Fund include a class-level administration fee of 0.28% of the average daily net assets of American Cancer Society Support – Class T Shares to compensate the Adviser for providing certain administration services including, but not limited to, recordkeeping and registration functions and also to pay for costs such as shareholder servicing and custody.

• The Adviser has contractually agreed to waive and/or reimburse the Fund's "Total Annual Fund Operating Expenses" to the extent such expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.46% for at least a one-year period through December 31, 2025. The expense limit is described in the "Expense Limitation" section of this Prospectus.

• The Adviser may voluntarily waive and/or reimburse fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. Any waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield.

• All expenses in the Fund's "Fees and Expenses of the Fund" table are shown without the effect of expense offset arrangements. Pursuant to such arrangements, credits realized as a result of uninvested cash balances are used to reduce custodian and transfer agent expenses.

ADDITIONAL INVESTMENT STRATEGIES AND GENERAL PORTFOLIO POLICIES

The Fund's Board of Trustees ("Trustees") may change the Fund's investment objective or non-fundamental principal investment strategies without a shareholder vote. The Fund will notify you in writing at least 60 days before making any such change it considers material. In addition, the Fund will provide shareholders with at least 60 days' notice prior to changing the 80% investment policy. If there is a material change to the Fund's investment objective or principal investment strategies, you should consider whether the Fund remains an appropriate investment for you. There is no guarantee that the Fund will achieve its investment objective.

This section takes a closer look at investment strategies and general policies that apply to the Fund. Some of these strategies and policies may be part of a principal strategy. Other strategies and policies may be utilized to a lesser extent. The Fund is subject to certain specific Securities and Exchange Commission ("SEC") rule requirements. Among other things, the Fund is limited to investing in U.S. dollar-denominated instruments with a remaining maturity of 397 days or less (as calculated pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended) that are determined to present minimal credit risk.

#### Security Selection
In selecting securities for the Fund's portfolio, portfolio management focuses on securities that offer liquidity and a competitive yield. The Adviser conducts a credit analysis of each potential issuer prior to the purchase of its securities.

#### Demand Features
Demand features give the Fund the right to resell securities at specified periods prior to their maturity dates. Demand features may shorten the life of a variable or floating rate security or preferred stock, enhance the instrument's credit quality, and provide a source of liquidity. Demand features are often issued by third party financial institutions, generally domestic and foreign banks. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the banks supporting the Fund's investments. This will result in exposure to risks pertaining to the banking industry, including the foreign banking industry. Brokerage firms and insurance companies also provide certain liquidity and credit support.

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#### Liquidity
The Fund has adopted liquidity requirements (measured at the time of purchase) as noted:

• **Daily liquidity.** The Fund will invest at least 25% of its total assets in "daily liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day, and/or amounts receivable and due unconditionally within one business day on pending sales of portfolio securities.

• **Weekly liquidity.** The Fund will invest at least 50% of its assets in "weekly liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.

• The Fund will limit its investments in illiquid securities to 5% or less of its total assets.

#### Mortgage- and Asset-Backed Securities
The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed by the full faith and credit of the U.S. Government, which means that the U.S. Government guarantees that the interest and principal will be paid when due. Fannie Mae and Freddie Mac securities, as well as the securities of other government or government-related entities, are not backed by the full faith and credit of the U.S. Government.

#### Participation Interests
A participation interest gives the Fund a proportionate, undivided interest in underlying debt securities and usually carries a demand feature.

#### Repurchase Agreements
The Fund may enter into collateralized repurchase agreements by cash or U.S. Government securities. Repurchase agreements are transactions in which the Fund purchases securities and simultaneously commits to resell those securities to the seller at an agreed-upon price on an agreed-upon future date. The repurchase price reflects a market rate of interest.

#### U.S. Government Securities
The Fund may invest in U.S. Government securities. U.S. Government securities include those issued directly by the U.S. Treasury and those issued or guaranteed by various U.S. Government agencies and instrumentalities. Some government securities are backed by the full faith and credit of the United States. Other government securities are backed only by the rights of the issuer to borrow from the U.S. Treasury. Others are supported by the discretionary authority of the U.S. Government to purchase the obligations. Certain other government securities are supported only by the credit of the issuer.

#### Variable and Floating Rate Securities
The Fund may purchase variable and floating rate demand notes of U.S. Government issuers. These securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference to an interest rate index or market interest rate. Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness.

RISKS OF THE FUND

The value of your investment may vary over time, and you may lose money by investing in the Fund. The following information is intended to help you better understand some of the risks of investing in the Fund, including those risks that are summarized in the Fund Summary section. This information also includes descriptions of other risks the Fund may be subject to as a result of additional investment strategies and general policies that may apply to the Fund. The impact of the following risks on the Fund may vary depending on the Fund's investments. The greater the Fund's investment in a particular security, the greater the Fund's exposure to the risks associated with that security. Before investing in the Fund, you should consider carefully the risks that you assume when investing in the Fund.

**Commercial Paper Risk.** Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investments in commercial paper are subject to the risk the issuer cannot issue enough new

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commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. In addition, under certain circumstances commercial paper may become illiquid or may suffer from reduced liquidity. Commercial paper can be fixed- rate or variable rate and can be adversely affected by changes in interest rates.

**Counterparty Risk**. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

**Credit Quality Risk.** The value of the securities which the Fund holds may fall based on an issuer's actual or perceived creditworthiness, or an issuer's ability to meet its obligations. The credit quality of the Fund's holdings can change rapidly in certain market environments and any downgrade or default of a portfolio security could cause the Fund's yield to fall or cause the value of the Fund's Shares to fall below $1.00 per share.

**Liquidity Risk.** The liquidity of the securities which the Fund holds may deteriorate rapidly due to credit events affecting one or more issuers or guarantors or due to general market conditions and a lack of willing buyers. In such cases, the Fund may have to accept a lower price or may be unable to sell a security. An inability to sell one or more securities may negatively affect the Fund's ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Additionally, adverse market conditions impacting the trading of the value of money market instruments and/or an unusually high volume of redemption requests could cause the Fund to be unable to pay redemption proceeds within a short period of time. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's ability to maintain the value of your investment at $1.00 per share.

**Market Risk.** The Fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. For capital preservation and liquidity, the Fund may have a greater concentration in short-term securities including, but not limited to, investing up to all of its assets in overnight securities, which may result in a reduction of the Fund's yield. Further, regardless of how well securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions that have a significant effect on issuers. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions, could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• **Armed Conflict.** Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions, and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the United States and broader global economy and the markets for certain securities and commodities.

**Mortgage- and Asset-Backed Securities Risk.** Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer loans or receivables. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact the Fund's yield and return. Mortgage- and asset-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage- and asset-backed securities are subject to both extension risk, where during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally expected, and prepayment risk, where during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated. These risks may reduce the Fund's returns. In addition, investments in certain mortgage- and asset-backed securities may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.

**Participation Interests Risk.** If the Fund purchases a participation interest, it typically will have a contractual relationship with the lender and not with the borrower. The Fund may only be able to enforce its rights through the lender and may assume the

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credit risk of both the borrower and the lender, or any other intermediate participant. The Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender and only upon receipt by the lender of the payments from the borrower. The failure by the Fund to receive scheduled interest or principal payments may adversely affect the income of the Fund and may likely reduce the value of its assets, which would be reflected by a reduction in the Fund's net asset value.

**Repurchase Agreement Risk.** Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. While it is not possible to eliminate all risks from these transactions, it is the policy of the Fund to limit repurchase agreements to those parties whose creditworthiness has been reviewed and found satisfactory. There is no guarantee that the Adviser's analysis of the creditworthiness of the counterparty will be accurate, and the underlying collateral involved in the transaction can expose the Fund to additional risk regardless of the creditworthiness of the parties involved in the transaction.

**U.S. Government Securities Risk.** Because of the rising U.S. Government debt burden, it is possible that the U.S. Government may not be able to meet its financial obligations or that securities issued or backed by the U.S. Government may experience credit downgrades. Such a credit event may adversely affect the financial markets. Certain U.S. Government securities are not guaranteed or backed by the full faith and credit of the United States. For these securities, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States.

**Variable and Floating Rate Demand Notes Risk.** Variable and floating rate securities are subject to changes in value based on changes in market interest rates or changes in the issuer's or guarantor's creditworthiness. Demand features, which are often issued by third-party financial institutions, may shorten the life of a variable or floating rate security. Accordingly, the credit quality and liquidity of the Fund's investments may be dependent in part on the credit quality of the third-party financial institutions supporting the Fund's investments. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults and the third party is unable to fulfill its liquidity or guarantee demand feature obligations.

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### MANAGEMENT OF THE FUND
INVESTMENT ADVISER

Janus Henderson Investors US LLC (the "Adviser"), 151 Detroit Street, Denver, Colorado 80206-4805, is the investment adviser to the Fund. The Adviser is responsible for the day-to-day management of the Fund's investment portfolio and furnishes continuous advice and recommendations concerning the Fund's investments. The Adviser also provides certain administration and other services and is responsible for other business affairs of the Fund.

The Adviser (together with its predecessors and affiliates) has served as investment adviser to the Janus Henderson mutual funds since 1970 and currently serves as investment adviser to all of the Janus Henderson mutual funds, as well as the Janus Henderson exchange-traded funds, acts as subadviser for a number of private-label mutual funds, and provides separate account advisory services for institutional accounts and other unregistered products.

The Trust and the Adviser have received an exemptive order from the SEC that permits the Adviser, subject to the approval of the Board of Trustees ("Trustees"), to appoint or replace certain subadvisers to manage all or a portion of the Fund's assets and enter into, amend, or terminate a subadvisory agreement with certain subadvisers without obtaining shareholder approval (a "manager-of-managers structure"). The manager-of-managers structure applies to subadvisers that are not affiliated with the Trust or the Adviser ("non-affiliated subadvisers"), as well as any subadviser that is an indirect or direct "wholly-owned subsidiary" (as such term is defined by the Investment Company Act of 1940, as amended) of the Adviser or of another company that, indirectly or directly, wholly owns the Adviser (collectively, "wholly-owned subadvisers").

Pursuant to the order, the Adviser, with the approval of the Trustees, has the discretion to terminate any subadviser and allocate and, as appropriate, reallocate the Fund's assets among the Adviser and any other non-affiliated subadvisers or wholly-owned subadvisers (including terminating a non-affiliated subadviser and replacing it with a wholly-owned subadviser). To the extent that the Fund's assets are allocated to one or more subadvisers, the Adviser, subject to oversight by the Trustees, would have the responsibility to oversee such subadviser(s) to the Fund and to recommend for approval by the Trustees, the hiring, termination, and replacement of a subadviser for the Fund. In the event that the Adviser hires a subadviser pursuant to the manager-of-managers structure, the Fund would provide shareholders with information about the subadviser and subadvisory agreement within 90 days.

The Adviser furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Adviser generally pays the salaries, fees, and expenses of Fund officers with respect to services provided to the Fund, although some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund.

MANAGEMENT EXPENSES

The Fund pays the Adviser an investment advisory fee and incurs other expenses, including legal and auditing fees and Independent Trustees' fees and expenses. The Fund's investment advisory fee is calculated daily and paid monthly. The Fund's advisory agreement details the investment advisory fee and other expenses that the Fund pays.

The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate), as well as the actual investment advisory fee rate paid by the Fund to the Adviser (net of fee waivers). The rate shown is a fixed rate based on the Fund's average daily net assets.

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| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Average Daily<br>Net Assets<br>of the Fund** | **Contractual<br>Investment<br>Advisory Fee (%)<br>(annual rate)** | **Actual Investment<br>Advisory Fee<br>Rate (%) (for<br>the fiscal year ended<br>June 30, 2024)** |
|  Janus Henderson Government Money Market Fund | All Asset Levels | 0.20 | 0.20 |

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#### American Cancer Society Support
The Adviser will donate from the Adviser's own resources, an amount representing 50% of the Adviser's quarterly management fee revenue attributable to the Fund, net of any fee waivers and/or expense reimbursements, to the American Cancer Society<sup>®</sup> ("ACS") in connection with ACS's agreement to license the use of its name and trademarks to the Adviser. The Adviser will make annual minimum contributions to ACS of $1 million from 2024 to 2027, and in each year thereafter to the extent this

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arrangement continues. The Adviser's donation may result in a tax benefit for the Adviser, but will not result in a tax benefit for shareholders. The ACS does not endorse any service or product. Shares of the Fund are not sponsored, endorsed, or promoted by the ACS, and the ACS is not an investment adviser or service provider to the Fund, Trust, or Adviser.

A discussion regarding the basis for the Trustees' approval of the Fund's investment advisory agreement is included in the Fund's semiannual report (for the period ended December 31, 2023) and in the Fund's financial statements (for the period ended June 30, 2024, and moving forward). You can request the Fund's semiannual reports or financial statements (as they become available), free of charge, by contacting your plan sponsor, broker-dealer, or financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687. This information is also available, free of charge, at janushenderson.com/info.

ADMINISTRATION FEE

The Fund pays an administration fee of 0.28% of the average daily net assets of American Cancer Society Support – Class T Shares to compensate the Adviser for providing certain administration services including, but not limited to, recordkeeping, fund accounting, preparation of reports and prospectuses distributed to current shareholders, and registration functions. This administration fee also covers expenses including, but not limited to, custody, transfer agency, shareholder servicing, and provision of office facilities and personnel necessary to carry on the business of the Fund. The administration fee may also be used to pay financial intermediaries for subaccounting, order processing for omnibus or networked accounts, or other shareholder servicing. Order processing includes the submission of transactions by financial intermediaries through the National Securities Clearing Corporation or similar systems, or those processed on a manual basis.

EXPENSE LIMITATION

The Adviser has contractually agreed to waive and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.46% for at least a one-year period through December 31, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. For information about how the expense limit affects the total expenses of the Fund, see the "Fees and Expenses of the Fund" table in the Fund Summary of the Prospectus.

PORTFOLIO MANAGEMENT

#### Janus Henderson Government Money Market Fund
Co-Portfolio Managers Andrew Forman and Garrett Strum are responsible for the day-to- day management of the Fund. Mr. Strum, as Lead Portfolio Manager, has the authority to exercise final decision-making on the overall portfolios.

**Andrew Forman** is Co-Portfolio Manager of Janus Henderson Government Money Market Fund, which he has co-managed since February 2025. He is also Portfolio Manager of other Janus Henderson accounts. Mr. Forman joined the Adviser in 2013. He holds a Bachelor of Arts degree in Economics with a minor in Atmospheric and Oceanic Sciences from the University of Colorado.

**Garrett Strum** is Executive Vice President and Lead Portfolio Manager of Janus Henderson Government Money Market Fund, which he has managed or co-managed since May 2017. He is also Portfolio Manager of other Janus Henderson accounts and performs duties as an analyst. Mr. Strum holds a Bachelor of Science degree in Business with concentrations in Finance and Real Estate from Colorado State University.

#### Conflicts of Interest
The Adviser manages other funds and numerous other accounts, which may include separate accounts and other pooled investment vehicles, such as hedge funds. Side-by-side management of multiple accounts, including the management of a cash collateral pool for securities lending and investing the Janus Henderson funds' cash, may give rise to conflicts of interest among those accounts, and may create potential risks, such as the risk that investment activity in one account may adversely affect another account. For example, short sale activity in an account could adversely affect the market value of long positions in one or more other accounts (and vice versa). Side-by-side management may raise additional potential conflicts of interest relating to the allocation of investment opportunities and the aggregation and allocation of trades. Additionally, the Adviser manages the Janus Henderson "funds of funds," which are funds that invest primarily in other mutual funds that are managed by the Adviser.

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Because the Adviser manages the Janus Henderson "funds of funds" and the Janus Henderson funds, it is subject to certain potential conflicts of interest when allocating the assets of a Janus Henderson "fund of funds" among such Janus Henderson funds. To the extent that the Fund is an underlying fund in a Janus Henderson "fund of funds," a potential conflict of interest arises when allocating the assets of the Janus Henderson "fund of funds" to the Fund. Purchases and redemptions of fund shares by a Janus Henderson "fund of funds" due to reallocations or rebalancings may result in a fund having to sell securities or invest cash when it otherwise would not do so, which could accelerate the recognition of taxable income or cause actual expenses to increase. The impact of these transactions is likely to be greater when a Janus Henderson "fund of funds" purchases, redeems, or owns a substantial portion of the Fund's shares. A further discussion of potential conflicts of interest and a discussion of certain procedures intended to mitigate such potential conflicts are contained in the Fund's SAI.

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### OTHER INFORMATION
CLOSED FUND POLICIES

The Fund may limit sales of its Shares to new investors. If sales of the Fund are limited, it is expected that existing shareholders invested in the Fund would be permitted to continue to purchase Shares through their existing Fund accounts and to reinvest any dividends or capital gains distributions in such accounts, absent highly unusual circumstances. Requests for new accounts into a closed fund would be reviewed by management, taking into consideration eligibility requirements and whether the addition to the fund is believed to negatively impact existing fund shareholders. The closed fund may decline opening new accounts, including eligible new accounts, if it would be in the best interests of the fund and its shareholders. If applicable, additional information regarding general policies and exceptions can be found in a closed fund's prospectuses.

LIQUIDATION/REORGANIZATION OF A FUND

It is important to know that, pursuant to the Trust's Amended and Restated Agreement and Declaration of Trust, the Trustees have the authority to merge, liquidate, and/or reorganize a fund into another fund without seeking shareholder vote or consent.

DISTRIBUTION OF THE FUND

The Fund is distributed by Janus Henderson Distributors US LLC (the "Distributor"), which is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). To obtain information about FINRA member firms and their associated persons, you may contact FINRA at www.finra.org, or 1-800-289-9999.

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### DISTRIBUTIONS AND TAXES
DISTRIBUTIONS

To avoid taxation of the Fund, the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), requires the Fund to distribute all or substantially all of its net investment income and any net capital gains realized on its investments at least annually. A return of capital distribution is tax-free to the extent of your basis in your shares and thereafter is treated as a capital gain if you hold your shares as a capital asset. Because a return of capital distribution reduces the basis of your shares, a return of capital distribution may result in a higher capital gain or a lower capital loss when you sell your shares held in a taxable account. Distributions are made at the class level, so they may vary from class to class within the Fund.

Dividends representing substantially all of the net investment income and any net realized gains on sales of securities are declared daily (Saturdays, Sundays, and holidays included) and distributed as of the last business day of each month. If a month begins on a Saturday, Sunday, or holiday, dividends for those days are declared and distributed at the end of the preceding month.

For additional information on the accrual of dividends in connection with purchase orders and redemption requests, refer to "Purchases" and/or "Redemptions."

For your convenience, distributions of dividends and capital gains are automatically reinvested in additional Shares of the Fund. To receive distributions in cash, contact your financial intermediary. Whether reinvested or paid in cash, the distributions may be subject to taxes, unless your shares are held in a qualified tax-advantaged plan or account.

 TAXES<br>

As with any investment, you should consider the tax consequences of investing in the Fund. The following is a general discussion of certain federal income tax consequences of investing in the Fund. The discussion does not apply to qualified tax-advantaged accounts or other non-taxable entities, nor is it a complete analysis of the federal income tax implications of investing in the Fund. You should consult your tax adviser regarding the effect that an investment in the Fund may have on your particular tax situation, including the federal, state, local, and foreign tax consequences of your investment.

#### Taxes on Distributions
Distributions by the Fund are subject to federal income tax, regardless of whether the distribution is made in cash or reinvested in additional shares of the Fund. Distributions from net investment income (which includes dividends, interest, and realized net short-term capital gains), other than qualified dividend income, are taxable to shareholders as ordinary income. Distributions of qualified dividend income are taxed to individuals and other noncorporate shareholders at long-term capital gain rates, provided certain holding period and other requirements are satisfied. Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) are taxable as long-term capital gain, regardless of how long a shareholder has held Fund shares. In certain states, a portion of the distributions (depending on the sources of the Fund's income) may be exempt from state and local taxes. Individuals, trusts, and estates whose income exceeds certain threshold amounts are subject to an additional 3.8% Medicare contribution tax on net investment income. Net investment income includes dividends paid by the Fund and capital gains from any sale or exchange of Fund shares. The Fund's net investment income and capital gains are distributed to (and may be taxable to) those persons who are shareholders of the Fund at the record date of such payments. Although the Fund's total net income and net realized gain are the results of its operations, the per share amount distributed or taxable to shareholders is affected by the number of Fund shares outstanding at the record date. Distributions declared to shareholders of record in October, November, or December and paid on or before January 31 of the succeeding year will be treated for federal income tax purposes as if received by shareholders on December 31 of the year in which the distribution was declared. Generally, account tax information will be made available to shareholders on or before February 15 of each year. Information regarding distributions may also be reported to the Internal Revenue Service (the "IRS").

Distributions made by the Fund with respect to Shares purchased through a qualified retirement plan will generally be exempt from current taxation if left to accumulate within the qualified plan. Generally, withdrawals from qualified plans may be subject to federal income tax at ordinary income rates and, if made before age 591/2, a 10% penalty tax may be imposed. The federal income tax status of your investment depends on the features of your qualified plan. For further information, please contact your plan sponsor or tax adviser.

#### Taxes on Sales or Exchanges
Any time you sell or exchange shares of the Fund in a taxable account, it is considered a taxable event. For federal income tax purposes, an exchange is treated the same as a sale. Depending on the purchase price and the sale price, you may have a gain or

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loss on the transaction. The gain or loss will generally be treated as a long-term capital gain or loss if you held your shares for more than one year and if not held for such period, as a short-term capital gain or loss. Any tax liabilities generated by your transactions are your responsibility. Your ability to deduct capital losses may be limited under the Internal Revenue Code.

The Fund may be required to withhold U.S. federal income tax on all distributions and redemption proceeds to shareholders who fail to provide their correct taxpayer identification number, fail to make certain required certifications, or who have been notified by the IRS (or the Fund has been notified by the IRS) that they are subject to backup withholding. The current backup withholding rate is applied.

If a shareholder does not meet the requirements of the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to impose a 30% U.S. withholding tax on distributions and proceeds from the sale or other disposition of shares in the Fund. FATCA withholding will generally apply to payments of dividends from net investment income, payments of gross proceeds from sales of Fund shares, and distributions of net capital gains. Proposed Treasury regulations, however, generally eliminate withholding under FATCA on gross proceeds, which include certain capital gains distributions and gross proceeds from a sale or disposition of Fund shares. Taxpayers generally may rely on these proposed Treasury regulations until final Treasury regulations are issued. Shareholders should consult their individual tax advisers regarding the possible implications of FATCA.

For Shares purchased on or after January 1, 2012 and sold thereafter from a taxable account, your intermediary will report cost basis information to you and to the IRS. Your intermediary will permit shareholders to elect their preferred cost basis method. In the absence of an election, your cost basis method will be your intermediary's default method. Please consult your tax adviser to determine the appropriate cost basis method for your particular tax situation and to learn more about how the cost basis reporting laws apply to you and your investments.

#### Taxation of the Fund
Dividends, interest, and some capital gains received by the Fund on foreign securities may be subject to foreign tax withholding or other foreign taxes. If the Fund is eligible, it may from year to year make the election permitted under Section 853 of the Internal Revenue Code to pass through such taxes to shareholders. If the Fund makes such election, foreign taxes paid by the Fund will be reported to shareholders as income and shareholders may claim a tax credit or deduction for such taxes, subject to certain limitations. If such an election is not made, any foreign taxes paid or accrued will represent an expense to the Fund.

The Fund does not expect to pay any federal income or excise taxes because it intends to meet certain requirements of the Internal Revenue Code, including the distribution each year of substantially all its net investment income and net capital gains. It is important that the Fund meets these requirements so that any earnings on your investment will not be subject to federal income tax twice. If the Fund invests in partnerships, it may be subject to state tax liabilities.

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### SHAREHOLDER 'S GUIDE
**With certain exceptions, the Fund is generally available only to shareholders residing in the United States and employees of the Adviser or its affiliates. For purposes of this policy, the Fund requires that a shareholder and/or entity be a U.S. citizen residing in the United States or a U.S. Territory (including overseas U.S. military or diplomatic addresses) or a resident alien residing in the United States or a U.S. Territory with a valid U.S. Taxpayer Identification Number to open an account with the Fund.**

**American Cancer Society Support – Class T Shares** are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, the Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer the Shares on their supermarket platforms.

PRICING OF FUND SHARES

The per share net asset value ("NAV") for each class is computed by dividing the total value of assets allocated to the class, less liabilities allocated to that class, by the total number of outstanding shares of the class. The Fund's NAV is generally calculated as of the following times each day that the New York Stock Exchange ("NYSE") is open ("business day"): 10:00 am, 1:00 pm, and 4:00 pm New York time. These times are each referred to as a "cut-off time."

The time at which the Fund's NAV is calculated may be changed if trading on the NYSE is restricted, the NYSE closes at a different time, or as permitted by the SEC. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. The value of the Fund's holdings may change on days that are not business days in the United States and on which you will not be able to purchase or redeem the Fund's Shares.

The price you pay for purchases of Shares is the public offering price, which is the NAV next calculated after your request is received in good order by the Fund or its agents. If a financial intermediary holds your shares, it is the responsibility of the financial intermediary to send your purchase order and payment to the Fund prior to the cut-off times specified above. Your financial intermediary may have earlier cut-off times for purchase orders. In addition, your financial intermediary may be closed at times when the Fund is open. Your order through a financial intermediary will be processed at the NAV next calculated following receipt of the order from the financial intermediary and acceptance by the Fund. In the event that the order is accepted by a financial intermediary that the Fund has authorized to accept orders on its behalf, the order will be priced at the Fund's NAV next calculated after it is accepted by the financial intermediary. In such cases, if requested by the Fund, a financial intermediary will be responsible for providing information with regard to the time that such order for purchase, redemption or exchange was received. Orders submitted through a financial intermediary that has not received such authorization will be priced at the Fund's NAV next calculated after the Fund receives the order from the financial intermediary and accepts it, which may not occur on the day the order is submitted to the financial intermediary.

The price you receive to sell Shares is also the NAV. Although purchases and redemptions are made at the NAV calculated after your order is received by the Fund or its agent, you may be charged a commission or an additional fee for processing purchases and redemptions of Shares by your broker or other financial institution. The nature and amount of the commission or additional fee for processing purchases and redemptions of Shares and the times at which it may be collected are determined by your broker. In order to receive the NAV next calculated, your order must be received in good order by the Fund or its agents prior to the cut-off times specified above.

The Fund's portfolio securities are valued at amortized cost, which approximates market value. Amortized cost valuation involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity (or such other date as permitted by Rule 2a-7) of any discount or premium. If fluctuating interest rates cause the market value of the Fund's portfolio to deviate more than 1/2 of 1% from the value determined on the basis of amortized cost, the Trustees will consider whether any action, such as adjusting the NAV to reflect current market conditions, should be initiated to prevent any material dilutive effect on shareholders.

Purchases, exchanges, redemptions, or other account activity must generally be processed through your financial intermediary or plan sponsor. Your financial intermediary or plan sponsor is responsible for promptly transmitting purchase, redemption, and other requests to the Fund under the arrangements made between your financial intermediary or plan sponsor and its customers. The Fund is not responsible for the failure of any financial intermediary or plan sponsor to carry out its obligations to its customers.

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PAYMENTS TO FINANCIAL INTERMEDIARIES BY THE ADVISER OR ITS AFFILIATES

With respect to other share classes not currently offered by the Fund, the Adviser or its affiliates pay fees, from their own assets, to selected brokerage firms or other financial intermediaries that sell the Janus Henderson funds for distribution, marketing, promotional, or related services. Such payments may be based on gross sales, assets under management, or transactional charges, or on a combination of these factors. The amount of these payments is determined from time to time by the Adviser, may be substantial, and may differ for different financial intermediaries. The Adviser and its affiliates consider a number of factors in making payments to financial intermediaries.

For American Cancer Society Support – Class T Shares, the Adviser, the Distributor, or their affiliates pay fees, from their own assets, to certain brokerage firms, banks, financial advisors, retirement plan service providers, and other financial intermediaries for providing other marketing or distribution-related services, as well as recordkeeping, subaccounting, transaction processing, other shareholder or administrative services (including payments for processing transactions via the National Securities Clearing Corporation or other means), and the Committee on Uniform Security Identification Procedures ("CUSIP") and fund setup fees, in connection with investments in the Janus Henderson funds. These fees are in addition to any fees that may be paid by the Janus Henderson funds for certain of these types of services or other services. The Adviser or its affiliates may have numerous agreements to make payments to financial institutions which perform recordkeeping or other administrative services with respect to shareholder accounts.

In addition, the Adviser or its affiliates periodically share certain marketing expenses with selected intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. The Adviser or its affiliates make payments to participate in selected intermediary marketing support programs which may provide the Adviser or its affiliates with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, data, business planning and strategy sessions with intermediary personnel, information on industry- or platform-specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of Janus Henderson funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Janus Henderson funds to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Janus Henderson funds available to their customers.

The receipt of (or prospect of receiving) payments described above may provide a financial intermediary and its salespersons with an incentive to favor sales of Janus Henderson funds' shares over sales of other mutual funds (or non-mutual fund investments) or to favor sales of one class of Janus Henderson funds' shares over sales of another Janus Henderson funds' share class, with respect to which the financial intermediary does not receive such payments or receives them in a lower amount. The receipt of these payments may cause certain financial intermediaries to elevate the prominence of the Janus Henderson funds within such financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or the provision of preferential or enhanced opportunities to promote the Janus Henderson funds in various ways within such financial intermediary's organization.

From time to time, certain financial intermediaries approach the Adviser to request that the Adviser make contributions to certain charitable organizations. In these cases, the Adviser's contribution may result in the financial intermediary, or its salespersons, recommending Janus Henderson funds over other mutual funds (or non-mutual fund investments).

The payment arrangements described above will not change the price an investor pays for Shares nor the amount that a Janus Henderson fund receives to invest on behalf of the investor. You should consider whether such arrangements exist when evaluating any recommendations from an intermediary to purchase or sell Shares of the Fund and, if applicable, when considering which share class of the Fund is most appropriate for you. Please contact your financial intermediary or plan sponsor for details on such arrangements.

 PURCHASES<br>

With certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, you may not be able to open an account or buy additional shares.

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Purchases of Shares may be made only through financial intermediaries. Contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund, including additional information on minimum initial or subsequent investment requirements. 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 Fund's behalf. As discussed under "Payments to Financial Intermediaries by the Adviser or its Affiliates," the Adviser and its affiliates may make payments to brokerage firms or other financial intermediaries that were instrumental in the acquisition or retention of shareholders for the Fund or that provide services in connection with investments in the Fund. You should consider such arrangements when evaluating any recommendation of the Fund.

If a purchase order is received prior to the last cut-off time specified in "Pricing of Fund Shares" above and payment in federal funds is wired to and received by the Fund by the close of the Federal Reserve wire transfer system (normally, 6:00 p.m. New York time), then dividends will begin to accrue on the same business day that wire purchase order is received. In the event that an order is placed prior to 4:00 p.m. (New York time) and payment through federal funds or other immediately available funds is not received by the Fund by the close of the Federal Reserve wire transfer system or other immediately available funds that same day, you will not accrue a dividend on that that day and the Fund reserves the right to cancel your purchase order and you will be liable for any resulting losses or fees incurred by the Fund or the Fund's transfer agent.

If a payment is received through financial intermediaries or plan sponsors on your behalf through electronic trading platforms (e.g., National Securities Clearing Corporation ("NSCC")) on a business day after the last cut-off time specified in "Pricing of Fund Shares" above, you will not earn dividends on the day the purchase order is received.

The Fund reserves the right to require purchase requests and payments from the financial intermediary or plan sponsor prior to the final cut-off time specified above on days when the bond markets or NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time.

The Fund reserves the right to reject any purchase order, including exchange purchases, for any reason.

In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"), your financial intermediary is required to verify certain information on your account application as part of its Anti-Money Laundering Program. You will be required to provide your full name, date of birth, Social Security number, and permanent street address to assist in verifying your identity. You may also be asked to provide documents that may help to establish your identity. For investors other than individuals: When you open an account, you will be asked for the name of the entity, its principal place of business, and taxpayer identification number, and you may be requested to provide information on persons with authority or control over the account, or persons who own (whether directly, indirectly, or beneficially) 25% or more of the entity, such as name, permanent street address, date of birth, and Social Security number. Until verification of an identity is made, your financial intermediary may temporarily limit additional share purchases. In addition, your financial intermediary may close an account if it is unable to verify a shareholder's identity. Please contact your financial intermediary if you need additional assistance when completing your application or additional information about the intermediary's Anti-Money Laundering Program.

In an effort to ensure compliance with this law, the Adviser's Anti-Money Laundering Program (the "Program") provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

#### Minimum Investment Requirements
The minimum investment for American Cancer Society Support – Class T Shares is $2,500 per Fund account for non- retirement accounts and $500 per Fund account for certain tax-advantaged accounts or UGMA/UTMA accounts. Investors in a defined contribution plan through a third party administrator should refer to their plan document or contact their plan administrator for additional information. Accounts held through wrap programs may not be subject to these minimums. In addition, shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage accounts that maintain omnibus accounts and charge asset-based service fees may not be subject to the $2,500 minimum investment requirement noted above. Investors should refer to their intermediary for additional information.

The Fund reserves the right to annually request that intermediaries close Fund accounts that are valued at less than $100, other than as a result solely of depreciation in share value. Certain accounts held through intermediaries may not be subject to closure due to the policies of the intermediaries. You may receive written notice from your intermediary to increase your account

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balance to the required minimum to avoid having your account closed provided you meet certain residency eligibility requirements. Please note that you may incur a tax liability as a result of a redemption.

The Fund reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part.

#### Systematic Purchase Plan
You may arrange for periodic purchases by authorizing your financial intermediary to withdraw the amount of your investment from your bank account on a day or days you specify. Not all financial intermediaries offer this plan. Contact your financial intermediary for details.

 EXCHANGES<br>

With certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, the exchange privilege may not be available.

Contact your financial intermediary or consult your plan documents to exchange into other funds in the Trust. Be sure to read the prospectus of the fund into which you are exchanging. An exchange from one fund to another is generally a taxable transaction (except for certain tax-advantaged accounts).

• You may generally exchange Shares of the Fund for Shares of the same class of any other fund in the Trust offered through your financial intermediary or qualified plan. Only accounts beneficially owned by natural persons will be allowed to exchange to Janus Henderson Money Market Fund.

• You may also exchange shares of one class for another class of shares within the same fund, provided the eligibility requirements of the class of shares to be received are met. Same-fund exchanges will generally only be processed in instances where there is no CDSC on the shares to be exchanged and no initial sales charge on the shares to be received. The Fund's fees and expenses differ between share classes. Please read the Prospectus for the share class you are interested in prior to investing in that share class. Contact your financial intermediary or consult your plan documents for additional information.

• You must meet the minimum investment amount for the fund.

• The Fund reserves the right to reject any exchange request and to modify or terminate the exchange privilege at any time.

REDEMPTIONS

With certain exceptions, the Fund is generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, once you close your account, you may not make additional investments in the Fund.

Redemptions, like purchases, may generally be effected only through financial intermediaries. Please contact your financial intermediary 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 the Fund may be redeemed on any business day on which the Fund's NAV is calculated. Redemptions are duly processed at the NAV next calculated after your redemption order is received in good order by the Fund or its agents. The Fund reserves the right to require redemption requests prior to the final cut-off time specified above on days when the bond markets or NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time.

The length of time that the Fund typically expects to pay redemption proceeds depends on whether the payment of redemption proceeds is made by federal funds wire, or certain electronic trading platforms (e.g., NSCC). Under normal circumstances, for any proceeds to be paid by federal funds wire, if the Fund receives your order before the Fund's final daily cut-off time, the Fund typically expects to pay redemption proceeds to you by federal funds wire that same business day. Proceeds may be made available throughout the day following the calculation of NAVs, although the Fund reserves the right to postpone payment of redemption proceeds on an intraday basis under stressed market conditions. In such circumstances, the Fund would expect to pay redemption proceeds the next business day. For redemptions submitted through financial intermediaries on your behalf through certain electronic trading platforms (e.g., NSCC) before the Fund's final daily cut-off time, redemption proceeds will normally be sent within two business days following receipt of the redemption order.

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Dividends will not accrue on shares that are redeemed and paid on a same day basis on the date of redemption. Other redeeming shareholders will accrue dividends on the redemption date.

The Fund typically expects to meet redemption requests by paying out proceeds from cash or cash equivalent portfolio holdings, or by selling portfolio holdings. In stressed market conditions, and other appropriate circumstances, redemption methods may include borrowing funds or redeeming in-kind.

The Fund reserves the right to postpone payment of redemption proceeds for up to seven calendar days. Additionally, the right to require the Fund to redeem its Shares may be suspended, or the date of payment may be postponed beyond seven calendar days, whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (ii) the SEC permits such suspension and so orders; or (iii) an emergency exists as determined by the SEC so that disposal of securities or determination of NAV is not reasonably practicable.

The Fund reserves the right to annually request that intermediaries close Fund accounts that are valued at less than $100, other than as a result solely of depreciation in share value. Certain accounts held through intermediaries may not be subject to closure due to the policies of the intermediaries. You may receive written notice from your intermediary to increase your account balance to the required minimum to avoid having your account closed provided you meet certain residency eligibility requirements. Please note that you may incur a tax liability as a result of a redemption.

#### Large Shareholder Redemptions
Certain large shareholders, such as other funds, institutional investors, financial intermediaries, individuals, accounts, and affiliates of the Adviser, may from time to time own (beneficially or of record) or control a significant percentage of the Fund's Shares. Redemptions by these large shareholders of their holdings in the Fund may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the recognition of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, which could lead to an increase in the Fund's expense ratio.

#### Redemptions In-Kind
Shares normally will be redeemed for cash, although the Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of remaining shareholders, to accommodate a request by a particular shareholder that does not adversely affect the interests of the remaining shareholders, or in connection with the liquidation of a fund, by delivery of securities selected from its assets at its discretion. However, the Fund is required to redeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV of the Fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the Fund will have the option of redeeming the excess in cash or in-kind. In-kind payment means payment will be made in portfolio securities rather than cash, and may potentially include illiquid investments. Illiquid investments may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such investments, which could cause the redeeming shareholder to realize losses on the investment if it is sold at a price lower than that at which it had been valued. If the Fund makes an in-kind payment, the redeeming shareholder might incur brokerage or other transaction costs to convert the securities to cash, whereas such costs are borne by the Fund for cash redemptions. Redemptions in-kind are taxable for federal income tax purposes in the same manner as redemptions for cash and subsequent sale of securities received in-kind may result in taxable gains for federal income tax purposes.

While the Fund may pay redemptions in-kind, the Fund may instead choose to raise cash to meet redemption requests through the sale of fund securities or permissible borrowings. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and may increase brokerage costs and accelerate the recognition of taxable income.

#### Suspension of Redemptions
In the event the Fund's market-based net asset value per share has deviated from the Fund's amortized cost price per share, or the Fund's Trustees, including a majority of Independent Trustees, determines that such a deviation is likely to occur, then the Trustees will take such action as they deem appropriate including, but not limited to, suspending redemptions and the payment of redemption proceeds, in order to facilitate the liquidation of the Fund. In addition, if the Fund's weekly liquid assets fall below 10%, the Fund may cease honoring redemptions and liquidate at the discretion of the Trustees. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to suspend redemptions and liquidate. If the Fund ceases honoring redemptions and makes a decision to liquidate, the Fund expects that it would notify shareholders on the Fund's websites or by press release.

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#### Systematic Withdrawal Plan
You may arrange for periodic redemptions by authorizing your financial intermediary to redeem a specified amount from your account on a day or days you specify. Not all financial intermediaries offer this plan. Contact your financial intermediary for details.

AVAILABILITY OF PORTFOLIO HOLDINGS INFORMATION

The Mutual Fund Holdings Disclosure Policies and Procedures adopted by the Adviser and all mutual funds managed within the Janus Henderson fund complex are designed to be in the best interests of the funds and to protect the confidentiality of the funds' portfolio holdings. The following describes such policies and procedures with respect to disclosure of portfolio holdings.

• **Full Holdings.** The Fund is required to disclose its complete holdings in the annual and semiannual financial statements located in Form N-CSR. In addition, the Fund is required to disclose its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. Form N-CSR filings and Form N-MFP reports (i) are available on the SEC's website at http://www.sec.gov and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free). Holdings are generally posted within 5 business days after each month end under Full Holdings for the Fund at janushenderson.com/info.

• **Top Holdings.** The Fund's top portfolio holdings, in order of position size and as a percentage of the Fund's total portfolio, are available monthly with a 15-day lag.

• **Other Information.** The Fund may occasionally provide security breakdowns (e.g., industry, sector, regional, market capitalization, and asset allocation) and specific portfolio level performance attribution information and statistics monthly with a 15-day lag.

Full portfolio holdings will be available monthly and will remain on the Janus Henderson websites for at least 6 months on a rolling basis and will link to the Fund's Form N-MFP filing available on the SEC website. Under extraordinary circumstances, exceptions to the Mutual Fund Holdings Disclosure Policies and Procedures may be made by the head of the applicable investment unit or a delegate, in consultation with the Fund's Chief Compliance Officer or a delegate. Such exceptions may be made without prior notice to shareholders. A summary of the Fund's portfolio holdings disclosure policies and procedures, which includes a discussion of any exceptions, is contained in the Fund's SAI.

SHAREHOLDER COMMUNICATIONS

#### Statements and Reports
Your financial intermediary or plan sponsor is responsible for sending you periodic statements of all transactions, along with trade confirmations and tax reporting, as required by applicable law.

Your financial intermediary or plan sponsor is responsible for providing annual and semiannual reports of the Fund. Please contact your financial intermediary or plan sponsor to obtain these reports. The Fund's fiscal year ends June 30.

#### Lost (Unclaimed/Abandoned) Accounts
It is important to maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned as undeliverable. Based upon statutory requirements for returned mail, your financial intermediary or plan sponsor is required to attempt to locate the shareholder or rightful owner of the account. If the financial intermediary or plan sponsor is unable to locate the shareholder, then the financial intermediary or plan sponsor is legally obligated to deem the property "unclaimed" or "abandoned," and subsequently escheat (or transfer) unclaimed property (including shares of a mutual fund) to the appropriate state's unclaimed property administrator in accordance with statutory requirements. Further, your mutual fund account may be deemed "unclaimed" or "abandoned," and subsequently transferred to your state of residence if no activity (as defined by that state) occurs within your account during the time frame specified in your state's unclaimed property laws. The shareholder's last known address of record determines which state has jurisdiction. Interest or income is not earned on redemption or distribution check(s) sent to you during the time the check(s) remained uncashed.

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### FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the Fund's financial performance for each fiscal period shown. Items "Net asset value, beginning of period" through "Net asset value, end of period" reflect financial results for a single Fund Share. The gross expense ratio reflects expenses prior to any expense offset arrangement and waivers (reimbursements), if applicable. The net expense ratio reflects expenses after any expense offset arrangement and waivers (reimbursements), if applicable. The information for the Fund for the fiscal periods ended June 30 has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund's financial statements, is included in the Fund's Form N-CSR and is incorporated by reference into the SAI.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in American Cancer Society Support – Class T Shares of the Fund (referenced in the table as "Class T") (assuming reinvestment of all dividends and distributions).

#### Janus Henderson Government Money Market Fund – Class T

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years ended June 30 | Years ended June 30 | Years ended June 30 | Years ended June 30 | Years ended June 30 |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
|  **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  ***Income/(Loss) from Investment Operations:*** |  |  |  |  |  |
|  Net investment income/(loss)<sup>(1)</sup> | 0.05 | 0.03 | —<sup>(2)</sup> | —<sup>(2)</sup> | 0.01 |
|  Net realized and unrealized gain/(loss)<sup>(2)</sup> |  |  |  |  |  |
|  Total from Investment Operations | 0.05 | 0.03 |  |  | 0.01 |
|  ***Less Dividends and Distributions:*** |  |  |  |  |  |
|  Dividends (from net investment income) | (0.05) | (0.03) | —<sup>(2)</sup> | —<sup>(2)</sup> | (0.01) |
|  Distributions (from capital gains) |  | —<sup>(2)</sup> |  |  |  |
|  Total Dividends and Distributions | (0.05) | (0.03) |  |  | (0.01) |
|  **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  Total Return\* | 4.86% | 3.25% | 0.00% | 0.00% | 0.94% |
|  Net Assets, End of Period (in thousands) | $6217 | $6264 | $8866 | $6846 | $7384 |
|  Ratios to Average Net Assets\*\*: |  |  |  |  |  |
|  Ratio of Gross Expenses | 0.59% | 0.60% | 0.59% | 0.59% | 0.66% |
|  Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.59% | 0.60% | 0.26% | 0.09% | 0.53% |
|  Ratio of Net Investment Income/(Loss) | 4.75% | 3.14% | 0.00%<sup>(3)</sup> | 0.00%<sup>(3)</sup> | 0.98% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis.

(3) Less than 0.005%.

22<sub>½</sub>Janus Investment Fund

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### GLOSSARY OF INVESTMENT TERMS
This glossary provides a more detailed description of some of the types of securities, investment strategies, and other instruments in which the Fund may invest, as well as some general investment terms. The Fund may invest in these instruments to the extent permitted by its investment objective and policies. The Fund is not limited by this discussion and may invest in any other types of instruments not precluded by the policies discussed elsewhere in this Prospectus.

EQUITY AND DEBT SECURITIES

**Agency discount notes** are U.S. Government securities that are issued by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States that are issued at a discount to the principal amount to be repaid at maturity without provision for the payment of interest.

**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 finance short-term credit needs. The Fund may purchase commercial paper issued in private placements under Section 4(2) of the Securities Act of 1933, as amended.

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

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

**Mortgage- and asset-backed securities** are shares in a pool of mortgages or other debt instruments. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to shareholders on a pro rata basis.

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

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

OTHER INVESTMENTS, STRATEGIES, AND/OR TECHNIQUES

**Repurchase agreements** involve the purchase of a security by the Fund and a simultaneous agreement by the seller (generally a bank or dealer) to repurchase the security from the Fund at a specified date or upon demand. This technique offers a method of earning income on idle cash.

23<sub>½</sub>Janus Investment Fund

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24<sub>½</sub>Janus Investment Fund

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25<sub>½</sub>Janus Investment Fund

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You can make inquiries and request other information, including a Statement of Additional Information, annual report, semiannual report or Fund financial statements (as they become available), free of charge, by contacting your plan sponsor, broker-dealer, or financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687. The Fund's Statement of Additional Information, most recent annual and semiannual reports, and Fund financial statements are also available, free of charge, at janushenderson.com/info. Additional information about the Fund's investments is available in the Fund's annual and semiannual reports and in Form N-CSR. In Form N-CSR, you will find the Fund's annual and semiannual financial statements. Other information is also available from financial intermediaries that sell Shares of the Fund.

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

![LOGO](g136083g09f19.jpg)

### janushenderson.com
151 Detroit Street

Denver, CO 80206-4805

1-877-335-2687

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

------

October 28, 2024, as Revised August 8, 2025

---

| | | |
|:---|:---|:---|
| **Money Market** | **American Cancer<br>Society Support –<br>Class D Shares<br>Ticker** | **American Cancer<br>Society Support –<br>Class T Shares<br>Ticker** |
|  Janus Henderson Government Money Market Fund | ACDXX | ACTXX |

---

## Janus Investment Fund
Statement of Additional Information

This Statement of Additional Information ("SAI") expands upon and supplements the information contained in the current Prospectuses for American Cancer Society Support – Class D Shares and American Cancer Society Support – Class T Shares (collectively, the "Shares") of Janus Henderson Government Money Market Fund (the "Fund"). The Fund is a separate series of Janus Investment Fund, a Massachusetts business trust (the "Trust"), and is managed by Janus Henderson Investors US LLC (the "Adviser").

This SAI is not a Prospectus and should be read in conjunction with the Fund's Prospectuses dated October 28, 2024, and any supplements thereto, which are incorporated by reference into this SAI and may be obtained from your plan sponsor, broker-dealer, or other financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687 (or 1-800-525-3713 if you hold American Cancer Society Support – Class D Shares). This SAI contains additional and more detailed information about the Fund's operations and activities than the Prospectuses. The most recent Form N-CSR, which contains important financial information about the Fund, is incorporated by reference into this SAI. The Form N-CSR is available, without charge, from your plan sponsor, broker-dealer, or other financial intermediary, at janushenderson.com/info (or janushenderson.com/reports if you hold American Cancer Society Support – Class D Shares), or by contacting a Janus Henderson representative at 1-877-335-2687 (or 1-800-525-3713 if you hold American Cancer Society Support – Class D Shares).

------

![LOGO](g136083g09f19.jpg)

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### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [Investment Policies and Restrictions, and Investment Strategies and Risks](#sai136083_1) | 2 |
|  [Investment Adviser and Administrator](#sai136083_2) | 13 |
|  [Custodian, Transfer Agent, and Certain Affiliations](#sai136083_3) | 17 |
|  [Portfolio Transactions and Brokerage](#sai136083_4) | 18 |
|  [Purchase of Shares](#sai136083_5) | 20 |
|  [Redemption of Shares](#sai136083_6) | 21 |
|  [Shareholder Accounts](#sai136083_7) | 22 |
|  [Tax-Advantaged Accounts](#sai136083_8) | 23 |
|  [Dividends and Tax Status](#sai136083_9) | 24 |
|  [Trustees and Officers](#sai136083_10) | 26 |
|  [Principal Shareholders](#sai136083_11) | 36 |
|  [Miscellaneous Information](#sai136083_12) | 37 |
|  [Financial Statements](#sai136083_13) | 40 |
|  [Appendix A](#sai136083_14) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Description of Securities Ratings](#sai136083_15) | 41 |
|  [Appendix B](#sai136083_16) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Description of Municipal Securities](#sai136083_17) | 42 |

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*1* 

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### INVESTMENT POLICIES AND RESTRICTIONS ,

### AND INVESTMENT STRATEGIES AND RISKS
JANUS INVESTMENT FUND

This Statement of Additional Information includes information about Janus Henderson Government Money Market Fund, which is a series of the Trust, an open-end, management investment company.

 ADVISER <br>

Janus Henderson Investors US LLC (the "Adviser") is the investment adviser for the Fund.

INVESTMENT POLICIES AND RESTRICTIONS APPLICABLE TO THE FUNDS

The Fund has adopted certain fundamental investment policies and restrictions that may not be changed without shareholder approval. Shareholder approval means approval by the lesser of: (i) more than 50% of the outstanding voting securities of the Trust (or a particular Fund or particular class of shares if a matter affects just that Fund or that class of shares) or (ii) 67% or more of the voting securities present at a meeting if the holders of more than 50% of the outstanding voting securities of the Trust (or a particular Fund or class of shares) are present or represented by proxy.

As used in the policies and restrictions set forth below and as used elsewhere in this SAI, the term "U.S. Government securities" shall have the meaning set forth in the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act defines U.S. Government securities as securities issued or guaranteed by the U.S. Government, its agencies, or instrumentalities. U.S. Government securities may also include repurchase agreements collateralized by U.S. Government securities and municipal securities escrowed with or refunded with escrowed U.S. Government securities.

The Fund has adopted the following fundamental policies and restrictions:

(1) With respect to 75% of its total assets, the Fund may not purchase securities of an issuer (other than a U.S. Government security or securities of another investment company) if: (a) such purchase would, at the time, cause more than 5% of the Fund's total assets taken at market value to be invested in the securities of such issuer (except as allowed under Rule 2a-7) or (b) such purchase would, at the time, result in more than 10% of the outstanding voting securities of such issuer being held by the Fund.

The Fund may not:

(2) Purchase securities if 25% or more of the value of the Fund's total assets would be invested in the securities of issuers conducting their principal business activities in the same industry; provided that: (i) there is no limit on investments in U.S. Government securities or in obligations of domestic commercial banks (including U.S. branches of foreign banks subject to regulations under U.S. laws applicable to domestic banks and, to the extent that its parent is unconditionally liable for the obligation, foreign branches of U.S. banks); (ii) this limitation shall not apply to the Fund's investments in municipal securities; (iii) there is no limit on investments in issuers domiciled in a single country; (iv) financial service companies are classified according to the end users of their services (for example, automobile finance, bank finance, and diversified finance are each considered to be a separate industry); and (v) utility companies are classified according to their services (for example, gas, gas transmission, electric, and telephone are each considered to be a separate industry).

(3) Act as an underwriter of securities issued by others, except to the extent that the Fund may be deemed an underwriter in connection with the disposition of its portfolio securities.

(4) Lend any security or make any other loan if, as a result, more than one-third of the Fund's total assets would be lent to other parties (but this limitation does not apply to investments in repurchase agreements, commercial paper, debt securities, or loans, including assignments and participation interests).

(5) Purchase or sell real estate or any interest therein, except that the Fund may invest in debt obligations secured by real estate or interests therein or securities issued by companies that invest in real estate or interests therein.

(6) Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this limitation shall not prevent the Fund from purchasing or selling foreign currencies, options, futures, swaps, forward contracts, or other derivative instruments, or from investing in securities or other instruments backed by physical commodities).

(7) Borrow money except that the Fund may borrow money for temporary or emergency purposes (not for leveraging or investment). Borrowings from banks will not, in any event, exceed one-third of the value of the Fund's total assets (including the

*2* 

------

amount borrowed). This policy shall not prohibit short sales transactions, or futures, options, swaps, or forward transactions. The Fund may not issue "senior securities" in contravention of the 1940 Act.

Investment restriction (1) is intended to reflect the requirements under Section 5(b)(1) of the 1940 Act for a diversified fund. Rule 2a-7 provides that money market funds that comply with the diversification limits of Rule 2a-7 are deemed to comply with the diversification limits of Section 5(b)(1). Thus, the Fund interprets restriction (1) in accordance with Rule 2a-7.

The Fund has adopted the following nonfundamental investment restrictions that may be changed by the Board of Trustees ("Trustees") without shareholder approval:

(1) If the Fund is an underlying fund in a fund of funds managed by the Adviser, the Fund may not acquire securities of other investment companies in reliance on Section 12(d)(1)(F) of the 1940 Act and securities of open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(G) of the 1940 Act.

(2) The Fund may not invest in securities or enter into repurchase agreements with respect to any securities if, as a result, more than 5% of its net assets would be invested in securities, including repurchase agreements, which cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to it by the Fund ("illiquid securities"). The Trustees, or the Fund's investment adviser acting pursuant to authority delegated by the Trustees, may determine that a readily available market exists for: securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933, as amended ("Rule 144A Securities"), or any successor to such rule; Section 4(2) commercial paper; and municipal lease obligations. Accordingly, such securities may not be subject to the foregoing limitation. Certain securities previously deemed liquid may become illiquid in any subsequent assessment of liquidity factors affecting the security.

(3) The Fund may not purchase securities on margin or make short sales of securities, except for short sales against the box and the use of short-term credit necessary for the clearance of purchases and sales of portfolio securities.

(4) The Fund may not pledge, mortgage, hypothecate, or encumber any of its assets except to secure permitted borrowings or in connection with permitted short sales.

(5) The Fund may not invest in companies for the purpose of exercising control of management.

(6) The Fund may borrow money by engaging in reverse repurchase agreements (reverse repurchase agreements are treated as borrowings for purposes of the fundamental borrowing investment restriction).

Under the terms of an exemptive order received from the Securities and Exchange Commission (the "SEC"), the Fund may borrow money from or lend money to other funds that permit such transactions and for which the Adviser or one of its affiliates serves as investment adviser. All such borrowing and lending will be subject to the above limits and to the limits and other conditions in such exemptive order. The Fund will borrow money through the program only when the costs are equal to or lower than the cost of bank loans. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. The Fund will lend through the program only when the returns are higher than those available from other short-term instruments (such as repurchase agreements). The Fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending Fund could result in a lost investment opportunity or additional borrowing costs, and interfund loans are subject to the risk that the borrowing Fund may be unable to repay the loan when due. While it is expected that the Fund may borrow money through the program to satisfy redemption requests or to cover unanticipated cash shortfalls, the Fund may elect to not participate in the program during times of market uncertainty or distress or for other reasons.

For purposes of the Fund's policies on investing in particular industries, the Fund utilizes any one or more of the industry sub-classifications used by one or more widely recognized third-party providers and/or as defined by the Adviser. The policy will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries.

INVESTMENT STRATEGIES AND RISKS

As permitted by Rule 2a-7, the Fund seeks to maintain a stable price of $1.00 per Share by using the amortized cost method to value portfolio securities and rounding the share value to the nearest cent. Rule 2a-7 imposes requirements as to the diversification and liquidity of the Fund, quality of portfolio securities, maturity of the Fund and of individual securities, as discussed more fully below. Pursuant to Rule 2a-7, the Trustees have reserved their ability to change this policy with respect to

*3* 

------

liquidity fees, but such change would only become effective after shareholders were provided with specific advance notice of a change in the Fund's policy and have the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective. As a retail money market fund, the Fund (1) is permitted to use the amortized cost method of valuation to seek to maintain a $1.00 share price, (2) may be subject to a liquidity fee on fund redemptions; and (3) is limited to investments by natural persons. For more information on shareholder eligibility, please see the Fund's Prospectus. For more information on liquidity fees, see "Liquidity Fees."

Pursuant to Rule 2a-7, the Fund must limit its purchase of portfolio instruments to those that have a remaining maturity of 397 days or less, and that have been determined by the Adviser to present minimal credit risks to the Fund pursuant to guidelines approved by the Trustees. In making its minimal credit risk determinations, the Adviser will consider the capacity of each security's issuer or guarantor to meet its financial obligations, and in doing so, consider, to the extent appropriate, the following factors, as required by Rule 2a-7: (i) the issuer's or guarantor's financial condition; (ii) the issuer's or guarantor's sources of liquidity; (iii) the issuer's or guarantor's ability to react to future market-wide and issuer- or guarantor-specific events, including the ability to repay debt in a highly adverse situation; and (iv) the strength of the issuer's or guarantor's industry within the economy and relative to economic trends, and the issuer's or guarantor's competitive position within its industry. Pursuant to Rule 2a-7 and guidelines approved by the Trustees, the Adviser will provide an ongoing review of the credit quality of each portfolio security to determine that the security continues to present minimal credit risks. A security may need to be sold if its maturity or credit quality is not acceptable under Rule 2a-7.

Under Rule 2a-7, the Fund may not invest more than 5% of its total assets in the securities of any one issuer other than U.S. Government securities, provided that in certain cases the Fund may invest more than 5% of its assets in a single issuer for a period of up to three business days. Investment in demand features, guarantees, and other types of instruments or features are subject to the diversification limits under Rule 2a-7.

#### Participation Interests
The Fund may purchase participation interests in loans or securities in which the Fund may invest directly. Participation interests are generally sponsored or issued by banks or other financial institutions. A participation interest gives the Fund an undivided interest in the underlying loans or securities in the proportion that the Fund's interest bears to the total principal amount of the underlying loans or securities. Participation interests, which may have fixed, floating, or variable rates, may carry a demand feature backed by a letter of credit or guarantee of a bank or institution permitting the holder to tender them back to the bank or other institution. For certain participation interests, the Fund will have the right to demand payment, on not more than seven days' notice, for all or a part of the Fund's participation interest. The Fund intends to exercise any demand rights they may have upon default under the terms of the loan or security to provide liquidity or to maintain or improve the quality of the Fund's investment portfolios. The Fund will only purchase participation interests that the Adviser determines present minimal credit risks.

#### Variable and Floating Rate Notes
The Fund also may purchase variable and floating rate demand notes of corporations and other entities, which are unsecured obligations redeemable upon not more than 30 days' notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid investment.

Securities with ultimate maturities of greater than 397 days may be purchased only pursuant to Rule 2a-7. Under that Rule, only those long-term instruments that have demand features which comply with certain requirements and certain variable rate U.S. Government securities may be purchased. The rate of interest on securities purchased by the Fund may be tied to short-term Treasury or other government securities or indices on securities that are permissible investments of the Fund, as well as other money market rates of interest. The Fund will not purchase securities whose values are tied to interest rates or indices that are not appropriate for the duration and volatility standards of a money market fund.

#### Mortgage-Backed Securities
The Fund may invest in commercial and residential mortgage-backed securities, which represent an interest in a pool of mortgages made by lenders such as commercial banks, savings and loan institutions, mortgage bankers, mortgage brokers, and

*4* 

------

savings banks. Mortgage-backed securities may be issued by governmental or government-related entities or by nongovernmental entities such as banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers, and other secondary market issuers.

**Agency Mortgage-Related Securities.** The most common type of pass-through securities is mortgage-backed securities. Government National Mortgage Association ("Ginnie Mae") Certificates are mortgage-backed securities that evidence an undivided interest in a pool of mortgage loans. Ginnie Mae Certificates differ from bonds in that principal is paid back monthly by the borrowers over the term of the loan rather than returned in a lump sum at maturity. The Fund will generally purchase "modified pass-through" Ginnie Mae Certificates, which entitle the holder to receive a share of all interest and principal payments paid and owned on the mortgage pool, net of fees paid to the "issuer" and Ginnie Mae, regardless of whether or not the mortgagor actually makes the payment. Ginnie Mae Certificates are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government.

Government-related (i.e., not backed by the full faith and credit of the U.S. Government) guarantors include the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), which issue certificates (participation certificates and guaranteed mortgage certificates) that resemble Ginnie Mae Certificates in that each certificate represents a pro rata share of all interest and principal payments made and owned on the underlying pool. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae. Participation certificates issued by Freddie Mac, which represent interests in mortgages from Freddie Mac's national portfolio, are guaranteed by Freddie Mac as to the timely payment of interest and ultimate collection of principal.

In September 2008, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. These purchases are intended to enhance Fannie Mae's and Freddie Mac's ability to meet their obligations. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities' mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

More recently in 2019, under the direction of the FHFA, Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the "Single Security Initiative") that aligns the characteristics of Fannie Mae and Freddie Mac certificates. The Single Security Initiative seeks to support the overall liquidity of both Fannie Mae and Freddie Mac certificates in the TBA market. The FHFA has indicated that the conservatorship will end when the director of the FHFA determines that the FHFA's plan to restore the entities to a safe and solvent condition has been completed. As of the date of this SAI, Fannie Mae and Freddie Mac remain under conservatorship.

The future for Fannie Mae and Freddie Mac is uncertain as the U.S. Government has considered proposals to wind down or restructure Fannie Mae's and Freddie Mac's operations. It is uncertain what legislation, if any, may be proposed in the future in Congress or which proposals, if any, might be enacted. The passage of any such proposal has the potential to impact the value of securities issued by a Fannie Mae or Freddie Mac, which could adversely affect the liquidity and value of the Fund's portfolio. Fannie Mae and Freddie Mac also are the subject of several continuing legal actions and investigations over certain accounting, disclosure, and corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on these guaranteeing entities.

Except for guaranteed mortgage certificates, each of the mortgage-backed securities described above is characterized by monthly payments to the holder, reflecting the monthly payments made by the borrowers who received the underlying mortgage loans. The payments to the security holders (such as the Fund), like the payments on the underlying loans, represent both principal and interest. Although the underlying mortgage loans are for specified periods of time, such as 20 or 30 years, the borrowers can, and typically do, pay them off sooner. Thus, the security holders frequently receive prepayments of principal in addition to the principal that is part of the regular monthly payments. Portfolio management will consider estimated prepayment rates in calculating the average-weighted maturity of the Fund, if relevant. A borrower is more likely to prepay a mortgage that bears a relatively high rate of interest. This means that in times of declining interest rates, higher yielding mortgage-backed securities held by the Fund might be converted to cash, and the Fund will be forced to accept lower interest rates when that cash is used to purchase additional securities in the mortgage-backed securities sector or in other investment sectors. Additionally,

*5* 

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prepayments during such periods will limit the Fund's ability to participate in as large a market gain as may be experienced with a comparable security not subject to prepayment.

**Asset-Backed Securities.** Asset-backed securities represent interests in pools of consumer and commercial loans and are backed by paper or accounts receivables originated by banks, credit card companies, or other providers of credit. Asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, and syndicated bank loans. Generally, the originating bank or credit provider is neither the obligor nor the guarantor of the security, and interest and principal payments ultimately depend upon payment of the underlying loans. Tax-exempt asset-backed securities include units of beneficial interests in pools of purchase contracts, financing leases, and sales agreements that may be created when a municipality enters into an installment purchase contract or lease with a vendor. Such securities may be secured by the assets purchased or leased by the municipality; however, if the municipality stops making payments, there generally will be no recourse against the vendor. The market for tax-exempt, asset-backed securities is still relatively new. These obligations are likely to involve unscheduled prepayments of principal.

**Commercial Mortgage-Backed Securities.** The Fund may invest in commercial mortgage-backed securities. Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans, including office properties, retail properties, hotels, industrial mixed use properties or multi-family apartment buildings. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.

#### Cyber Security Risk
The Fund is susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices that are used to service the Fund's operations through "hacking" or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the Fund's websites or a service provider's systems, which renders them inoperable to intended users until appropriate actions are taken. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Fund's systems.

Cyber security failures or breaches by the Fund's service providers (including, but not limited to, the Adviser, custodians, transfer agents, subadministrators, and financial intermediaries) may subject the Fund to many of the same risks associated with direct cyber security failures or breaches, and may cause disruptions and impact the service providers' and the Fund's business operations, potentially resulting in financial losses, the inability of fund shareholders to transact business and the mutual funds to process transactions, inability to calculate the Fund's net asset value, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Fund may incur incremental costs to prevent cyber incidents in the future. The Fund could be negatively impacted as a result. While the Adviser has established business continuity plans and risk management systems designed to prevent or reduce the impact of such cyber-attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cyber-attack tactics. As such, there is a possibility that certain risks have not been adequately identified or prepared for. Furthermore, the Fund cannot directly control any cyber security plans and systems put in place by third party service providers or their service providers. Cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such securities to lose value.

#### Operational Risk
An investment in the Fund can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service providers. Among other things, these errors or failures, as well as other technological issues, may adversely

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affect the Fund's ability to calculate its net asset value in a timely manner, including over a potentially extended period of time. These errors or failures may also result in a loss or compromise of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through internal controls and oversight of third party service providers, there is no guarantee that the Fund will not suffer losses if such events occur.

#### Repurchase Agreements
In a repurchase agreement, the Fund purchases a fixed-income security and simultaneously commits to resell that security to the seller at an agreed upon price on an agreed upon date within a number of days (usually not more than seven) from the date of purchase. The resale price consists of the purchase price plus an agreed upon incremental amount that is unrelated to the coupon rate or maturity of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed upon resale price and marked-to-market daily) of the underlying security or "collateral." A risk associated with repurchase agreements is the failure of the seller to repurchase the securities as agreed, which may cause the Fund to suffer a loss if the market value of such securities declines before they can be liquidated on the open market. In the event of bankruptcy or insolvency of the seller, the Fund may encounter delays and incur costs in liquidating the underlying security. In addition, the collateral received in the repurchase transaction may become worthless. To the extent the Fund's collateral focuses in one or more sectors, such as banks and financial services, the Fund is subject to increased risk as a result of that exposure. Repurchase agreements that mature in more than seven calendar days are subject to the 5% limit on illiquid investments. While it is not possible to eliminate all risks from these transactions, it is the policy of the Fund to limit repurchase agreements to those parties whose creditworthiness has been reviewed and found satisfactory by the Adviser. There is no guarantee that the Adviser's analysis of the creditworthiness of the counterparty will be accurate, and the underlying collateral involved in the transaction can expose the Fund to additional risk regardless of the creditworthiness of the parties involved in the transaction.

#### When-Issued and Delayed Delivery Securities
The Fund may purchase securities on a when-issued or delayed delivery basis. The Fund will enter into such transactions only when it has the intention of actually acquiring the securities. When-issued and delayed delivery securities in which the Fund may invest include U.S. Treasury Securities, municipal bonds, bank loans, and other similar instruments. On delivery dates for such transactions, the Fund will meet its obligations from maturities, sales of securities, or from other available sources of cash. If it chooses to dispose of the right to acquire a when-issued security prior to its acquisition, the Fund could, as with the disposition of any other portfolio obligation, incur a gain or loss due to market fluctuation. At the time it makes the commitment to purchase securities on a when-issued or delayed delivery basis, the Fund will record the transaction as a purchase and thereafter reflect the value of such securities in determining its net asset value ("NAV").

#### Investment Company Securities
From time to time, the Fund may invest in securities of other investment companies, subject to the provisions of the 1940 Act and any applicable SEC exemptive orders. Section 12(d)(1) of the 1940 Act prohibits the Fund from acquiring: (i) more than 3% of another investment company's voting stock; (ii) securities of another investment company with a value in excess of 5% of the Fund's total assets; or (iii) securities of such other investment company and all other investment companies owned by the Fund having a value in excess of 10% of the Fund's total assets. In addition, Section 12(d)(1) prohibits another investment company from selling its shares to the Fund if, after the sale: (i) the Fund owns more than 3% of the other investment company's voting stock or (ii) the Fund and other investment companies, and companies controlled by them, own more than 10% of the voting stock of such other investment company. To the extent the Fund is an underlying fund in a fund of funds, the Fund may not acquire securities of other investment companies in reliance on Section 12(d)(1)(F) and securities of open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(G).

#### U.S. Government Securities
To the extent permitted by its investment objective and policies, the Fund may invest in U.S. Government securities. The 1940 Act defines U.S. Government securities to include securities issued or guaranteed by the U.S. Government, its agencies, and its instrumentalities. U.S. Government securities may also include repurchase agreements collateralized by and municipal securities escrowed with or refunded with U.S. Government securities. U.S. Government securities in which the Fund may invest include U.S. Treasury securities, including Treasury Inflation-Protected Securities ("TIPS"), Treasury bills, notes, and bonds, and obligations issued or guaranteed by U.S. Government agencies and instrumentalities that are backed by the full faith and credit of the U.S. Government, such as those issued or guaranteed by the Small Business Administration, Maritime Administration,

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Export-Import Bank of the United States, Farmers Home Administration, Federal Housing Administration, and Ginnie Mae. In addition, U.S. Government securities in which the Fund may invest include securities backed only by the rights of the issuers to borrow from the U.S. Treasury, such as those issued by the members of the Federal Farm Credit System, Federal Intermediate Credit Banks, Tennessee Valley Authority, and Freddie Mac. Securities issued by Fannie Mae, the Federal Home Loan Banks, and the Student Loan Marketing Association ("Sallie Mae") are supported by the discretionary authority of the U.S. Government to purchase the obligations. There is no guarantee that the U.S. Government will support securities not backed by its full faith and credit. Accordingly, although these securities have historically involved little risk of loss of principal if held to maturity, they may involve more risk than securities backed by the full faith and credit of the U.S. Government because the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment.

Because of the rising U.S. Government debt burden, it is possible that the U.S. Government may not be able to meet its financial obligations or that securities issued or backed by the U.S. Government may experience credit downgrades. Such a credit event may adversely affect the financial markets.

#### Negative Interest Rates
During periods when interest rates are low (or negative), the Fund's yield (or total return) may also be low and fall below zero. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and increased redemptions, and may detract from the Fund's performance to the extent the Fund is exposed to such interest rates and/or volatility. A negative interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with negative value intended to help create self-sustaining growth in the local economy. To the extent the Fund holds a negative-yielding debt instrument or has a bank deposit with a negative interest rate, the Fund would generate a negative return on that investment. Cash positions may also subject the Fund to increased counterparty risk to the Fund's bank. If negative interest rates become more prevalent in the market or low or negative interest rates persist for a sustained period of time, investors may seek to reallocate their investment to other income-producing assets. This could cause the price of higher-yielding instruments to rise, could further reduce the value of instruments with a negative yield, and may limit the Fund's ability to locate fixed income instruments containing the desired risk/return profile.

A low or negative interest rate environment could impact the Fund's ability to maintain a stable $1.00 share price. During a low or negative interest rate environment, the Fund may reduce the number of shares outstanding on a pro rata basis through reverse stock splits, negative dividends or other mechanisms to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law and its organizational documents. Alternatively, the Fund may discontinue using the amortized cost method of valuation to maintain a stable $1.00 price per share and establish a fluctuating NAV per share rounded to four decimal places by using available market quotations or equivalents.

**Regulatory Changes and Market Events and Risks.** Federal, state, and foreign governments, regulatory agencies, and self-regulatory organizations may take actions that affect the regulation of the Fund or the instruments in which the Fund invest, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation or other governmental actions could limit or preclude the Fund's abilities to achieve its investment objective or otherwise adversely impact an investment in the Fund. Furthermore, worsened market conditions, including as a result of U.S. government shutdowns or the perceived creditworthiness of the United States, could have a negative impact on securities markets.

Economic downturns can prompt various economic, legal, budgetary, tax, and regulatory reforms across the globe. In the aftermath of the 2007-2008 financial crisis, the financial sector experienced reduced liquidity in credit and other fixed-income markets, and an unusually high degree of volatility, both domestically and internationally. In response to the crisis, the United States and certain foreign governments, along with the U.S. Federal Reserve and certain foreign central banks, took a number of unprecedented steps designed to support the financial markets, which provided for widespread regulation of the financial industry, including expanded federal oversight in the financial sector. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took, or are taking, extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic and rising inflation. This and other future government interventions into the economy and financial markets may not work as intended.

Policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation. For example, some countries, including the United States, are considering more protectionist trade policies, a move

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away from the tighter financial industry regulations that followed the 2007-2008 financial crisis. The exact specifics of these policies are still under consideration, but the markets may react strongly, which could increase volatility. The rise in protectionist trade policies, with potential changes to some international trade agreements, may affect many nations' economies in ways that cannot be presently foreseen.

The value and liquidity of the Fund's holdings are also generally subject to the risk of significant future local, national, or global economic or political disruptions or slowdowns in the markets in which the Fund invests, especially given that the economies and financial markets throughout the world are becoming increasingly interconnected and reliant on each other. In the event of such an occurrence, the issuers of securities held by the Fund may experience significant declines in the value of their assets and even cease operations, or may require government assistance that is contingent on increased restrictions on their business operations or their government interventions. In addition, it is not certain that the U.S. government or foreign governments will intervene in response to a future market disruption and the effect of any such future intervention cannot be predicted.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of the Fund's assets. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser, rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund.

**ESG Exclusions Policy.** The Adviser has adopted a firmwide environmental, social, and governance ("ESG") exclusions policy that generally applies to the accounts it manages, including the Fund. Using third-party inputs, the Adviser applies exclusionary criteria to seek to avoid investing in securities of issuers that, in the determination of the Adviser, manufacture cluster munitions, anti-personnel mines, chemical weapons, and biological weapons.

PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES

The Mutual Fund Holdings Disclosure Policies and Procedures adopted by the Adviser and the series of the Trust (the "Janus Henderson funds") are designed to be in the best interests of the funds and to protect the confidentiality of the funds' portfolio holdings. The following describes such policies and procedures with respect to disclosure of portfolio holdings.

• **Full Holdings.** The Fund is required to disclose its complete holdings in the annual and semiannual financial statements located in Form N-CSR. In addition, the Fund is required to disclose its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. Form N-CSR filings and Form N-MFP reports (i) are available on the SEC's website at http://www.sec.gov and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold American Cancer Society Support – Class D Shares). Holdings are generally posted within 5 business days after each month end under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold American Cancer Society Support – Class D Shares).

• **Top Holdings.** The Fund's top portfolio holdings, in order of position size and as a percentage of the Fund's total portfolio, are available monthly with a 15-day lag.

• **Other Information.** The Fund may occasionally provide security breakdowns (e.g., industry, sector, regional, market capitalization, and asset allocation) and specific portfolio level performance attribution information and statistics monthly with a 15-day lag.

Full portfolio holdings will be available monthly and will remain on the Janus Henderson websites for at least 6 months on a rolling basis and will link to the Fund's Form N-MFP filing available on the SEC website.

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The Janus Henderson funds' Trustees, officers, and primary service providers, including investment advisers identified in this SAI, distributors, administrators, transfer agents, custodians, securities lending agents, and their respective personnel, may receive or have access to nonpublic portfolio holdings information. In addition, third parties, including but not limited to those that provide services to the Janus Henderson funds, the Adviser, and its affiliates, such as trade execution measurement systems providers, independent pricing services, proxy voting service providers, the funds' insurers, computer systems service providers, lenders, counsel, accountants/auditors, and rating and ranking organizations may also receive or have access to nonpublic portfolio holdings information. Other recipients of nonpublic portfolio holdings information may include, but may not be limited to, third parties such as consultants, data aggregators, and asset allocation services which calculate information derived from holdings for use by the Adviser, and which supply their analyses (but not the holdings themselves) to their clients. Such parties, either by agreement or by virtue of their duties, are required to maintain confidentiality with respect to such nonpublic portfolio holdings. Any confidentiality agreement entered into regarding disclosure of a Janus Henderson fund's portfolio holdings includes a provision that portfolio holdings are the confidential property of that Janus Henderson fund and may not be shared or used directly or indirectly for any purpose (except as specifically provided in the confidentiality agreement), including trading in fund shares.

Nonpublic portfolio holdings information may be disclosed to certain third parties upon a good faith determination made by the head of the applicable investment unit or a delegate, in consultation with the Fund's Chief Compliance Officer (the "Fund's CCO") or a delegate, that a Janus Henderson fund has a legitimate business purpose for such disclosure and the recipient agrees to maintain confidentiality. Preapproval by the head of the applicable investment unit or a delegate, in consultation with the Fund's CCO, or a delegate, is not required for certain routine service providers and in response to regulatory, administrative, and judicial requirements. The Fund's CCO reports to the Janus Henderson funds' Trustees regarding material compliance matters with respect to the portfolio holdings disclosure policies and procedures.

Under extraordinary circumstances, the head of the applicable investment unit or a delegate, in consultation with the Fund's CCO, or a delegate, has the authority to waive one or more provisions of, or make exceptions to, the Mutual Fund Holdings Disclosure Policies and Procedures when in the best interest of the Janus Henderson funds and when such waiver or exception is consistent with federal securities laws and applicable fiduciary duties. The frequency with which portfolio holdings are disclosed, as well as the lag time associated with such disclosure, may vary as deemed appropriate under the circumstances. All waivers and exceptions involving any of the Janus Henderson funds shall be pre-approved by the head of the applicable investment unit or a delegate, in consultation with the Fund's CCO or a delegate.

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To the best knowledge of the Janus Henderson funds, as of October 7, 2024, the following non-affiliated third parties, which consist of service providers and consultants as described above under ongoing arrangements with the funds and/or the Adviser, receive or have access to nonpublic portfolio holdings information, which may include the full holdings of a fund.

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| | | |
|:---|:---|:---|
| **Name** | **Frequency** | **Lag Time** |
|  Acuity Knowledge Partners (UK) Limited | As needed | 1 day or more |
|  Adviser Compliance Associates, LLC | As needed | Current |
|  Alpha Financial Markets Consulting | Monthly | Current |
|  Barclays Risk Analytics and Index Solutions Limited | Daily | Current |
|  Barra, Inc. | Daily | Current |
|  Bloomberg Finance L.P. | Daily | Current |
|  Boosted.ai | Daily | Current |
|  Boston Financial Data Services, Inc. | As needed | Current |
|  BNP Paribas Fund Services LLC | Daily | Current |
|  BNP Paribas New York Branch | Daily | Current |
|  BNP Paribas Prime Brokerage, Inc. | Daily | Current |
|  BNP Paribas Securities Services | Daily | Current |
|  BNP Securities Corp. | Daily | Current |
|  Brown Brothers Harriman & Co. | Daily | Current |
|  Callan Associates Inc. | As needed | Current |
|  Charles River Brokerage, LLC | As needed | Current |
|  Charles River Systems, Inc. | As needed | Current |
|  Charles Schwab & Co., Inc. | As needed | Current |
|  Command Financial Press Corporation | As needed | 2 days |
|  Deloitte & Touche LLP | As needed | Current |
|  Deloitte Tax LLP | As needed | Current |
|  DTCC Loan/SERV LLC | Daily | Current |
|  Eagle Investment Systems LLC | As needed | Current |
|  Envestnet Asset Management Inc. | As needed | Current |
|  Ernst & Young Global Limited | Semiannually | 1-2 days |
|  Ernst & Young LLP | As needed | Current |
|  FactSet Research Systems, Inc. | As needed | Current |
|  Fintech SISU LLC | Daily | Current |
|  FIS Financial Systems LLC – Wall Street Concepts (WSC) | As needed | Current |
|  FlexTrade LLC | Daily | Current |
|  Frank Russell Company | As needed | Current |
|  HedgeFacts | Weekly | 7 days |
|  HeterMedia Services Limited | Monthly | Current |
|  IHS Markit | Daily | Current |
|  Infotech Consulting Inc. | Daily | Current |
|  Institutional Shareholder Services, Inc. | Daily | Current |
|  Interactive Data (Europe) Limited | Quarterly | 10 days |
|  Interactive Data Pricing and Reference Data LLC | Daily | Current |
|  International Data Corporation | Daily | Current |
|  Investment Technology Group, Inc. | Daily | Current |
|  JPMorgan Chase Bank, National Association | Daily | Current |
|  KPMG LLP | As needed | Current |
|  LendAmend LLC | As needed | Current |

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| | | |
|:---|:---|:---|
| **Name** | **Frequency** | **Lag Time** |
|  Markit EDM Limited | Daily | Current |
|  Markit Group Limited | Daily | Current |
|  Merrill Communications LLC | Quarterly | Current |
|  Moody's Investors Service Inc. | Weekly | 7 days or more |
|  Nasdaq Inc. | Daily | Current |
|  PricewaterhouseCoopers LLP | As needed | Current |
|  Prima Capital Holding, Inc. | As needed | Current |
|  Prima Capital Management, Inc. | Quarterly | 15 days |
|  RR Donnelley and Sons Company | Daily | Current |
|  Russell/Mellon Analytical Services, LLC | Monthly | Current |
|  Seismic Software, Inc. | Quarterly | 7 days |
|  SimCorp USA, Inc. | As needed | Current |
|  SS&C Technologies, Inc. | As needed | Current |
|  Standard & Poor's | Daily | Current |
|  Standard & Poor's Financial Services | Weekly | 2 days or more |
|  Standard & Poor's Securities Evaluation | Daily | Current |
|  The Ohio National Life Insurance Company | As needed | Current |
|  Thomson Reuters (Markets) LLC | Daily | Current |
|  TradingScreen Inc. | As needed | Current |
|  TriOptima AB | Daily | Current |
|  Wachovia Securities LLC | As needed | Current |
|  Wilshire Associates Incorporated | As needed | Current |
|  Zephyr Associates, Inc. | Quarterly | Current |

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In addition to the categories of persons and names of persons described above who receive nonpublic portfolio holdings information, brokers executing portfolio trades on behalf of the funds may receive nonpublic portfolio holdings information. Under no circumstance does the Adviser, a Janus Henderson mutual fund, or other party receive any compensation in connection with the arrangements to release portfolio holdings information to any of the described recipients of the information.

The Adviser manages other accounts such as separately managed accounts, other pooled investment vehicles, registered investment companies, and funds sponsored by companies other than the Adviser. These other accounts may be managed in a similar fashion to certain Janus Henderson funds and thus may have similar portfolio holdings. Such accounts may be subject to different portfolio holdings disclosure policies that permit public disclosure of portfolio holdings information in different forms and at different times than the Fund's portfolio holdings disclosure policies. Additionally, clients of such accounts have access to their portfolio holdings, and may not be subject to the Fund's portfolio holdings disclosure policies.

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### INVESTMENT ADVISER AND ADMINISTRATOR
 <br> INVESTMENT ADVISER – JANUS HENDERSON INVESTORS US LLC

As stated in the Prospectuses, the Fund has an Investment Advisory Agreement ("Advisory Agreement") with Janus Henderson Investors US LLC (the "Adviser"), 151 Detroit Street, Denver, Colorado 80206-4805. The Adviser is an indirect wholly-owned subsidiary of Janus Henderson Group plc ("JHG"). Janus Henderson US (Holdings) Inc., the direct parent of the Adviser, completed a strategic combination with Henderson Group plc on May 30, 2017 to form JHG, doing business as Janus Henderson Investors.

The Fund's Advisory Agreement continues in effect from year to year so long as such continuance is approved at least annually by the vote of a majority of the Trustees of the Trust who are not parties to the Advisory Agreement or "interested persons" (as defined by the 1940 Act) of any such party (the "Independent Trustees"), and by either the Trustees of the Trust (the "Trustees") or the affirmative vote of a majority of the outstanding voting securities of the Fund. The Advisory Agreement: (i) may be terminated, without the payment of any penalty, by the Trustees, or the vote of at least a majority of the outstanding voting securities of the Fund, or the Adviser, on at least 60 days' advance written notice; (ii) terminates automatically in the event of its assignment; and (iii) generally, may not be amended without the approval by vote of a majority of the Trustees of the Fund, including a majority of the Independent Trustees, and, to the extent required by the 1940 Act, the affirmative vote of a majority of the outstanding voting securities of the Fund.

Each Advisory Agreement provides that the Adviser will furnish continuous advice and recommendations concerning the Fund's investments and provide certain other advisory-related services. The Adviser also serves as administrator and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. For serving as administrator, American Cancer Society Support – Class D Shares and American Cancers Society Support – Class T Shares pay the Adviser an annual fee rate of 0.20% and 0.28%, respectively. The Adviser uses this fee to pay for administration costs such as fund accounting services; provision of office facilities and personnel necessary to carry on the business of the Fund; preparation and filing of all documents necessary to obtain and maintain registration and qualification of the shares of each class with the SEC and state securities commissions; clerical, recordkeeping and bookkeeping services; preparation of reports for distribution to shareholders of the Fund; preparation of prospectuses, statements of additional information and proxy statements for the Fund or any class of shares thereof; preparation and filing of the Fund's required tax reports; and preparation of materials for meetings of the Trustees and their Committees. In addition, the Adviser also uses the fee to pay for, among others, custody, transfer agency and shareholder servicing; preparation and review of contracts to which the Fund is a party; and monitoring and reporting to Fund officers the Fund's compliance with the Fund's investment policies and restrictions. These costs are separate from fees related to advisory services.

In addition to the advisory fee and administration fee paid to the Adviser, the Fund also pays any compensation, fees, or reimbursements to Trustees that are independent from the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; certain compensation and related expenses of the Chief Compliance Officer of the Trust and compliance staff; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; any litigation; and other extraordinary expenses.

Many of these costs vary from year to year which can make it difficult to predict the total impact to your Fund's expense ratio, in particular during times of declining asset values of the Fund.

A discussion regarding the basis for the Trustees' approval of the Fund's investment advisory agreement is included in the Fund's semiannual report (for the period ended December 31, 2023) and in the Fund's financial statements (for the period ended June 30, 2024, and moving forward). You can request the Fund's semiannual reports or financial statements (as they become available), free of charge, by contacting your plan sponsor, broker-dealer, or financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687 (or 1-800-525-3713 if you hold American Cancer Society Support – Class D Shares). This information is also available, free of charge, at janushenderson.com/info (or janushenderson.com/reports if you hold American Cancer Society Support – Class D Shares).

The Fund has agreed to compensate the Adviser for its advisory services by the monthly payment of an advisory fee at the annual rate of 0.20% of the average daily net assets of the Fund.

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#### American Cancer Society Support
The Adviser will donate from the Adviser's own resources, an amount representing 50% of the Adviser's quarterly management fee revenue attributable to the Fund, net of any fee waivers and/or expense reimbursements, to the American Cancer Society<sup>®</sup> ("ACS") in connection with ACS's agreement to license the use of its name and trademarks to the Adviser. To the extent the Fund's assets exceed $50 billion, the portion of the Adviser's donation to ACS as a percentage of its quarterly management fee revenue will decrease. The Adviser will make annual minimum contributions to ACS of $1 million from 2024 to 2027, and in each year thereafter to the extent this arrangement continues. The Adviser's donation may result in a tax benefit for the Adviser, but will not result in a tax benefit for shareholders. The American Cancer Society<sup>®</sup> does not endorse any service or product. Shares of the Fund are not sponsored, endorsed, or promoted by the American Cancer Society<sup>®</sup>, and the American Cancer Society<sup>®</sup> is not an investment adviser or service provider to the Fund, Trust, or Adviser.

The Adviser has contractually agreed to waive and/or reimburse operating expenses of American Cancer Society Support – Class D Shares and American Cancer Society Support – Class T Shares to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.33% and 0.46%, respectively, for at least a one-year period through December 31, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

The Adviser may voluntarily waive and/or reimburse the advisory fees and/or administration fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. Any waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield.

The following table summarizes the advisory fees paid by the Fund for the last three fiscal years ended June 30.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
| **Fund Name** | **Advisory<br>Fees** | **Waivers and/or<br>Expense<br>Reimbursements(–)** | **Advisory<br>Fees** | **Waivers and/or<br>Expense<br>Reimbursements(–)** | **Advisory<br>Fees** | **Waivers and/or<br>Expense<br>Reimbursements(–)** |
|  Janus Henderson Government Money Market Fund | $763877 | $— | $812468 | $— | $726617 | $376279 |

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The following table summarizes the administration fees paid for the fiscal years ended June 30.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2022** |
| **Fund Name** | **Administration<br>Fees** | **Waivers(–)** | **Administration<br>Fees** | **Waivers(–)** | **Administration<br>Fees** | **Waivers(–)** | **Waivers(–)** |
|  Janus Henderson Government Money Market Fund |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Cancer Society Support – Class D Shares | $1352116 | $— | $1430993 | $— | $1283176 | – $| 785450 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Cancer Society Support – Class T Shares | $24133 | $— | $33197 | $— | $26107 | – $| 15784 |

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 <br> PAYMENTS TO FINANCIAL INTERMEDIARIES BY THE ADVISER OR ITS AFFILIATES

With respect to other share classes not currently offered by the Fund, the Adviser or its affiliates may pay fees, from their own assets, to selected brokerage firms or other financial intermediaries that sell the Janus Henderson funds for making cash management portal technology available to users of the cash management platform, distribution, marketing, promotional, or related services. Such payments may be based on gross sales, assets under management, or transactional charges, or on a combination of these factors. The amount of these payments is determined from time to time by the Adviser, may be substantial, and may differ for different financial intermediaries. The Adviser and its affiliates consider a number of factors in making payments to financial intermediaries.

With respect to American Cancer Society Support – Class T Shares, the Adviser and its affiliates make payments out of their own assets to certain brokerage firms, banks, financial advisors, retirement plan service providers, and other financial intermediaries for providing other marketing or distribution-related services, as well as recordkeeping, subaccounting, transaction processing, other non-distribution related shareholder or administrative services (including payments for processing transactions via the

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National Securities Clearing Corporation ("NSCC") or other means), and the Committee on Uniform Security Identification ("CUSIP") and fund setup fees, in connection with investments in the Janus Henderson funds. These fees are in addition to any fees that may be paid by the Janus Henderson funds for these types of services or other services. The Adviser or its affiliates have numerous agreements to make payments to financial institutions which perform recordkeeping or other administrative services with respect to shareholder accounts.

In addition, the Adviser or its affiliates periodically share certain marketing expenses with selected intermediaries, or pay for, or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. The Adviser or its affiliates make payments to participate in selected intermediary marketing support programs which may provide the Adviser or its affiliates with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, business planning and strategy sessions with intermediary personnel, information on industry- or platform-specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of Janus

Henderson funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Janus Henderson funds to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Janus Henderson funds available to their customers.

The receipt of (or prospect of receiving) payments, reimbursements, and other forms of compensation described above may provide a financial intermediary and its salespersons with an incentive to favor sales of Janus Henderson funds' shares over sales of other mutual funds (or non-mutual fund investments) or to favor sales of one class of Janus Henderson funds' shares over sales of another Janus Henderson funds' share class, with respect to which the financial intermediary does not receive such payments or receives them in a lower amount. The receipt of these payments may cause certain financial intermediaries to elevate the prominence of the Janus Henderson funds within such financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or the provision of preferential or enhanced opportunities to promote the Janus Henderson funds in various ways within such financial intermediary's organization.

From time to time, certain financial intermediaries approach the Adviser to request that the Adviser make contributions to certain charitable organizations. In these cases, the Adviser's contribution may result in the financial intermediary, or its salespersons, recommending Janus Henderson funds over other mutual funds (or non-mutual fund investments).

The payment arrangements described above will not change the price an investor pays for Shares nor the amount that a Janus Henderson fund receives to invest on behalf of the investor. You should consider whether such arrangements exist when evaluating any recommendations from an intermediary to purchase or sell Shares of the Fund and, if applicable, when considering which share class of the Fund is most appropriate for you.

 <br> ADDITIONAL INFORMATION ABOUT THE ADVISER

The Adviser has adopted procedures (including trade allocation procedures described in the "Portfolio Transactions and Brokerage" section of this SAI) that it believes are reasonably designed to mitigate potential conflicts and risks. For example, the Adviser manages long and short portfolios. The simultaneous management of long and short portfolios creates potential conflicts of interest in fund management and creates potential risks such as the risk that short sale activity could adversely affect the market value of long positions in one or more Janus Henderson funds (and vice versa), the risk arising from the sequential orders in long and short positions, and the risks associated with the trade desk receiving opposing orders in the same security at the same time. To mitigate this potential conflict, the Adviser has procedures that prohibit portfolio management from executing a short sale on a security held long in any other portfolio that he or she manages but is not held long in the account in which portfolio management is placing the short. Note this does not prohibit shorting against the box. The procedures also require approvals of the Adviser's senior management in other situations that raise potential conflicts of interest, as well as periodic monitoring of long and short trading activity of the Janus Henderson funds and accounts.

Janus Henderson mutual funds and other funds advised by the Adviser or its affiliates may also transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

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Pursuant to the provisions of the 1940 Act, Janus Henderson mutual funds may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of Janus Henderson funds may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate pursuant to the provisions of the 1940 Act that govern the operation of money market funds. All Janus Henderson funds are eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. In addition, the Adviser receives an investment advisory fee for managing proprietary money market funds and the cash management vehicle used for its securities lending program, but it may not receive a fee for managing certain other affiliated cash management vehicles, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

Each account managed by the Adviser has its own investment objective and policies and is managed accordingly by the respective portfolio management. As a result, from time to time, two or more different managed accounts may pursue divergent investment strategies with respect to investments or categories of investments.

The officers and Trustees of the Janus Henderson funds may also serve as officers and Trustees of the "funds of funds" managed by the Adviser, which are funds that primarily invest in other mutual funds and exchange-traded funds. Conflicts may arise as the officers and Trustees seek to fulfill their fiduciary responsibilities to both the funds of funds managed by the Adviser and the other Janus Henderson mutual funds. The Trustees intend to address any such conflicts as deemed appropriate.

#### Janus Henderson Personal Code of Ethics
The Adviser and Janus Henderson Distributors US LLC (the "Distributor") currently have in place the Personal Code of Ethics, which is comprised of the Personal Account Dealing Policy, the Gifts, Entertainment and Meals Received Policy, the Outside Business Activities Policy, and the Political Activities Policy. The Personal Code of Ethics is designed to ensure the Adviser and the Distributor personnel: (i) observe applicable legal (including compliance with applicable federal securities laws) and ethical standards in the performance of their duties; (ii) at all times place the interests of the Fund first; (iii) disclose all actual or potential conflicts; (iv) adhere to the highest standards of loyalty, candor, and care in all matters relating to the Fund; (v) conduct all personal trading, including transactions in the Fund and other securities, consistent with the Personal Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of their position of trust and responsibility; and (vi) refrain from using any material nonpublic information in securities trading. The Personal Code of Ethics is on file with and available from the SEC through the SEC website at http://www.sec.gov.

Under the Personal Account Dealing Policy, all Adviser and Distributor personnel, as well as the Trustees and Officers of the Fund, are required to conduct their personal investment activities in a manner that the Adviser believes is not detrimental to the Fund. In addition, Adviser and Distributor personnel are not permitted to transact in securities held by the Fund for their personal accounts except under circumstances specified in the Personal Account Dealing Policy. All personnel of the Adviser, the Distributor, and the Fund, as well as certain other designated employees deemed to have access to current trading information, are required to pre-clear all transactions in securities not otherwise exempt. Requests for trading authorization will be denied when, among other reasons, the proposed personal transaction would be contrary to the provisions of the Personal Account Dealing Policy.

In addition to the pre-clearance requirement described above, the Personal Account Dealing Policy subjects such personnel to various trading restrictions and reporting obligations. All reportable transactions are reviewed for compliance with the Personal Account Dealing Policy and under certain circumstances Adviser and Distributor personnel may be required to forfeit profits made from personal trading.

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### CUSTODIAN , TRANSFER AGENT , AND CERTAIN AFFILIATIONS
BNP Paribas, acting through its New York branch ("BNP(NY)"), 787 Seventh Avenue, New York, New York 10019 is the Fund's custodian. The custodian holds the Fund's assets in safekeeping and collects and remits the income thereon, subject to the instructions of the Fund.

Janus Henderson Services US LLC (the "Transfer Agent"), 151 Detroit Street, Denver, Colorado 80206-4805, a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. In addition, the Transfer Agent provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. The Fund does not pay a fee to the Transfer Agent.

Janus Henderson Distributors US LLC (the "Distributor"), 151 Detroit Street, Denver, Colorado 80206-4805, a wholly-owned subsidiary of the Adviser, is the principal underwriter for the Fund. The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of FINRA. The Distributor acts as the agent of the Fund in connection with the sale of its Shares in all states in which such Shares are registered and in which the Distributor is qualified as a broker-dealer. Under the Distribution Agreement, the Distributor continuously offers the Fund's Shares and accepts orders at NAV per share of the relevant class. The cash-compensation amount or rate at which the Distributor's registered representatives are paid for sales of products may differ based on a type of fund or a specific trust or the distribution channel or platform. The receipt of (or prospect of receiving) compensation described above may provide an incentive for a registered representative to favor sales of funds, or certain share classes of a fund, for which they receive a higher compensation amount or rate. You should consider these arrangements when evaluating any recommendations of your registered representative.

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### PORTFOLIO TRANSACTIONS AND BROKERAGE
The Adviser initiates all portfolio transactions for the Fund, solely upon the direction of the relevant portfolio management. The Adviser selects broker-dealers for Fund as part of its discretionary responsibilities under the Advisory Agreement and broker selection is determined by the Adviser's duty to seek best execution. Janus Henderson's Best Execution Committee will periodically review the quality of execution that the Adviser receives from broker-dealers and the Adviser will continually evaluate the effectiveness of the executing brokers and trading tools utilized. The Adviser does not consider a broker-dealer's sale of shares of the Fund or gifts and entertainment received from registered representatives of broker-dealers when choosing a broker-dealer to effect transactions.

The Adviser has a duty to seek to obtain "best execution" of all portfolio transactions by reasonably seeking to obtain the best possible result under the circumstances. The Adviser considers a number of factors including but not limited to: an understanding of prices of securities currently available and commission rates and other costs associated with various trading tools, channels and venues; the nature, liquidity, size and type of the security being traded and the character of the markets for which the security will be purchased or sold; the activity, existing and expected, in the market for the particular security; the potential impact of the trade in such market and the desired timing or urgency of the trade pursuant to the investment decision; any fund restrictions associated with asset types; the ability of a broker-dealer to maintain confidentiality, including trade anonymity; the quality of the execution, clearance, and settlement services of a broker-dealer; and principal commitment by the broker-dealer to facilitate the transaction.

The Fund generally buys and sells securities in principal and agency transactions in which no brokerage commissions are paid. However, the Fund may engage an agent and pay commissions for such transactions if the Adviser believes that the net result of the transaction to the Fund will be no less favorable than that of contemporaneously available principal transactions. The implied cost of executing portfolio securities transactions for the Fund primarily will consist of bid-offer spreads at which brokers will transact. The spread is the difference between the prices at which the broker is willing to purchase and sell the specific security at the time.

When the Fund purchases or sells a security in the over-the-counter market, the transaction takes place directly with a principal market-maker, without the use of a broker, except in those circumstances where, in the opinion of the Adviser, better prices and executions will be achieved through the use of a broker.

The Adviser may engage in "cross trades" whereby the Adviser causes its clients or accounts to engage in a purchase and sale of a security with each other. The Adviser may engage in cross trades where it determines such transaction is in the best interests of both accounts and consistent with the Adviser's best execution obligations. Although the use of cross trades may be beneficial to clients, it also creates opportunities for conflicts of interest to adversely affect clients. For instance, the Adviser could prefer one account over the other in determining price or otherwise executing a cross trade due to the existence of a more favorable fee structure or proprietary interest in one account. To address these potential conflicts, the Adviser has adopted policies and procedures which require that all cross trades are effected at a readily available fair market price which may be based on independent dealer bids or quotes depending on the type of security. In addition, cross trades involving a registered investment company must be consistent with Rule 17a-7 under the 1940 Act. The Adviser may execute cross trades among any eligible funds and accounts managed by the Adviser or its affiliates. The Adviser does not permit cross trades with the Fund for fixed income securities, with accounts subject to the Employee Retirement Income Security Act of 1974 ("ERISA") or where prohibited by client restrictions.

The Adviser makes investment decisions for each of its clients, including proprietary accounts, independently from those of any other account that is or may become managed by the Adviser or its affiliates. Because the Adviser generally invests in similar strategies for clients, numerous clients could have similar investment objectives and thus, similar portfolios. As a result, the Adviser may be trading the same security for multiple clients at the same time. In order to seek efficiencies that may be available for larger transactions, or help allocate execution fills and prices fairly, the Adviser may aggregate the orders for its clients for execution in circumstances where the Adviser determines that the investment is eligible and appropriate for each participating account. Clients participating in an aggregated trade are generally charged the same price and execution rate or execution portion of the commission except in circumstances where doing otherwise is deemed fair and consistent with applicable law. Instances can occur in which not all clients are charged a research portion (or the same research portion) of the commission in an aggregated trade, including where clients have a different research rate, have already met the research budget established by the Adviser or are subject to regulatory or other restrictions on the use of client commissions to pay for research services and may transact at lower commissions or execution only rates. In addition to, or instead of, aggregating orders of accounts that

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would be trading the same security at the same time, the Adviser may average the price of the transactions of these accounts and allocate trades to each account in accordance with the Adviser's allocation procedures. Pursuant to these procedures, partial fills will be allocated pro rata under procedures adopted by Janus Henderson. The Adviser seeks to allocate the opportunity to purchase or sell a security or other investment among accounts on an equitable basis by taking into consideration certain factors. These factors include, but are not limited to: size of the portfolio, concentration of holdings, investment objectives and guidelines, position weightings, duration targets, consistency of portfolio characteristics across similar accounts, purchase costs, issuer restrictions, price targets and cash availability. Due to such factors, the Adviser cannot assure equality of allocations among all of its accounts, nor can it assure that the opportunity to purchase or sell a security or other investment will be proportionally allocated among accounts according to any particular or predetermined standards or criteria which could cause performance divergence from similar accounts. In some cases, these allocation procedures may adversely affect the price paid or received by an account or the size of the position obtained or liquidated for an account. In others, however, the accounts' ability to participate in volume transactions may produce better executions and prices for the accounts. The Adviser may adjust allocations to eliminate fractional shares or odd lots, or to account for minimum trade size requirements and has the discretion to deviate from its allocation procedures in certain circumstances.

For the fiscal year ended June 30, 2024, the Fund paid no brokerage commissions to brokers and dealers in transactions identified for execution primarily on the basis of research and other services provided to the Fund.

For the fiscal years ended June 30, 2024, June 30, 2023, and June 30, 2022, the Fund did not incur any brokerage commissions.

As of June 30, 2024, the Fund owned securities of their regular broker-dealers (or parents) as shown below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Name of Broker-Dealer** | **Value of Securities Owned** |
| &nbsp;&nbsp;&nbsp; Janus Henderson Government Money Market Fund | Goldman Sachs & Co. LLC | $35000000 |
|  | HSBC Securities (USA) Inc. | 10000000 |
|  | ING Financial Markets LLC | 50000000 |
|  | RBC Capital Markets, LLC | 47500000 |

---

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### PURCHASE OF SHARES
As stated in the Fund's Prospectuses, purchase requests must be received in good order by the Fund or its agent prior to the following times each day that the New York Stock Exchange (the "NYSE") is open ("business day"): 10:00 a.m., 1:00 p.m., and 4:00 p.m. New York time in order to receive the NAV next calculated. These times are each referred to as a "cut-of time". The Fund reserves the right to require purchase requests prior to the cut-off times specified above on days when the bond market or the NYSE close early. The Fund also reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. Shares are purchased at the NAV per share as determined as of the cut-off times specified above after a purchase order is received in good order by the Fund or its agent. The Fund's NAVs are calculated each day that the NYSE is open. The Fund seeks to maintain a stable NAV per share of $1.00. The "Shareholder's Manual" or "Shareholder's Guide" section of the Fund's Prospectuses contains detailed information about the purchase of Shares.

 <br> NET ASSET VALUE DETERMINATION

Pursuant to SEC rules, the Trustees have established procedures to stabilize the Fund's NAV at $1.00 per Share. These procedures include a review of the extent of any deviation of NAV per Share as a result of fluctuating interest rates, based on available market rates, from the Fund's $1.00 amortized cost price per Share. Should that deviation exceed <sup>1</sup>⁄<sub>2</sub> of 1%, the Trustees will consider whether any action should be initiated to eliminate or reduce material dilution or other unfair results to shareholders. Such action may include redemption of shares in-kind, selling portfolio securities prior to maturity, reducing or withholding dividends, and utilizing an NAV per share as determined by using available market quotations.

 <br> REINVESTMENT OF DIVIDENDS AND DISTRIBUTIONS

If investors of American Cancer Society Support – Class D Shares do not elect online at janushenderson.com/individual, in writing, or by phone to receive their dividends and distributions in cash, all income dividends and capital gains distributions, if any, on Shares are reinvested automatically in additional Shares of that Fund at the 4:00 pm New York time cut-off time. Checks for cash dividends and distributions and confirmations of reinvestments are usually sent to shareholders within ten days after the record date. Any election of the manner in which a shareholder wishes to receive dividends and distributions (which may be made online at janushenderson.com/individual or by phone) will apply to dividends and distributions the record dates of which fall on or after the date that a Fund receives such notice. Changes to distribution options must be received at least three days prior to the record date to be effective for such date. Investors receiving cash distributions and dividends may elect online at janushenderson.com/individual, in writing, or by phone to change back to automatic reinvestment at any time. For investors of American Cancer Society Support – Class T Shares, distributions of net investment income and net capital gains are automatically reinvested in additional Shares of the Fund. To receive distributions in cash, contact your financial intermediary. Whether reinvested or paid in cash, the distributions may be subject to taxes, unless your shares are held in a qualified tax-advantaged plan or account.

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### REDEMPTION OF SHARES
As stated in the Fund's Prospectuses, redemption requests must be received in good order by the Fund or its agent prior to the cut-off times specified in "Purchase of Shares" above in order to receive the next NAV calculated. The Fund reserves the right to require redemption requests prior to each cut-off time on days when the bond market or the NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. Procedures for redeeming Shares are set forth in the "Shareholder's Manual" or "Shareholder's Guide" section of the Fund's Prospectuses.

Certain accounts or Adviser affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Fund's Shares. Redemptions by these accounts of their holdings in the Fund may negatively impact the Fund's liquidity and NAV. These redemptions may also force the Fund to sell securities, which may negatively impact the Fund's brokerage costs.

Shares normally will be redeemed for cash, although the Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of remaining shareholders, to accommodate a request by a particular shareholder that does not adversely affect the interests of the remaining shareholders, or in connection with the liquidation of the Fund, by delivery of securities selected from its assets at its discretion. However, the Fund is governed by Rule 18f-1 under the 1940 Act, which requires the Fund to redeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV of the Fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the Fund will have the option of redeeming the excess in cash or in-kind. In-kind payment means payment will be made in portfolio securities rather than cash, and may potentially include illiquid investments. Illiquid investments may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause the redeeming shareholder to realize losses on the security if the security is sold at a price lower than that at which it had been valued. If the Fund makes an in-kind payment, the redeeming shareholder may incur brokerage costs in converting the assets to cash, whereas such costs are borne by the Fund for cash redemptions. The method of valuing securities used to make redemptions in-kind will be the same as the method of valuing portfolio securities described under "Purchase of Shares – Net Asset Value Determination" and such valuation will be made as of the same time the redemption price is determined.

Except as otherwise described in the Prospectuses, the Fund reserves the right to postpone payment of redemption proceeds for up to seven calendar days. Additionally, the right to require the Fund to redeem its Shares may be suspended, or the date of payment may be postponed beyond seven calendar days, whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (ii) the SEC permits such suspension and so orders; or (iii) an emergency exists as determined by the SEC so that disposal of securities or determination of NAV is not reasonably practicable.

#### Suspension of Redemptions
In the event that the Fund's Trustees determine that a deviation between the Fund's amortized cost price per share and the market-based net asset value per share may result in a material dilution or other unfair results to the Fund's shareholders, the Trustees will take such action as they deem appropriate including, but not limited to, suspending redemptions and the payment of redemption proceeds, in order to facilitate the liquidation of the Fund. In addition, if the Fund's weekly liquid assets fall below 10%, the Fund may cease honoring redemptions and liquidate at the discretion of the Trustees. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to suspend redemptions and liquidate. If the Fund ceases honoring redemptions and makes a decision to liquidate, the Fund expects that it would notify shareholders on the Fund's websites or by press release.

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### SHAREHOLDER ACCOUNTS
Detailed information about the general procedures for shareholder accounts and specific types of accounts is set forth in the Fund's Prospectuses and at janushenderson.com. Applications for specific types of accounts may be obtained by visiting janushenderson.com, calling a Janus Henderson representative, or writing the Fund.

The Adviser has established an Anti-Money Laundering Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). In an effort to ensure compliance with this law, the Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that financial intermediaries have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity, checking shareholder names against designated government lists, including the Office of Foreign Asset Control ("OFAC"), and a review of all new account applications. The Trust does not intend to transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

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### TAX -ADVANTAGED ACCOUNTS
The Fund offers several different types of tax-advantaged accounts that an investor may establish to invest in Fund shares, depending on rules prescribed by the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), and the regulations thereunder. Traditional and Roth Individual Retirement Accounts ("IRAs") may be used by most individuals who have taxable compensation. Simplified Employee Pensions ("SEPs") and Defined Contribution Plans (Profit Sharing or Money Purchase Pension Plans) may be used by most employers, including corporations, partnerships, and small business owners (including sole proprietors), for the benefit of business owners and their employees. Investors should consult their tax adviser or legal counsel before selecting a tax-advantaged account. Contributions under Traditional and Roth IRAs, SEPs, and Defined Contribution Plans are subject to specific contribution limitations. Generally, such contributions may be invested at the direction of the participant.

Distributions from tax-advantaged retirement accounts may be subject to ordinary income tax and may be subject to an additional 10% tax if withdrawn prior to age 59<sup>1</sup>⁄<sub>2</sub> or used for a nonqualifying purpose. Additionally, with the exception of Roth IRAs, shareholders generally must start withdrawing retirement plan assets no later than April 1 of the year after they reach age 72. Several exceptions to these general rules may apply and several methods exist to determine the amount and timing of the minimum annual distribution (if any). Shareholders should consult with their tax adviser or legal counsel prior to receiving any distribution from any tax-advantaged account, in order to determine the income tax impact of any such distribution.

Coverdell Education Savings Accounts (formerly Education IRAs) allow individuals, subject to certain income limitations, to contribute up to $2,000 annually on behalf of any child under the age of 18. Contributions are also allowed on behalf of children with special needs beyond age 18. Distributions are generally subject to income tax if not used for qualified education expenses.

To receive additional information about Traditional and Roth IRAs, SEPs, Defined Contribution Plans, and Coverdell Education Savings Accounts, along with the necessary materials to establish an account, please visit janushenderson.com, call a Janus Henderson representative, or write the Fund. No contribution to a Traditional or Roth IRA, SEP, Defined Contribution Plan, or Coverdell Education Savings Account can be made until the appropriate forms to establish any such plan have been completed.

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### DIVIDENDS AND TAX STATUS
The following is intended to be a general summary of certain U.S. federal income tax consequences of investing in the Fund. It is not intended to be a complete discussion of all such federal income tax consequences, nor does it purport to deal with all categories of investors. This discussion reflects applicable tax laws of the United States as of the date of this SAI. However, tax laws may change or be subject to new interpretation by the courts or the Internal Revenue Service (the "IRS"), possibly with retroactive effect. Investors are therefore advised to consult with their own tax advisers before making an investment in the Fund.

Dividends representing substantially all of the net investment income and any realized net gains on sales of securities are declared daily, Saturdays, Sundays, and holidays included, and distributed on the last business day of each month. If a month begins on a Saturday, Sunday, or holiday, dividends for those days are declared at the end of the preceding month.

If a purchase order is received prior to the last cut-off time specified in "Purchase of Shares" above and payment in federal funds is wired to and received by the Fund by the close of the Federal Reserve wire transfer system (normally 6:00 p.m. New York time), then dividends will begin to accrue on the same business day that the wire purchase order is received. In the event that an order is placed prior to 4:00 p.m. (New York time) and payment through federal funds or other immediately available funds is not received by the Fund by the close of the Federal Reserve wire transfer system or other immediately available funds that same day, you will not accrue a dividend on that that day and the Fund reserves the right to cancel your purchase order and you will be liable for any resulting losses or fees incurred by the Fund or the Fund's transfer agent. If a payment is received on a business day after the last cut-off time specified in "Purchase of Shares" above, you will not earn dividends on the day the purchase order is received. Such Shares will begin to accrue dividends on the first bank business day following receipt of the order. Dividends will not accrue on shares that are redeemed and paid on a same day basis on the date of redemption. Other redeeming shareholders will accrue dividends on the redemption date. If Shares of the Fund were originally purchased by check or through an Automated Investment Program, the Fund may delay transmittal of redemption proceeds up to 15 days in order to ensure that purchase funds have been collected. Closing times for purchase and redemption of Shares may be changed for days on which the bond markets or the NYSE close early. The Fund reserves the right to require purchase and redemption requests prior to the cut-off times specified in "Purchase of Shares" above on days when the bond markets or NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early).

#### Fund Taxation
The Fund intends to qualify as a regulated investment company by satisfying certain requirements prescribed by Subchapter M of the Internal Revenue Code. If the Fund failed to qualify as a regulated investment company in any taxable year, the Fund may be subject to federal income tax on its taxable income at corporate rates. In addition, all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would generally be taxable to shareholders as ordinary income but may, at least in part, qualify for the dividends received deduction applicable to corporations or the reduced rate of taxation applicable to noncorporate holders for "qualified dividend income." In addition, the Fund could be required to recognize unrealized gains, pay taxes and interest, and make distributions before requalifying as a regulated investment company that is accorded special tax treatment. Because the Fund is a money market fund, they do not anticipate distributing capital gains or qualified dividend income.

A federal excise tax at the rate of 4% will be imposed on the excess, if any, of the Fund's "required distribution" over actual distributions in any calendar year. Generally, the "required distribution" is 98% of the Fund's ordinary income for the calendar year plus 98.2% of its capital gain net income recognized during the one-year period ending on October 31 plus undistributed amounts from prior years. The Fund intends to make distributions sufficient to avoid imposition of the excise tax.

If the Fund invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities, or, in general, any other securities with original issue discounts (or with market discount if the Fund elects to include market discount in income currently), the Fund must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the Fund must distribute to shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid), including such accrued income, to avoid federal income and excise taxes. In certain cases, the Fund may have to distribute cash obtained from other sources in order to satisfy the distribution requirements under the Internal Revenue Code.

Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy these distribution requirements.

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The Fund may acquire market discount bonds. A market discount bond is a security acquired in the secondary market at a price below its redemption value (or its adjusted issue price if it is also an original issue discount bond). If the Fund invests in a market discount bond, it generally will be required to treat any gain recognized on the disposition of such market discount bond as ordinary income (instead of capital gain) to the extent of the accrued market discount, unless the Fund elects to include the market discount in income as it accrues.

The Fund's investment in lower-rated or unrated debt securities may present issues for the Fund if the issuers of these securities default on their obligations because the federal income tax consequences to a holder of such securities are not certain.

Some money market securities employ a trust or other similar structure to modify the maturity, price characteristics, or quality of financial assets. For example, put features can be used to modify the maturity of a security, or interest rate adjustment features can be used to enhance price stability. If the structure does not perform as intended, adverse tax or investment consequences may result. Neither the Internal Revenue Service nor any other regulatory authority has ruled definitively on certain legal issues presented by structured securities. Future tax or other regulatory determinations could adversely affect the value, liquidity, or tax treatment of the income received from these securities or the nature and timing of distributions made by the Fund.

When a shareholder opens an account, IRS regulations require that the shareholder provide a taxpayer identification number ("TIN"), certify that it is correct, and certify that he, she, or it is not subject to backup withholding. If a shareholder fails to provide a TIN or the proper tax certifications, the Fund is required to withhold 24% of all distributions (including dividends and capital gain distributions) and redemption proceeds paid to the shareholder. The Fund is also required to begin backup withholding on an account if the IRS instructs it to do so. Amounts withheld may be applied to the shareholder's federal income tax liability and the shareholder may obtain a refund from the IRS if withholding results in an overpayment of federal income tax for such year.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

The foregoing discussion relates solely to U.S. federal income tax law as applied to U.S. investors.

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### TRUSTEES AND OFFICERS
The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). As of the date of this SAI, none of the Trustees are "interested persons" of the Adviser as that term is defined by the 1940 Act.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund's Governance Procedures and Guidelines, the policy is for a Trustee to retire no later than the end of the calendar year in which the Trustee turns 75, unless extended by the Trustees. The Trustees review the Fund's Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund's Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust's Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. As of the date of this SAI, collectively, the two registered investment companies consist of 45 series or funds, referred to herein as the "Fund Complex".

The Trust's officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund's CCO, as authorized by the Trustees.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;&nbsp; **Name, Address,**<br> **and Age** | **Positions**<br> **Held with**<br> **the Trust** | **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** | **Number of**<br> **Portfolios/Funds**<br> **in Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other Directorships**<br> **Held by Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** |
| &nbsp;&nbsp;&nbsp; Alan A. Brown<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1962 | Chairman Trustee | 5/22-Present 1/13-Present | Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm)<br> (2012-2018), Executive Vice President and Co-Head, Global Private Client Group<br> (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief<br> Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management). | 45 | Board Member of BankNewport (mutual savings bank) (since 2024), Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003).<br> Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until<br> 2010). |
| &nbsp;&nbsp;&nbsp; Cheryl D. Alston<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1966 | Trustee | 8/22-Present | Executive Director and Chief Investment Officer, Employees' Retirement Fund of the City of Dallas (since 2004). | 45 | Director of Blue Cross Blue Shield of Kansas City (a<br> not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017).<br> Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;&nbsp; **Name, Address,**<br> **and Age** | **Positions**<br> **Held with**<br> **the Trust** | **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** | **Number of**<br> **Portfolios/Funds**<br> **in Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other Directorships**<br> **Held by Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** |
| &nbsp;&nbsp;&nbsp; Raudline Etienne<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1965 | Trustee | 6/16-Present | Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011). | 45 | Member of the Investment Committee for Cooper Union (private college) (since 2021) and Director of Brightwood Capital Advisors, LLC (since 2014). Formerly, Board Member, Van Alen Institute (nonprofit architectural and design organization)<br> (2019-2022). |
| &nbsp;&nbsp;&nbsp; Darrell B. Jackson<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1958 | Trustee | 8/22-Present | President and Chief Executive Officer, The Efficace<br> Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank)<br> (2014-2015), and Executive Vice President and<br> Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014). | 45 | Advisory Board Member, Dome Construction (construction) (since 2023), Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of<br> Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015). |
| &nbsp;&nbsp;&nbsp; Dominic Janssens<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1965 | Trustee | 7/24-Present | Retired. Formerly, Global Chief Operating Officer, Macquarie Investment Management (2016-2019); Leader of Global Investment and Institutional Client Services, T. Rowe Price (2008-2016); Senior Managing Director, State Street Global Advisors (2006-2008); and Managing Director, Deutsche Asset Management<br> (2000-2005). | 45 | Board Member of AlphaTrAI (AI-technology firm) (since 2022) and Advisory Board Member (since 2021). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;&nbsp; **Name, Address,**<br> **and Age** | **Positions**<br> **Held with**<br> **the Trust** | **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** | **Number of**<br> **Portfolios/Funds**<br> **in Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other Directorships**<br> **Held by Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** |
| &nbsp;&nbsp;&nbsp; William F. McCalpin<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1957 | Trustee | 6/02-Present | Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor)<br> (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a<br> private family foundation) (1998-2006). | 45 | Formerly, Trustee and Chairman of the Board of The Investment Fund for Foundations Investment Program (TIP) (2008-2023),<br> Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds)<br> (2016-2021). |
| &nbsp;&nbsp;&nbsp; Gary A. Poliner<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1953 | Trustee | 6/16-Present | Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company. | 45 | Formerly, Director of MGIC Investment Corporation (private mortgage insurance) (2013-2023), Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm)<br> (2008-2013). |
| &nbsp;&nbsp;&nbsp; Diane L. Wallace<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1958 | Trustee | 6/17-Present | Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002). | 45 | Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios)<br> (2015-2017), Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017). |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;&nbsp;**OFFICERS** |
| &nbsp;&nbsp;&nbsp; **Name, Address,**<br> **and Age** | **Positions Held with the Trust** | **Term of<br>Office<sup>\*</sup> and<br>Length of<br>Time Served** | **Principal Occupations<br>During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; Andrew Forman<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1987 | Executive Vice President and Co-Portfolio Manager<br> Janus Henderson Government Money Market Fund | 2/25-Present | Portfolio manager for other Janus Henderson accounts. |
| &nbsp;&nbsp;&nbsp; Garrett Strum<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1981 | Executive Vice President and Lead Portfolio Manager<br> Janus Henderson Government Money Market Fund | 5/17-Present | Portfolio Manager for other Janus Henderson accounts and Analyst for the Adviser. |
| &nbsp;&nbsp;&nbsp; Michelle Rosenberg<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1973 | President and Chief Executive Officer | 9/22-Present | Chief Administrative Officer (since 2024) and General Counsel (since 2018) of Janus Henderson Investors. Formerly, Corporate Secretary of Janus Henderson Investors (2018-2024), Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc.<br> (2015-2018). Member of Board of Trustees for Bates College (since 2020) and Member of Board of Directors for ICI Mutual Insurance Company (since 2023). |
| &nbsp;&nbsp;&nbsp; Kristin Mariani<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1966 | Vice President and Chief Compliance Officer | 7/20-Present | Head of Compliance, North America at Janus Henderson Investors (since September 2020) and Chief Compliance Officer at Janus Henderson Investors US LLC (since September 2017). Formerly, Anti-Money Laundering Officer for the Trust and Janus Aspen Series (July 2020- December 2022), Global Head of Investment Management Compliance at Janus Henderson Investors (February 2019-August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer at Janus Henderson Distributors US LLC (May 2017-September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017). |
| &nbsp;&nbsp;&nbsp; Jesper Nergaard<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1962 | Chief Financial Officer<br> Vice President, Treasurer, and Principal Accounting Officer | 3/05-Present 2/05-Present | Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC (since 2005). |
| &nbsp;&nbsp;&nbsp; Abigail J. Murray<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1975 | Vice President, Chief Legal Counsel, and Secretary | 12/20-Present | Managing Counsel (since 2020). Formerly, Senior Counsel for Invesco Ltd.<br> (2017-2020). |
| &nbsp;&nbsp;&nbsp; Ciaran Askin<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1978 | Anti-Money Laundering Officer | 12/22-Present | Global Head of Financial Crime, Janus Henderson Investors (since 2022).<br> Formerly, Global Head of Financial Crime for Invesco Ltd. (2017-2022). |

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\* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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As discussed below, the Board's Nominating and Governance Committee is responsible for identifying and recommending candidates for nomination or election by the Board based on a variety of diverse criteria. In its most recent evaluation of the qualifications of each Trustee as part of the Board's annual self-evaluation process, the Committee and the Board considered the totality of the information available to them, including the specific experience, qualifications, attributes or skills, as noted below, and concluded that each of the Trustees should serve as members of the Board of Trustees based on the Trust's business structure. In reaching these conclusions, the Committee and the Board, in the exercise of their reasonable business judgment, evaluated each Trustee based on his or her specific experience, qualifications, attributes and/or skills on an individual basis and in combination with the other Trustees, none of which by itself was considered dispositive.

**Alan A. Brown:** Service as Executive Vice President and as Chief Marketing Officer of a leading investment management firm, a corporate and fund director, and as an executive with a private equity real estate investment management firm, and a Fund Independent Trustee since 2013 and Independent Chairman of the Board of Trustees since May 2022.

**Cheryl D. Alston:** Service as Executive Director and Chief Investment Officer of a large public pension fund, service on not- for-profit and corporate boards, and a Fund Independent Trustee since 2022.

**Raudline Etienne:** Service as Deputy Controller and Chief Investment Officer of a large public pension fund, Senior Vice President and Senior Advisor to a global strategy firm, and a Fund Independent Trustee since 2016.

**Darrell B. Jackson:** Service as President and Chief Executive Officer of a bank, Executive Vice President and Co-President of a large financial services company, service on corporate and private company boards, and a Fund Independent Trustee since 2022.

**Dominic Janssens:** Service as Global Chief Operating Officer and Managing Director of investment and asset management companies, Member of Board of Directors and Advisory Board Member of an AI-technology firm, and in various capacities with public investment firms.

**William F. McCalpin:** Service as Chief Operating Officer of a large private family foundation, Chairman and Trustee of an unaffiliated fund complex, and a Fund Independent Trustee since 2002 and Independent Chairman of the Board of Trustees from 2008 to May 2022.

**Gary A. Poliner:** Service as President, and Vice President and Chief Risk Officer, of a large life insurance company, a director of private companies, service as director and Chairman and Director of unaffiliated fund complexes, and a Fund Independent Trustee since 2016.

**Diane L. Wallace:** Service as Independent Trustee of Henderson Global Funds and other leading investment management firms, Chief Operating Officer, Senior Vice President of Operations, Treasurer and Chief Financial Officer of a leading investment management firm, and a Fund Independent Trustee since 2017.

#### General Information Regarding the Board of Trustees and Leadership Structure
The Trust is governed by the Board of Trustees, which is responsible for and oversees the management and operations of the Trust and each of the Janus Henderson funds on behalf of fund shareholders. Each member of the Board is an Independent Trustee, including the Board's Chairman. The Board's responsibilities include, but are not limited to, oversight of the Janus Henderson funds' officers and service providers, including the Adviser, which is responsible for the Trust's day-to-day operations. The Trustees approve all of the agreements entered into with the Janus Henderson funds' service providers, including the investment management agreements with the Adviser. The Trustees are also responsible for determining or changing each Janus Henderson fund's investment objective(s), policies, and available investment techniques, as well as for overseeing the Janus Henderson funds' Chief Compliance Officer. In carrying out these responsibilities, the Trustees are assisted by the Trust's independent auditor (who reports directly to the Trust's Audit Committee), independent counsel, an independent fee consultant, and other specialists as appropriate, all of whom are selected by the Trustees. The Trustees also meet regularly without representatives of the Adviser or its affiliates present.

The Trustees discharge their responsibilities collectively as a Board, as well as through Board committees, each of which operates pursuant to a Board-approved charter that delineates the specific responsibilities of that committee. For example, the Board as a whole is responsible for oversight of the annual process by which the Board considers and approves each fund's investment advisory agreement with the Adviser, but specific matters related to oversight of the Janus Henderson funds' independent auditors have been delegated by the Board to its Audit Committee, subject to approval of the Audit Committee's

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recommendations by the Board. The members and responsibilities of each Board committee are summarized below. In addition to serving on certain committees, the Chairman of the Board ("Board Chairman") is responsible for presiding at all meetings of the Board and has other duties as may be assigned by the Trustees from time to time. The Board Chairman also serves as the Board's liaison to the Adviser with respect to all matters related to the Janus Henderson funds that are not otherwise delegated to the chair of a Board committee. The Board has determined that this leadership structure is appropriate based on (1) the number of Janus Henderson funds overseen and the various investment objectives of those funds; (2) the manner in which the Janus Henderson funds' shares are marketed and distributed; and (3) the responsibilities entrusted to the Adviser and its affiliates to oversee the Trust's day-to-day operations, including the management of each Janus Henderson fund's holdings and the distribution of fund shares. On an annual basis, the Board conducts a self-evaluation that considers, among other matters, whether the Board and its committees are functioning effectively and whether, given the size and composition of the Board and each of its committees, the Trustees are able to oversee effectively the number of Janus Henderson funds in the complex.

#### Committees of the Board
The Board of Trustees has six standing committees that each perform specialized functions: an Audit Committee, Investment Oversight Committee, Nominating and Governance Committee, Operations Committee, Product and Distribution Committee, and Trading and Pricing Committee. Each committee is comprised entirely of Independent Trustees. Information about each committee's functions is provided in the following table:

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| | | | |
|:---|:---|:---|:---|
|  | **Summary of Functions** | **Members**<br> **(Independent Trustees)** | **Number of Meetings<br>Held During Fiscal<br>Year Ended June 30,<br>2024** |
| &nbsp;&nbsp;&nbsp;**Audit Committee** | Reviews the Trust's financial reporting process, the system of internal controls over financial reporting, disclosure controls and procedures, including the review of the adequacy of relevant personnel and the review of reports related to such system of internal controls, Form N-CSR, Form N-CEN, and Form N-PORT filings, and the audit process. The Committee's review of the audit process includes, among other things, the appointment, compensation, and oversight of the Trust's independent auditor, which performs the audits of the Trust's financial statements, regular meetings and communication with relevant personnel at the Adviser and the independent auditor, and preapproval of all audit and nonaudit services. The Committee also reviews any significant changes or improvements in accounting and audit processes that have been implemented. The Committee receives reports from the Trust's Chief Financial Officer, Treasurer, and Principal Accounting Officer, and from personnel responsible for internal audit functions related to financial reporting. The Committee also oversees service providers that provide fund accounting and portfolio accounting services to the Trust. | Diane L. Wallace (Chair)<br> Cheryl D. Alston<br> Gary A. Poliner | 4 |

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| | | | |
|:---|:---|:---|:---|
|  | **Summary of Functions** | **Members**<br> **(Independent Trustees)** | **Number of Meetings<br>Held During Fiscal<br>Year Ended June 30,<br>2024** |
| &nbsp;&nbsp;&nbsp;**Investment Oversight Committee** | Oversees the investment activities of the series of the Trust. The Committee meets regularly with investment personnel at the Adviser and any subadviser to the Funds to review the investment performance, investment risk characteristics, objectives, and strategies of the Funds. The Committee reviews reports regarding the use of derivative instruments by the Funds and information and reports with respect to proposed new investment instruments and techniques. The Committee reviews various matters related to the operations of the Janus Henderson money market funds, including the review of reports related to such operations, compliance with the Trust's Money Market Fund Procedures, and Rule 2a-7 under the 1940 Act. | Raudline Etienne (Chair)<br> Cheryl D. Alston<br> Alan A. Brown<br> Darrell B. Jackson<br> Dominic Janssens<br> William F. McCalpin<br> Gary A. Poliner<br> Diane L. Wallace | 5 |
| &nbsp;&nbsp;&nbsp;**Nominating and Governance Committee** | Identifies and recommends individuals for Trustee membership, recommends an independent Trustee to serve as Board Chair, consults with Fund officers and the Board Chair in planning Trustee meetings, reviews the responsibilities of each Board committee, which includes the need for new committees and the continuation of existing committees, and oversees the administration of, and ensures compliance with, the Trust's Governance Procedures and Guidelines adopted by the Trustees. The Committee also leads the Trustees' annual self-assessment process and continuing education program, reviews, and proposes changes to, Trustee compensation, and oversees the administration of the Trust's insurance program. | William F. McCalpin (Chair)<br> Alan A. Brown<br> Diane L. Wallace | 6 |
| &nbsp;&nbsp;&nbsp;**Operations Committee** | Oversees certain matters related to the operation of the Trust. The Committee receives reports regarding the operation of the Trust's securities lending program, the implementation of the Proxy Voting Procedures and Guidelines, and various information technology, cybersecurity, and data privacy risks related to the Trust and the Trust's service providers. The Committee oversees service providers providing operations-related services to the Trust, including the Trust's custodian and transfer agent. The Committee receives reports from personnel responsible for the Trust's enterprise risk function and the Adviser's internal audit function. In addition, the Committee oversees compliance with certain procedures adopted by the Trust under exemptive orders of the SEC. | Gary A. Poliner (Chair)<br> Alan A. Brown<br> Darrell B. Jackson<br> William F. McCalpin | 5 |

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| | | | |
|:---|:---|:---|:---|
|  | **Summary of Functions** | **Members**<br> **(Independent Trustees)** | **Number of Meetings<br>Held During Fiscal<br>Year Ended June 30,<br>2024** |
| &nbsp;&nbsp;&nbsp;**Product and Distribution Committee** | Provides oversight of matters regarding the Trust's product lineup and the distribution of shares of the Funds. The Committee reviews matters relating to the initial strategy, design, and positioning of new Funds and material changes to the strategy, design, and/or positioning of existing Funds. The Committee receives reports regarding potential Fund closures, liquidations, or mergers, certain Fund fees and expenses, and marketing and distribution strategies for the Funds including payments made by the Funds pursuant to the Trust's distribution and shareholder servicing plans. The Committee reviews certain regulatory filings made with the SEC and oversees and receives reporting from service providers providing product and distribution-related services to the Trust. | Alan A. Brown (Chair)<br> Raudline Etienne<br> Darrell B. Jackson<br> William F. McCalpin | 6 |
| &nbsp;&nbsp;&nbsp;**Trading and Pricing Committee** | Oversees matters relating to the pricing of the Funds' securities and the placement of portfolio transactions. The Committee oversees the Adviser as valuation designee and reviews reports on fair valuation determinations and valuation methodologies regarding securities and investments held by the Funds pursuant to valuation procedures established by the Adviser and approved by the Board of Trustees. The Committee also reviews other matters related to pricing the Funds' securities and approves changes to the valuation procedures. The Committee receives reporting regarding portfolio transactions with affiliates undertaken in accordance with the Trust's procedures, efforts to obtain best execution in connection with portfolio transactions and commissions paid to firms supplying research and brokerage services. The Committee also receives reports regarding foreign exchange trading by the Funds. In addition, the Committee oversees service providers providing trading and pricing-related services to the Trust and reviews<br> reports from the administrator of the Trust's liquidity risk management program. | Gary A. Poliner (Chair)<br> Cheryl D. Alston<br> Diane L. Wallace | 4 |

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#### Board Oversight of Risk Management
The Adviser, as part of its responsibilities for the day-to-day operations of the Janus Henderson funds, is responsible for day- to-day risk management for the funds. The Board, as part of its overall oversight responsibilities for the Janus Henderson funds' operations, oversees the Adviser's risk management efforts with respect to the funds. The Board, in the exercise of its reasonable business judgment, also separately considers potential risks that may impact the Janus Henderson funds. The Board discharges its oversight duties and considers potential risks in a number of different ways, including, but not limited to, receiving reports on a regular basis, either directly or through an appropriate committee, from the Adviser and its officers. Reports received include those from, among others, the Adviser's (1) senior managers responsible for oversight of global risk, including, for example, those responsible for oversight of operational risks and cyber risks in particular; (2) senior managers responsible for

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oversight of fund construction and trading risk; (3) Chief Compliance Officer; and (4) the Global Head of Internal Audit. At the time these reports are presented, the Board or the committee receiving the report will, as it deems necessary, invite the presenter to participate in an executive session to discuss matters outside the presence of any other officers or representatives of the Adviser or its affiliates. The Board also receives reports from other entities and individuals unaffiliated with the Adviser, including reports from the Janus Henderson funds' other service providers and from independent consultants hired by the Board. The Board has appointed the Fund's CCO who (1) reports directly to the Board and (2) provides a comprehensive written report annually and presents quarterly at the Board's regular meetings. The Fund's CCO, who also serves as Janus Henderson's Head of Compliance, North America, discusses relevant risk issues that may impact the Janus Henderson funds and/or the Adviser's services to the funds, and routinely meets with the Board in private without representatives of the Adviser or its affiliates present. The Fund's CCO also provides the Board with updates on the application of the Janus Henderson funds' compliance policies and procedures, including how these procedures are designed to mitigate risk and what, if any, changes have been made to enhance the procedures. The Fund's CCO may also report to the Board on an ad hoc basis in the event that she identifies issues associated with the Janus Henderson funds' compliance policies and procedures that could expose the funds to additional risk or adversely impact the ability of the Adviser to provide services to the funds.

The Board believes that its leadership structure permits it to effectively discharge its oversight responsibilities with respect to the Janus Henderson funds' risk management process.

#### Additional Information About Trustees
Under the Trust's Governance Procedures and Guidelines, the Trustees are expected to invest in one or more (but not necessarily all) funds advised by the Adviser for which they serve as Trustee, to the extent they are directly eligible to do so. For each Trustee, these investments are expected, in the aggregate and at a minimum, to equal median Trustee annual compensation with an allowance for new Trustees to reach this level of investment over time. These investments may include amounts held under a deferred compensation plan that are valued based on "shadow investments", where any deferred amount is treated as though an equivalent dollar amount has been invested in shares of one or more funds advised by the Adviser. Such investments, including the amount and which funds, are dictated by each Trustee's individual financial circumstances and investment goals.

As of December 31, 2023, the Trustees owned securities of the Fund described in this SAI in the dollar range shown in the following table. The last column of the table reflects each Trustee's aggregate dollar range of securities of all mutual funds advised by the Adviser and overseen by the Trustees.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Trustee** | **Dollar Range of Equity Securities in the Fund** | **Aggregate Dollar Range of Equity<br>Securities in All**<br> **Registered Investment<br>Companies in the Fund Complex** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** |
| &nbsp;&nbsp;&nbsp; Alan A. Brown |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp; Cheryl D. Alston |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp; Raudline Etienne |  | Over $100,000<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Darrell B. Jackson |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp; Dominic Janssens<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; William F. McCalpin  |  | Over $100,000<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Gary A. Poliner |  | Over $100,000<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Diane L. Wallace |  | Over $100,000 |

---

(1) Ownership shown includes amounts held under a deferred compensation plan that are valued based on "shadow investments" in one or more funds.

(2) Dominic Janssens joined the Board as an Independent Trustee, effective July 15, 2024.

#### Trustee Compensation
The Trust pays each Independent Trustee an annual retainer plus a fee for each regular in-person meeting of the Trustees attended, a fee for in-person meetings of committees attended if convened on a date other than that of a regularly scheduled meeting, and a fee for telephone meetings of the Trustees and committees. In addition, committee chairs and the Chairman of the Board of Trustees receive an additional supplemental retainer. Each current Independent Trustee also receives fees from other Janus Henderson funds for serving as Trustee of those funds. The Adviser pays persons who are directors, officers, or

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employees of the Adviser or any affiliate thereof, or any Trustee considered an "interested" Trustee, for their services as Trustees or officers. The Trust and other funds managed by the Adviser may pay all or a portion of the compensation and related expenses of the Fund's CCO and compliance staff, as authorized from time to time by the Trustees.

To the best knowledge of the Trust, the following table shows the aggregate compensation paid to each Independent Trustee by the Fund described in this SAI and all Janus Henderson funds for the periods indicated. None of the Trustees receives any pension or retirement benefits from the Fund or the Janus Henderson funds. Effective January 1, 2006, the Trustees established a deferred compensation plan using shadow investments under which the Trustees may elect to defer receipt of all, or a portion, of the compensation they earn for their services to the Fund, in lieu of receiving current payments of such compensation.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Person, Position** | **Aggregate<br>Compensation from<br>the Fund for**<br> **fiscal year ended<br>June 30, 2024** | **Total** <br> **Compensation from** <br> **the Fund Complex for** <br> **calendar year ended** <br> **December 31, 2023<sup>(1)(2)</sup>**  |
| &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** |
| &nbsp;&nbsp;&nbsp; Alan A. Brown, Chairman and Trustee<sup>(3)(4)</sup> | $105 | $475000 |
| &nbsp;&nbsp;&nbsp; Cheryl D. Alston, Trustee | $62 | $280000 |
| &nbsp;&nbsp;&nbsp; William D. Cvengros, Former Trustee<sup>(4)(5)</sup> | $62 | $300000 |
| &nbsp;&nbsp;&nbsp; Raudline Etienne, Trustee<sup>(4)</sup> | $64 | $301000 |
| &nbsp;&nbsp;&nbsp; Darrell B. Jackson, Trustee | $65 | $298500 |
| &nbsp;&nbsp;&nbsp; Dominic Janssens, Trustee<sup>(6)</sup> | N/A | N/A |
| &nbsp;&nbsp;&nbsp; William F. McCalpin, Trustee<sup>(4)</sup> | $77 | $349000 |
| &nbsp;&nbsp;&nbsp; Gary A. Poliner, Trustee<sup>(4)</sup> | $76 | $351000 |
| &nbsp;&nbsp;&nbsp; Diane L. Wallace, Trustee<sup>(4)</sup> | $79 | $354000 |

---

(1) For all Trustees, includes compensation for service on the boards of two registered investment companies comprised of 49 portfolios.

(2) Total Compensation received from the Fund Complex includes any amounts deferred under the deferred compensation plan. The deferred compensation amounts for the year are as follows: William F. McCalpin $34,900, Gary A. Poliner $351,000, and Raudline Etienne $30,100.

(3) Aggregate Compensation received from the Fund and Total Compensation received from the Fund Complex includes additional compensation paid for service as Independent Chairman of the Board of Trustees.

(4) Aggregate Compensation received from the Fund and Total Compensation received from the Fund Complex includes additional compensation paid for service as chair of one or more committees of the Board of Trustees during certain periods.

(5) William D. Cvengros retired from his role as an Independent Trustee, effective July 19, 2024.

(6) Dominic Janssens joined the Board as an Independent Trustee, effective July 15, 2024.

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### PRINCIPAL SHAREHOLDERS
As of September 30, 2024, the officers and Trustees as a group owned less than 1% of the outstanding Shares of each class of the Fund. As of September 30, 2024, the percentage ownership of any person or entity owning 5% or more of the outstanding Shares of any class of the Fund is listed below. Any person or entity that beneficially owns, directly or through one or more controlled companies, more than 25% of the voting securities of a company is presumed to "control" such company. Accordingly, to the extent that a person or entity is identified as the beneficial owner of more than 25% of the voting securities of a Fund, or is identified as the record owner of more than 25% of a Fund and has voting and/or investment powers, that person or entity may be presumed to control such Fund. A controlling shareholder's vote could have a more significant effect on matters presented to shareholders for approval than the vote of other Fund shareholders. In addition, a large redemption by a controlling shareholder could significantly reduce the asset size of a Fund, which may adversely affect the Fund's investment flexibility, portfolio diversification, and expense ratio.

To the best knowledge of the Trust, as of September 30, 2024, no other person or entity owned beneficially 5% or more (or beneficially owned more than 25%) of the outstanding Shares of any class of the Fund, except as shown. To the extent that the Adviser, an affiliate, or an individual, such as a Fund's portfolio manager(s), owns a significant portion of the Shares of any class of a Fund or a Fund as a whole, the redemption of those Shares may have an adverse effect on the Fund, a share class, and/or its shareholders. The Adviser may consider the effect of redemptions on such Fund and the Fund's other shareholders in deciding whether to redeem its Shares. In certain circumstances, the Adviser's or JHG's ownership may not represent beneficial ownership. To the best knowledge of the Trust, entities other than the Adviser shown as owning more than 25% of the outstanding Shares of a class of a Fund are not the beneficial owners of such Shares, unless otherwise indicated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Shareholder and Address of Record** | **Percentage Ownership** |
| &nbsp;&nbsp;&nbsp; Janus Henderson Government Money Market Fund<br> American Cancer Society Support – Class T Shares | National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> Jersey City, NJ | 44.42% |
|  | Morgan Stanley Smith Barney LLC | 15.37% |
|  | For the Exclusive Benefit of its Customers |  |
|  | New York, NY |  |
|  | RBC Capital Markets LLC | 7.71% |
|  | Mutual Fund Omnibus Processing |  |
|  | Minneapolis, MN |  |
|  | Wells Fargo Clearing Services LLC | 7.69% |
|  | Special Custody Acct |  |
|  | For the Exclusive Benefit of Customer |  |
|  | St. Louis, MO |  |
|  | Charles Schwab & Co. Inc. | 5.91% |
|  | Special Custody Acct |  |
|  | FBO Customers |  |
|  | San Francisco, CA |  |

---

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### MISCELLANEOUS INFORMATION
The Fund is a series of the Trust, an open-end management investment company registered under the 1940 Act and organized as a Massachusetts business trust on February 11, 1986. As of the date of this SAI, the Trust offers 35 series, known as "Funds." Each Fund presently offers interests in different classes of shares as described in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Class A<br>Shares** | **Class C<br>Shares** | **Class D<br>Shares** | **Class I<br>Shares** | **Class L<br>Shares** | **Class N<br>Shares** | **Class R<br>Shares** | **Class S<br>Shares** | **Class T<br>Shares** |
|  Janus Henderson Absolute Return Income Opportunities Fund | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Adaptive Risk Managed U.S. Equity Fund<sup>(1)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Balanced Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Contrarian Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Developed World Bond Fund<sup>(3)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Emerging Markets Fund<sup>(3)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Enterprise Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson European Focus Fund<sup>(3)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Flexible Bond Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Forty Fund<sup>(1)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Global Allocation Fund – Conservative<sup>(2)</sup> | x | x | x | x |  |  |  | x | x |
|  Janus Henderson Global Allocation Fund – Growth<sup>(2)</sup> | x | x | x | x |  |  |  | x | x |
|  Janus Henderson Global Allocation Fund – Moderate<sup>(2)</sup> | x | x | x | x |  |  |  | x | x |
|  Janus Henderson Global Equity Income Fund<sup>(3)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Global Life Sciences Fund<sup>(2)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Global Real Estate Fund<sup>(1)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Global Research Fund<sup>(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Global Select Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Global Sustainable Equity Fund | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Global Technology and Innovation Fund<sup>(2)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Government Money Market Fund<sup>(2)</sup> |  |  | x<sup>(4)</sup> | x<sup>(4)</sup> |  | x<sup>(4)</sup> |  |  | x<sup>(4)</sup> |
|  Janus Henderson Growth and Income Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson High-Yield Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Mid Cap Value Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Money Market Fund<sup>(2)</sup> |  |  | x |  |  |  |  |  | x |
|  Janus Henderson Multi-Sector Income Fund | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Overseas Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Research Fund<sup>(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Responsible International Dividend Fund<sup>(3)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Short Duration Flexible Bond Fund<sup>(2)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Small Cap Value Fund<sup>(1)(2)</sup> | x | x | x | x | x | x | x | x | x |
|  Janus Henderson Small-Mid Cap Value Fund | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Triton Fund(1)(2) | x | x | x | x |  | x | x | x | x |
|  Janus Henderson U.S. Dividend Income Fund |  |  | x | x |  | x |  |  |  |
|  Janus Henderson Venture Fund<sup>(2)</sup> | x | x | x | x |  | x |  | x | x |

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(1) On July 6, 2009, the funds of the Janus Adviser Series trust reorganized into the Trust. As a result, certain funds described in this SAI assumed the assets and liabilities of the corresponding Janus Adviser Series funds.

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(2) On February 16, 2010, the Fund's Class J Shares (the initial share class) were restructured into two separate share classes. Shareholders who held their shares directly with the Adviser were transitioned to a newly created share class called "Class D Shares." Shareholders who held their shares through an intermediary remained in Class J Shares, which was renamed "Class T Shares."

(3) On June 5, 2017, the funds of the Henderson Global Funds trust reorganized into the Trust. As a result, certain funds noted above assumed the assets and liabilities of the corresponding funds of Henderson Global Funds.

(4) American Cancer Society Support share class.

Funds listed in the preceding table that are not marked with footnote (1) or (2) commenced operations after July 6, 2009.

The Adviser reserves the right to the name "Janus Henderson." In the event that the Adviser does not continue to provide investment advice to the Fund, the Fund must cease to use the name "Janus Henderson" as soon as reasonably practicable.

Under Massachusetts law, shareholders of the Fund could, under certain circumstances, be held liable for the obligations of their Fund. However, the Amended and Restated Agreement and Declaration of Trust disclaims shareholder liability for acts or obligations of the Fund and requires that notice of this disclaimer be given in each agreement, obligation, or instrument entered into or executed by the Fund or the Trustees. The Amended and Restated Agreement and Declaration of Trust also provides for indemnification from the assets of the Fund for all losses and expenses of any Fund shareholder held liable for the obligations of their Fund. Thus, the risk of a shareholder incurring a financial loss on account of their liability as a shareholder of one of the Funds is limited to circumstances in which their Fund would be unable to meet its obligations. The possibility that these circumstances would occur is remote. The Trustees intend to conduct the operations of the Fund to avoid, to the extent possible, liability of shareholders for liabilities of their Fund.

It is important to know that, pursuant to the Trust's Amended and Restated Agreement and Declaration of Trust, the Trustees have the authority to merge, liquidate, and/or reorganize a fund into another fund without seeking shareholder vote or consent. Any such consolidation, merger, or reorganization may be authorized at any time by a vote of a majority of the Trustees then in office.

 <br> SHARES OF THE TRUST

The Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value of one cent per share for each series of the Trust. Shares of each series of the Trust are fully paid and nonassessable when issued. Shares of the Fund participate equally in dividends and other distributions by the Shares of the same class of the Fund, and in residual assets of that class of the Fund in the event of liquidation. Shares of the Fund have no preemptive or subscription rights. Shares of the Fund may be transferred by endorsement or stock power as is customary, but the Fund is not bound to recognize any transfer until it is recorded on its books.

 <br> SHAREHOLDER MEETINGS

The Trust does not intend to hold annual or regular shareholder meetings unless otherwise required by the Amended and Restated Agreement and Declaration of Trust or the 1940 Act. Special meetings may be called for a specific Fund or for the Trust as a whole for purposes such as changing fundamental policies, electing or removing Trustees, making any changes to the Amended and Restated Agreement and Declaration of Trust that would materially adversely affect shareholders' rights, determining whether to bring certain derivative actions, or for any other purpose requiring a shareholder vote under applicable law or the Trust's governing documents, or as the Trustees consider necessary or desirable. Under the Amended and Restated Agreement and Declaration of Trust, special meetings of shareholders of the Trust or of any Fund shall be called subject to certain conditions, upon written request of shareholders owning shares representing at least 10% of the shares then outstanding. The Fund will assist these shareholders in communicating with other shareholders in connection with such a meeting similar to that referred to in Section 16(c) of the 1940 Act.

 <br> VOTING RIGHTS

The Board currently has eight members, of which five have been elected by shareholders. With the exception of Diane L. Wallace, Cheryl D. Alston, Darrell B. Jackson, and Dominic Janssens, each of the Trustees of the Trust was elected at a Special Meeting of Shareholders on June 14, 2016. Ms. Wallace was elected at a Special Meeting of Shareholders on April 25, 2017. Under the Amended and Restated Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his or her earlier death, retirement, resignation, incapacity, or removal. Vacancies will be filled by appointment by a majority of the remaining Trustees, subject to the 1940 Act.

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As a shareholder, you are entitled to one vote for each whole dollar and a proportionate fractional vote for each fractional dollar of NAV of the Fund that you own. Generally, all funds and classes vote together as a single group, except where a separate vote of one or more funds or classes is required by law or where the interests of one or more funds or classes are affected differently from other funds or classes.

Shares of all series of the Trust have noncumulative voting rights, which means that the holders of more than 50% of the value of shares of all series of the Trust voting for the election of Trustees can elect 100% of the Trustees if they choose to do so. In such event, the holders of the remaining value of shares will not be able to elect any Trustees.

 <br> INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP, 1900 16<sup>th</sup> Street, Suite 1600, Denver, Colorado 80202, the Independent Registered Public Accounting Firm for the Fund, audits the Fund's annual financial statements and performs tax services for the Fund.

 <br> REGISTRATION STATEMENT

The Trust has filed with the SEC, Washington, D.C., a Registration Statement under the 1933 Act with respect to the securities to which this SAI relates. If further information is desired with respect to the Fund or such securities, reference is made to the Registration Statement and the exhibits filed as a part thereof.

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### FINANCIAL STATEMENTS
 <br> DOCUMENTS INCORPORATED BY REFERENCE TO FORM N-CSR OF JANUS INVESTMENT FUND (AUDITED)

The financial statements and Report of Independent Registered Public Accounting Firm for the period ended June 30, 2024 are hereby incorporated into this SAI by reference to the Fund's Form N-CSR dated June 30, 2024.

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### APPENDIX A
 <br> DESCRIPTION OF SECURITIES RATINGS

The following is a description of credit ratings issued by three of the major credit rating agencies. Credit ratings evaluate only the safety of principal and interest payments, not the market value risk of lower quality securities. Credit rating agencies may fail to change credit ratings to reflect subsequent events on a timely basis. Although the Adviser may consider security ratings when determining whether the securities in which the Fund invests present minimal credit risks, it also performs its own investment analysis and does not rely solely on the ratings assigned by credit agencies in making this determination.

 <br> MOODY'S AND STANDARD & POOR'S

#### Other Short-Term Debt Securities
Prime-1 and Prime-2 are the two highest ratings assigned by Moody's for other short-term debt securities and commercial paper, and A-1 and A-2 are the two highest ratings for commercial paper assigned by S&P. Moody's uses the numbers 1, 2, and 3 to denote relative strength within its highest classification of Prime, while S&P uses the numbers 1, 2, and 3 to denote relative strength within its highest classification of A. Issuers rated Prime-1 by Moody's have a superior ability for repayment of senior short-term debt obligations and have many of the following characteristics: leading market positions in well- established industries, high rates of return on funds employed, conservative capitalization structure with moderate reliance on debt and ample asset protection, broad margins in earnings coverage of fixed financial charges and high internal cash generation, and well established access to a range of financial markets and assured sources of alternate liquidity. Issuers rated Prime-2 by Moody's have a strong ability for repayment of senior short-term debt obligations and display many of the same characteristics displayed by issuers rated Prime-1, but to a lesser degree. Issuers rated A-1 by S&P carry a strong degree of safety regarding timely repayment. Those issues determined to possess extremely strong safety characteristics are denoted with a plus (+) designation. Issuers rated A-2 by S&P carry a satisfactory degree of safety regarding timely repayment.

 <br> FITCH, INC.

---

| | |
|:---|:---|
| **Short-Term Bond Rating** | **Explanation** |
| F-1+ | Exceptionally strong credit quality. Issues assigned this rating are regarded as having the strongest degree of assurance for timely payment. |
| F-1 | Very strong credit quality. Issues assigned this rating reflect an assurance for timely payment only slightly less 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. |

---

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### APPENDIX B
 <br> DESCRIPTION OF MUNICIPAL SECURITIES

**Municipal Notes** generally are used to provide for short-term capital needs and usually have maturities of one year or less. They include the following:

1. **Project Notes**, which carry a U.S. Government guarantee, are issued by public bodies (called "local issuing agencies") created under the laws of a state, territory, or U.S. possession. They have maturities that range up to one year from the date of issuance. Project Notes are backed by an agreement between the local issuing agency and the Federal Department of Housing and Urban Development. These Notes provide financing for a wide range of financial assistance programs for housing, redevelopment, and related needs (such as low-income housing programs and renewal programs).

2. **Tax Anticipation Notes** are issued to finance working capital needs of municipalities. Generally, they are issued in anticipation of various seasonal tax revenues, such as income, sales, use and business taxes, and are payable from these specific future taxes.

3. **Revenue Anticipation Notes** are issued in expectation of receipt of other types of revenues, such as federal revenues available under the Federal Revenue Sharing Programs.

4. **Bond Anticipation Notes** are issued to provide interim financing until long-term financing can be arranged. In most cases, the long-term bonds then provide the money for the repayment of the Notes.

5. **Construction Loan Notes** are sold to provide construction financing. After successful completion and acceptance, many projects receive permanent financing through the Federal Housing Administration under Fannie Mae or Ginnie Mae.

6. **Tax-Exempt Commercial Paper** is a short-term obligation with a stated maturity of 365 days or less. It is issued by agencies of state and local governments to finance seasonal working capital needs or as short-term financing in anticipation of longer term financing.

**Municipal Bonds**, which meet longer-term capital needs and generally have maturities of more than one year when issued, have three principal classifications:

1. **General Obligation Bonds** are issued by such entities as states, counties, cities, towns, and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, highways and roads, and water and sewer systems. The basic security behind General Obligation Bonds is the issuer's pledge of its full faith and credit and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments.

2. **Revenue Bonds** in recent years have come to include an increasingly wide variety of types of municipal obligations. As with other kinds of municipal obligations, the issuers of revenue bonds may consist of virtually any form of state or local governmental entity, including states, state agencies, cities, counties, authorities of various kinds such as public housing or redevelopment authorities, and special districts such as water, sewer or sanitary districts. Generally, revenue bonds are secured by the revenues or net revenues derived from a particular facility, group of facilities, or, in some cases, the proceeds of a special excise or other specific revenue source. Revenue bonds are issued to finance a wide variety of capital projects including electric, gas, water and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals. Many of these bonds provide additional security in the form of a debt service reserve fund to be used to make principal and interest payments. Various forms of credit enhancement, such as a bank letter of credit or municipal bond insurance, may also be employed in revenue bond issues. Housing authorities have a wide range of security, including partially or fully insured mortgages, rent subsidized and/or collateralized mortgages, and/or the net revenues from housing or other public projects. Some authorities provide further security in the form of a state's ability (without obligation) to make up deficiencies in the debt service reserve fund.

In recent years, revenue bonds have been issued in large volumes for projects that are privately owned and operated (refer to 3 below).

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3. **Private Activity Bonds** are considered municipal bonds if the interest paid thereon is exempt from federal income tax and are issued by or on behalf of public authorities to raise money to finance various privately operated facilities for business and manufacturing, housing and health. These bonds are also used to finance public facilities such as airports, mass transit systems and ports. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property as security for such payment.

While, at one time, the pertinent provisions of the Internal Revenue Code permitted private activity bonds to bear tax-exempt interest in connection with virtually any type of commercial or industrial project (subject to various restrictions as to authorized costs, size limitations, state per capita volume restrictions, and other matters), the types of qualifying projects under the Internal Revenue Code have become increasingly limited, particularly since the enactment of the Tax Reform Act of 1986. Under current provisions of the Internal Revenue Code, tax-exempt financing remains available, under prescribed conditions, for certain privately owned and operated rental multi-family housing facilities, nonprofit hospital and nursing home projects, airports, docks and wharves, mass commuting facilities, and solid waste disposal projects, among others, and for the refunding (that is, the tax-exempt refinancing) of various kinds of other private commercial projects originally financed with tax-exempt bonds. In future years, the types of projects qualifying under the Internal Revenue Code for tax- exempt financing are expected to become increasingly limited.

Because of terminology formerly used in the Internal Revenue Code, virtually any form of private activity bond may still be referred to as an "industrial development bond," but more and more frequently revenue bonds have become classified according to the particular type of facility being financed, such as hospital revenue bonds, nursing home revenue bonds, multi-family housing revenue bonds, single family housing revenue bonds, industrial development revenue bonds, solid waste resource recovery revenue bonds, and so on.

**Other Municipal Obligations**, incurred for a variety of financing purposes, include: municipal leases, which may take the form of a lease or an installment purchase or conditional sale contract, are issued by state and local governments and authorities to acquire a wide variety of equipment and facilities such as fire and sanitation vehicles, telecommunications equipment and other capital assets. Municipal leases frequently have special risks not normally associated with general obligation or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the government issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt- issuance limitations of many state constitutions and statutes are deemed to be inapplicable because of the inclusion in many leases or contracts of "non-appropriation" clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. To reduce this risk, the Fund will only purchase municipal leases subject to a non- appropriation clause when the payment of principal and accrued interest is backed by an unconditional irrevocable letter of credit, or guarantee of a bank or other entity that meets the criteria described in the Prospectuses.

Tax-exempt bonds are also categorized according to whether the interest is or is not includible in the calculation of alternative minimum taxes imposed on individuals, according to whether the costs of acquiring or carrying the bonds are or are not deductible in part by banks and other financial institutions, and according to other criteria relevant for federal income tax purposes. Due to the increasing complexity of Internal Revenue Code and related requirements governing the issuance of tax- exempt bonds, industry practice has uniformly required, as a condition to the issuance of such bonds, but particularly for revenue bonds, an opinion of nationally recognized bond counsel as to the tax-exempt status of interest on the bonds.

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![LOGO](g136083g71z13.jpg)

![LOGO](g136083g91n98.jpg)

### janushenderson.com
151 Detroit Street

Denver, Colorado 80206-4805

1-877-335-2687

125-22-71282 08-25

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October 18, 2024, as Revised August 8, 2025

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| | |
|:---|:---|
| **Money Market** | **American Cancer<br>Society Support –<br>Class I Shares**†**<br>Ticker** |
|  Janus Henderson Government Money Market Fund | ACJXX |

---

## Janus Investment Fund
Statement of Additional Information

This Statement of Additional Information ("SAI") expands upon and supplements the information contained in the current Prospectuses for American Cancer Society Support – Class I Shares (the "Shares") of Janus Henderson Government Money Market Fund (the "Fund") which is a separate series of Janus Investment Fund, a Massachusetts business trust (the "Trust"), and is managed by Janus Henderson Investors US LLC (the "Adviser").

This SAI is not a Prospectus and should be read in conjunction with the Fund's Prospectuses dated December 9, 2024, and any supplements thereto, which are incorporated by reference into this SAI and may be obtained from your plan sponsor, broker- dealer, or other financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687. This SAI contains additional and more detailed information about the Fund's operations and activities than the Prospectuses. The most recent Form N-CSR, which contains important financial information about the Fund, is incorporated by reference into this SAI. The Form N-CSR is available, without charge, from your plan sponsor, broker-dealer, or other financial intermediary, at janushenderson.com/info, or by contacting a Janus Henderson representative at 1-877-335-2687.

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| <sup>†</sup> | The American Cancer Society<sup>®</sup> does not endorse any service or product. Shares of the Fund are not sponsored, endorsed, or promoted by the American Cancer Society<sup>®</sup>, and the American Cancer Society<sup>®</sup> is not an investment adviser or service provider to the Fund, Janus Investment Fund, or Janus Henderson Investors US LLC. |

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### **TABLE OF CONTENTS**

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|  [Classification Investment Policies and Restrictions, and Investment Strategies and Risks](#sai144207_1) | 2 |
|  [Investment Adviser and Administrator](#sai144207_2) | 13 |
|  [Custodian, Transfer Agent, and Certain Affiliations](#sai144207_3) | 17 |
|  [Portfolio Transactions and Brokerage](#sai144207_4) | 18 |
|  [Purchase of Shares](#sai144207_5) | 20 |
|  [Redemption of Shares](#sai144207_6) | 21 |
|  [Shareholder Accounts](#sai144207_8) | 22 |
|  [Tax-Advantaged Accounts](#sai144207_9) | 23 |
|  [Dividends and Tax Status](#sai144207_10) | 24 |
|  [Trustees and Officers](#sai144207_11) | 26 |
|  [Principal Shareholders](#sai144207_12) | 36 |
|  [Miscellaneous Information](#sai144207_13) | 37 |
|  [Financial Statements](#sai144207_14) | 39 |
|  [Appendix A](#sai144207_15) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Description of Securities Ratings](#sai144207_16) | 40 |
|  [Appendix B](#sai144207_17) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Description of Municipal Securities](#sai144207_18) | 41 |

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### CLASSIFICATION , INVESTMENT POLICIES AND RESTRICTIONS ,

### AND INVESTMENT STRATEGIES AND RISKS
JANUS INVESTMENT FUND

This Statement of Additional Information includes information about Janus Henderson Government Money Market Fund, which is a series of the Trust, an open-end, management investment company.

 ADVISER <br>

Janus Henderson Investors US LLC (the "Adviser") is the investment adviser for the Fund.

INVESTMENT POLICIES AND RESTRICTIONS APPLICABLE TO THE FUNDS

The Fund has adopted certain fundamental investment policies and restrictions that may not be changed without shareholder approval. Shareholder approval means approval by the lesser of: (i) more than 50% of the outstanding voting securities of the Trust (or a particular Fund or particular class of shares if a matter affects just that Fund or that class of shares) or (ii) 67% or more of the voting securities present at a meeting if the holders of more than 50% of the outstanding voting securities of the Trust (or a particular Fund or class of shares) are present or represented by proxy.

As used in the policies and restrictions set forth below and as used elsewhere in this SAI, the term "U.S. Government securities" shall have the meaning set forth in the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act defines U.S. Government securities as securities issued or guaranteed by the U.S. Government, its agencies, or instrumentalities. U.S. Government securities may also include repurchase agreements collateralized by U.S. Government securities and municipal securities escrowed with or refunded with escrowed U.S. Government securities.

The Fund has adopted the following fundamental policies and restrictions:

(1) With respect to 75% of its total assets, the Fund may not purchase securities of an issuer (other than a U.S. Government security or securities of another investment company) if: (a) such purchase would, at the time, cause more than 5% of the Fund's total assets taken at market value to be invested in the securities of such issuer (except as allowed under Rule 2a-7) or (b) such purchase would, at the time, result in more than 10% of the outstanding voting securities of such issuer being held by the Fund.

The Fund may not:

(2) Purchase securities if 25% or more of the value of the Fund's total assets would be invested in the securities of issuers conducting their principal business activities in the same industry; provided that: (i) there is no limit on investments in U.S. Government securities or in obligations of domestic commercial banks (including U.S. branches of foreign banks subject to regulations under U.S. laws applicable to domestic banks and, to the extent that its parent is unconditionally liable for the obligation, foreign branches of U.S. banks); (ii) this limitation shall not apply to the Fund's investments in municipal securities;

(iii) there is no limit on investments in issuers domiciled in a single country; (iv) financial service companies are classified according to the end users of their services (for example, automobile finance, bank finance, and diversified finance are each considered to be a separate industry); and (v) utility companies are classified according to their services (for example, gas, gas transmission, electric, and telephone are each considered to be a separate industry).

(3) Act as an underwriter of securities issued by others, except to the extent that the Fund may be deemed an underwriter in connection with the disposition of its portfolio securities.

(4) Lend any security or make any other loan if, as a result, more than one-third of the Fund's total assets would be lent to other parties (but this limitation does not apply to investments in repurchase agreements, commercial paper, debt securities, or loans, including assignments and participation interests).

(5) Purchase or sell real estate or any interest therein, except that the Fund may invest in debt obligations secured by real estate or interests therein or securities issued by companies that invest in real estate or interests therein.

(6) Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this limitation shall not prevent the Fund from purchasing or selling foreign currencies, options, futures, swaps, forward contracts, or other derivative instruments, or from investing in securities or other instruments backed by physical commodities).

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(7) Borrow money except that the Fund may borrow money for temporary or emergency purposes (not for leveraging or investment). Borrowings from banks will not, in any event, exceed one-third of the value of the Fund's total assets (including the amount borrowed). This policy shall not prohibit short sales transactions, or futures, options, swaps, or forward transactions. The Fund may not issue "senior securities" in contravention of the 1940 Act.

Investment restriction (1) is intended to reflect the requirements under Section 5(b)(1) of the 1940 Act for a diversified fund. Rule 2a-7 provides that money market funds that comply with the diversification limits of Rule 2a-7 are deemed to comply with the diversification limits of Section 5(b)(1). Thus, the Fund interprets restriction (1) in accordance with Rule 2a-7.

The Fund has adopted the following nonfundamental investment restrictions that may be changed by the Board of Trustees ("Trustees") without shareholder approval:

(1) If the Fund is an underlying fund in a fund of funds managed by the Adviser, the Fund may not acquire securities of other investment companies in reliance on Section 12(d)(1)(F) of the 1940 Act and securities of open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(G) of the 1940 Act.

(2) The Fund may not invest in securities or enter into repurchase agreements with respect to any securities if, as a result, more than 5% of its net assets would be invested in securities, including repurchase agreements, which cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to it by the Fund ("illiquid securities"). The Trustees, or the Fund's investment adviser acting pursuant to authority delegated by the Trustees, may determine that a readily available market exists for: securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933, as amended ("Rule 144A Securities"), or any successor to such rule; Section 4(2) commercial paper; and municipal lease obligations. Accordingly, such securities may not be subject to the foregoing limitation. Certain securities previously deemed liquid may become illiquid in any subsequent assessment of liquidity factors affecting the security.

(3) The Fund may not purchase securities on margin or make short sales of securities, except for short sales against the box and the use of short-term credit necessary for the clearance of purchases and sales of portfolio securities.

(4) The Fund may not pledge, mortgage, hypothecate, or encumber any of its assets except to secure permitted borrowings or in connection with permitted short sales.

(5) The Fund may not invest in companies for the purpose of exercising control of management.

(6) The Fund may borrow money by engaging in reverse repurchase agreements (reverse repurchase agreements are treated as borrowings for purposes of the fundamental borrowing investment restriction).

Under the terms of an exemptive order received from the Securities and Exchange Commission (the "SEC"), the Fund may borrow money from or lend money to other funds that permit such transactions and for which the Adviser or one of its affiliates serves as investment adviser. All such borrowing and lending will be subject to the above limits and to the limits and other conditions in such exemptive order. The Fund will borrow money through the program only when the costs are equal to or lower than the cost of bank loans. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. The Fund will lend through the program only when the returns are higher than those available from other short-term instruments (such as repurchase agreements). The Fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending Fund could result in a lost investment opportunity or additional borrowing costs, and interfund loans are subject to the risk that the borrowing Fund may be unable to repay the loan when due. While it is expected that the Fund may borrow money through the program to satisfy redemption requests or to cover unanticipated cash shortfalls, the Fund may elect to not participate in the program during times of market uncertainty or distress or for other reasons.

For purposes of the Fund's policies on investing in particular industries, the Fund utilizes any one or more of the industry sub-classifications used by one or more widely recognized third-party providers and/or as defined by the Adviser. The policy will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries.

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INVESTMENT STRATEGIES AND RISKS

As permitted by Rule 2a-7, the Fund seeks to maintain a stable price of $1.00 per Share by using the amortized cost method to value portfolio securities and rounding the share value to the nearest cent. Rule 2a-7 imposes requirements as to the diversification and liquidity of the Fund, quality of portfolio securities, maturity of the Fund and of individual securities, as discussed more fully below. As a "government money market fund" under Rule 2a-7, the Fund (1) is permitted to use the amortized cost method of valuation to seek to maintain a $1.00 share price, and (2) is not subject to a liquidity fee on fund redemptions which might apply to other types of funds. Pursuant to Rule 2a-7, the Trustees have reserved their ability to change this policy with respect to liquidity fees, but such change would only become effective after shareholders were provided with specific advance notice of a change in the Fund's policy and have the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective. For more information on shareholder eligibility, please see the Fund's Prospectus.

Pursuant to Rule 2a-7, the Fund must limit its purchase of portfolio instruments to those that have a remaining maturity of 397 days or less, and that have been determined by the Adviser to present minimal credit risks to the Fund pursuant to guidelines approved by the Trustees. In making its minimal credit risk determinations, the Adviser will consider the capacity of each security's issuer or guarantor to meet its financial obligations, and in doing so, consider, to the extent appropriate, the following factors, as required by Rule 2a-7: (i) the issuer's or guarantor's financial condition; (ii) the issuer's or guarantor's sources of liquidity; (iii) the issuer's or guarantor's ability to react to future market-wide and issuer- or guarantor-specific events, including the ability to repay debt in a highly adverse situation; and (iv) the strength of the issuer's or guarantor's industry within the economy and relative to economic trends, and the issuer's or guarantor's competitive position within its industry. Pursuant to Rule 2a-7 and guidelines approved by the Trustees, the Adviser will provide an ongoing review of the credit quality of each portfolio security to determine that the security continues to present minimal credit risks. A security may need to be sold if its maturity or credit quality is not acceptable under Rule 2a-7.

Under Rule 2a-7, the Fund may not invest more than 5% of its total assets in the securities of any one issuer other than U.S. Government securities, provided that in certain cases the Fund may invest more than 5% of its assets in a single issuer for a period of up to three business days. Investment in demand features, guarantees, and other types of instruments or features are subject to the diversification limits under Rule 2a-7.

#### Participation Interests
The Fund may purchase participation interests in loans or securities in which the Fund may invest directly. Participation interests are generally sponsored or issued by banks or other financial institutions. A participation interest gives the Fund an undivided interest in the underlying loans or securities in the proportion that the Fund's interest bears to the total principal amount of the underlying loans or securities. Participation interests, which may have fixed, floating, or variable rates, may carry a demand feature backed by a letter of credit or guarantee of a bank or institution permitting the holder to tender them back to the bank or other institution. For certain participation interests, the Fund will have the right to demand payment, on not more than seven days' notice, for all or a part of the Fund's participation interest. The Fund intends to exercise any demand rights they may have upon default under the terms of the loan or security to provide liquidity or to maintain or improve the quality of the Fund's investment portfolios. The Fund will only purchase participation interests that the Adviser determines present minimal credit risks.

#### Variable and Floating Rate Notes
The Fund may purchase variable and floating rate demand notes of U.S. Government issuers. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid investment.

Securities with ultimate maturities of greater than 397 days may be purchased only pursuant to Rule 2a-7. Under that Rule, only those long-term instruments that have demand features which comply with certain requirements and certain variable rate U.S. Government securities may be purchased. The rate of interest on securities purchased by the Fund may be tied to short-term Treasury or other government securities or indices on securities that are permissible investments of the Fund, as well as other money market rates of interest. The Fund will not purchase securities whose values are tied to interest rates or indices that are not appropriate for the duration and volatility standards of a money market fund.

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#### Mortgage-Backed Securities
The Fund may invest in commercial and residential mortgage-backed securities, which represent an interest in a pool of mortgages made by lenders such as commercial banks, savings and loan institutions, mortgage bankers, mortgage brokers, and savings banks. Mortgage-backed securities may be issued by governmental or government-related entities or by nongovernmental entities such as banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers, and other secondary market issuers.

**Agency Mortgage-Related Securities.** The most common type of pass-through securities is mortgage-backed securities. Government National Mortgage Association ("Ginnie Mae") Certificates are mortgage-backed securities that evidence an undivided interest in a pool of mortgage loans. Ginnie Mae Certificates differ from bonds in that principal is paid back monthly by the borrowers over the term of the loan rather than returned in a lump sum at maturity. The Fund will generally purchase "modified pass-through" Ginnie Mae Certificates, which entitle the holder to receive a share of all interest and principal payments paid and owned on the mortgage pool, net of fees paid to the "issuer" and Ginnie Mae, regardless of whether or not the mortgagor actually makes the payment. Ginnie Mae Certificates are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government.

Government-related (i.e., not backed by the full faith and credit of the U.S. Government) guarantors include the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), which issue certificates (participation certificates and guaranteed mortgage certificates) that resemble Ginnie Mae Certificates in that each certificate represents a pro rata share of all interest and principal payments made and owned on the underlying pool. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae. Participation certificates issued by Freddie Mac, which represent interests in mortgages from Freddie Mac's national portfolio, are guaranteed by Freddie Mac as to the timely payment of interest and ultimate collection of principal.

In September 2008, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. These purchases are intended to enhance Fannie Mae's and Freddie Mac's ability to meet their obligations. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities' mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

More recently in 2019, under the direction of the FHFA, Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the "Single Security Initiative") that aligns the characteristics of Fannie Mae and Freddie Mac certificates. The Single Security Initiative seeks to support the overall liquidity of both Fannie Mae and Freddie Mac certificates in the TBA market. The FHFA has indicated that the conservatorship will end when the director of the FHFA determines that the FHFA's plan to restore the entities to a safe and solvent condition has been completed. As of the date of this SAI, Fannie Mae and Freddie Mac remain under conservatorship.

The future for Fannie Mae and Freddie Mac is uncertain as the U.S. Government has considered proposals to wind down or restructure Fannie Mae's and Freddie Mac's operations. It is uncertain what legislation, if any, may be proposed in the future in Congress or which proposals, if any, might be enacted. The passage of any such proposal has the potential to impact the value of securities issued by a Fannie Mae or Freddie Mac, which could adversely affect the liquidity and value of the Fund's portfolio. Fannie Mae and Freddie Mac also are the subject of several continuing legal actions and investigations over certain accounting, disclosure, and corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on these guaranteeing entities.

Except for guaranteed mortgage certificates, each of the mortgage-backed securities described above is characterized by monthly payments to the holder, reflecting the monthly payments made by the borrowers who received the underlying mortgage loans. The payments to the security holders (such as the Fund), like the payments on the underlying loans, represent both principal and interest. Although the underlying mortgage loans are for specified periods of time, such as 20 or 30 years, the borrowers can, and typically do, pay them off sooner. Thus, the security holders frequently receive prepayments of principal in addition to the principal that is part of the regular monthly payments. Portfolio management will consider estimated prepayment rates in calculating the average-weighted maturity of the Fund, if relevant. A borrower is more likely to prepay a mortgage that bears a relatively high rate of interest. This means that in times of declining interest rates, higher yielding mortgage-backed securities

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held by the Fund might be converted to cash, and the Fund will be forced to accept lower interest rates when that cash is used to purchase additional securities in the mortgage-backed securities sector or in other investment sectors. Additionally, prepayments during such periods will limit the Fund's ability to participate in as large a market gain as may be experienced with a comparable security not subject to prepayment.

**Asset-Backed Securities.** Asset-backed securities represent interests in pools of consumer and commercial loans and are backed by paper or accounts receivables originated by banks, credit card companies, or other providers of credit. Asset- backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, and syndicated bank loans. Generally, the originating bank or credit provider is neither the obligor nor the guarantor of the security, and interest and principal payments ultimately depend upon payment of the underlying loans. Tax-exempt asset-backed securities include units of beneficial interests in pools of purchase contracts, financing leases, and sales agreements that may be created when a municipality enters into an installment purchase contract or lease with a vendor. Such securities may be secured by the assets purchased or leased by the municipality; however, if the municipality stops making payments, there generally will be no recourse against the vendor. The market for tax-exempt, asset-backed securities is still relatively new. These obligations are likely to involve unscheduled prepayments of principal.

**Commercial Mortgage-Backed Securities.** The Fund may invest in commercial mortgage-backed securities. Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans, including office properties, retail properties, hotels, industrial mixed use properties or multi-family apartment buildings. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.

#### Cyber Security Risk
The Fund is susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices that are used to service the Fund's operations through "hacking" or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the Fund's websites or a service provider's systems, which renders them inoperable to intended users until appropriate actions are taken. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Fund's systems.

Cyber security failures or breaches by the Fund's service providers (including, but not limited to, the Adviser, custodians, transfer agents, subadministrators, and financial intermediaries) may subject the Fund to many of the same risks associated with direct cyber security failures or breaches, and may cause disruptions and impact the service providers' and the Fund's business operations, potentially resulting in financial losses, the inability of fund shareholders to transact business and the mutual funds to process transactions, inability to calculate the Fund's net asset value, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Fund may incur incremental costs to prevent cyber incidents in the future. The Fund could be negatively impacted as a result. While the Adviser has established business continuity plans and risk management systems designed to prevent or reduce the impact of such cyber-attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cyber-attack tactics. As such, there is a possibility that certain risks have not been adequately identified or prepared for. Furthermore, the Fund cannot directly control any cyber security plans and systems put in place by third party service providers or their service providers. Cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such securities to lose value.

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#### Operational Risk
An investment in the Fund can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service providers. Among other things, these errors or failures, as well as other technological issues, may adversely affect the Fund's ability to calculate its net asset value in a timely manner, including over a potentially extended period of time. These errors or failures may also result in a loss or compromise of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through internal controls and oversight of third party service providers, there is no guarantee that the Fund will not suffer losses if such events occur.

#### Repurchase Agreements
In a repurchase agreement, the Fund purchases a fixed-income security and simultaneously commits to resell that security to the seller at an agreed upon price on an agreed upon date within a number of days (usually not more than seven) from the date of purchase. The resale price consists of the purchase price plus an agreed upon incremental amount that is unrelated to the coupon rate or maturity of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed upon resale price and marked-to-market daily) of the underlying security or "collateral." A risk associated with repurchase agreements is the failure of the seller to repurchase the securities as agreed, which may cause the Fund to suffer a loss if the market value of such securities declines before they can be liquidated on the open market. In the event of bankruptcy or insolvency of the seller, the Fund may encounter delays and incur costs in liquidating the underlying security. In addition, the collateral received in the repurchase transaction may become worthless. To the extent the Fund's collateral focuses in one or more sectors, such as banks and financial services, the Fund is subject to increased risk as a result of that exposure. Repurchase agreements that mature in more than seven calendar days are subject to the 5% limit on illiquid investments. While it is not possible to eliminate all risks from these transactions, it is the policy of the Fund to limit repurchase agreements to those parties whose creditworthiness has been reviewed and found satisfactory by the Adviser. There is no guarantee that the Adviser's analysis of the creditworthiness of the counterparty will be accurate, and the underlying collateral involved in the transaction can expose the Fund to additional risk regardless of the creditworthiness of the parties involved in the transaction.

#### When-Issued and Delayed Delivery Securities
The Fund may purchase securities on a when-issued or delayed delivery basis. The Fund will enter into such transactions only when it has the intention of actually acquiring the securities. When-issued and delayed delivery securities in which the Fund may invest include U.S. Treasury Securities, municipal bonds, bank loans, and other similar instruments. On delivery dates for such transactions, the Fund will meet its obligations from maturities, sales of securities, or from other available sources of cash. If it chooses to dispose of the right to acquire a when-issued security prior to its acquisition, the Fund could, as with the disposition of any other portfolio obligation, incur a gain or loss due to market fluctuation. At the time it makes the commitment to purchase securities on a when-issued or delayed delivery basis, the Fund will record the transaction as a purchase and thereafter reflect the value of such securities in determining its net asset value ("NAV").

#### Investment Company Securities
The Fund may invest in securities of other investment companies, subject to the provisions of the 1940 Act and any applicable SEC exemptive orders. Section 12(d)(1) of the 1940 Act prohibits the Fund from acquiring: (i) more than 3% of another investment company's voting stock; (ii) securities of another investment company with a value in excess of 5% of the Fund's total assets; or (iii) securities of such other investment company and all other investment companies owned by the Fund having a value in excess of 10% of the Fund's total assets. In addition, Section 12(d)(1) prohibits another investment company from selling its shares to the Fund if, after the sale: (i) the Fund owns more than 3% of the other investment company's voting stock or (ii) the Fund and other investment companies, and companies controlled by them, own more than 10% of the voting stock of such other investment company.

To the extent the Fund is an underlying fund in a fund of funds, the Fund may not acquire securities of other investment companies in reliance on Section 12(d)(1)(F) and securities of open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(G).

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#### U.S. Government Securities
The Fund may invest in U.S. Government securities. The 1940 Act defines U.S. Government securities to include securities issued or guaranteed by the U.S. Government, its agencies, and its instrumentalities. U.S. Government securities may also include repurchase agreements collateralized by and -municipal securities escrowed with or refunded with U.S. Government securities. U.S. Government securities in which the Fund may invest include U.S. Treasury securities, including Treasury Inflation-Protected Securities ("TIPS"), Treasury bills, notes, and bonds, and obligations issued or guaranteed by U.S. Government agencies and instrumentalities that are backed by the full faith and credit of the U.S. Government, such as those issued or guaranteed by the Small Business Administration, Maritime Administration, Export-Import Bank of the United States, Farmers Home Administration, Federal Housing Administration, and Ginnie Mae. In addition, U.S. Government securities in which the Fund may invest include securities backed only by the rights of the issuers to borrow from the U.S. Treasury, such as those issued by the members of the Federal Farm Credit System, Federal Intermediate Credit Banks, Tennessee Valley Authority, and Freddie Mac. Securities issued by Fannie Mae, the Federal Home Loan Banks, and the Student Loan Marketing Association ("Sallie Mae") are supported by the discretionary authority of the U.S. Government to purchase the obligations. There is no guarantee that the U.S. Government will support securities not backed by its full faith and credit. Accordingly, although these securities have historically involved little risk of loss of principal if held to maturity, they may involve more risk than securities backed by the full faith and credit of the U.S. Government because the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment.

Because of the rising U.S. Government debt burden, it is possible that the U.S. Government may not be able to meet its financial obligations or that securities issued or backed by the U.S. Government may experience credit downgrades. Such a credit event may adversely affect the financial markets.

#### Negative Interest Rates
During periods when interest rates are low (or negative), the Fund's yield (or total return) may also be low and fall below zero. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and increased redemptions, and may detract from the Fund's performance to the extent the Fund is exposed to such interest rates and/or volatility. A negative interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with negative value intended to help create self-sustaining growth in the local economy. To the extent the Fund holds a negative- yielding debt instrument or has a bank deposit with a negative interest rate, the Fund would generate a negative return on that investment. Cash positions may also subject the Fund to increased counterparty risk to the Fund's bank. If negative interest rates become more prevalent in the market or low or negative interest rates persist for a sustained period of time, investors may seek to reallocate their investment to other income-producing assets. This could cause the price of higher-yielding instruments to rise, could further reduce the value of instruments with a negative yield, and may limit the Fund's ability to locate fixed income instruments containing the desired risk/return profile.

A low or negative interest rate environment could impact the Fund's ability to maintain a stable $1.00 share price. During a low or negative interest rate environment, the Fund may reduce the number of shares outstanding on a pro rata basis through reverse stock splits, negative dividends or other mechanisms to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law and its organizational documents. Alternatively, the Fund may discontinue using the amortized cost method of valuation to maintain a stable $1.00 price per share and establish a fluctuating NAV per share rounded to four decimal places by using available market quotations or equivalents.

**Regulatory Changes and Market Events and Risks.** Federal, state, and foreign governments, regulatory agencies, and self- regulatory organizations may take actions that affect the regulation of the Fund or the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation or other governmental actions could limit or preclude the Fund's abilities to achieve its investment objectives or otherwise adversely impact an investment in the Fund. Furthermore, worsened market conditions, including as a result of U.S. government shutdowns or the perceived creditworthiness of the United States, could have a negative impact on securities markets.

Economic downturns can prompt various economic, legal, budgetary, tax, and regulatory reforms across the globe. In the aftermath of the 2007-2008 financial crisis, the financial sector experienced reduced liquidity in credit and other fixed- income markets, and an unusually high degree of volatility, both domestically and internationally. In response to the crisis, the

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United States and certain foreign governments, along with the U.S. Federal Reserve and certain foreign central banks, took a number of unprecedented steps designed to support the financial markets, which provided for widespread regulation of the financial industry, including expanded federal oversight in the financial sector. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took, or are taking, extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic and rising inflation. This and other future government interventions into the economy and financial markets may not work as intended.

Policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation. For example, some countries, including the United States, are considering more protectionist trade policies, a move away from the tighter financial industry regulations that followed the 2007-2008 financial crisis. The exact specifics of these policies are still under consideration, but the markets may react strongly, which could increase volatility. The rise in protectionist trade policies, with potential changes to some international trade agreements, may affect many nations' economies in ways that cannot be presently foreseen.

The value and liquidity of the Fund's holdings are also generally subject to the risk of significant future local, national, or global economic or political disruptions or slowdowns in the markets in which the Fund invests, especially given that the economies and financial markets throughout the world are becoming increasingly interconnected and reliant on each other. In the event of such an occurrence, the issuers of securities held by the Fund may experience significant declines in the value of their assets and even cease operations, or may require government assistance that is contingent on increased restrictions on their business operations or their government interventions. In addition, it is not certain that the U.S. government or foreign governments will intervene in response to a future market disruption and the effect of any such future intervention cannot be predicted.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of the Fund's assets. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser, rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund.

**ESG Exclusions Policy.** The Adviser has adopted a firmwide environmental, social, and governance ("ESG") exclusions policy that generally applies to the accounts it manages, including the Fund. Using third-party inputs, the Adviser applies exclusionary criteria to seek to avoid investing in securities of issuers that, in the determination of the Adviser, manufacture cluster munitions, anti-personnel mines, chemical weapons, and biological weapons.

In addition, the Adviser will seek to avoid investing in issuers that, in the determination of the Adviser, are involved in tobacco production.

PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES

The Mutual Fund Holdings Disclosure Policies and Procedures adopted by the Adviser and the series of the Trust (the "Janus Henderson funds") are designed to be in the best interests of the funds and to protect the confidentiality of the funds' portfolio holdings. The following describes such policies and procedures with respect to disclosure of portfolio holdings.

• **Full Holdings.** The Fund is required to disclose its complete holdings semiannually and annually in Form N-CSR. In addition, the Fund is required to disclose its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. Form N-CSR filings and Form N-MFP reports (i) are available on the SEC's website at http://www.sec.gov and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free). Holdings are generally posted within 5 business days after each month end under Full Holdings for the Fund at janushenderson.com/info.

• **Top Holdings.** The Fund's top portfolio holdings, in order of position size and as a percentage of the Fund's total portfolio, are available monthly with a 15-day lag.

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• **Other Information.** The Fund may occasionally provide security breakdowns (e.g., industry, sector, regional, market capitalization, and asset allocation) and specific portfolio level performance attribution information and statistics monthly with a 15-day lag.

Full portfolio holdings will be available monthly and will remain on the Janus Henderson websites for at least 6 months on a rolling basis and will link to the Fund's Form N-MFP filing available on the SEC website.

The Janus Henderson funds' Trustees, officers, and primary service providers, including investment advisers identified in this SAI, distributors, administrators, transfer agents, custodians, securities lending agents, and their respective personnel, may receive or have access to nonpublic portfolio holdings information. In addition, third parties, including but not limited to those that provide services to the Janus Henderson funds, the Adviser, and its affiliates, such as trade execution measurement systems providers, independent pricing services, proxy voting service providers, the funds' insurers, computer systems service providers, lenders, counsel, accountants/auditors, and rating and ranking organizations may also receive or have access to nonpublic portfolio holdings information. Other recipients of nonpublic portfolio holdings information may include, but may not be limited to, third parties such as consultants, data aggregators, and asset allocation services which calculate information derived from holdings for use by the Adviser, and which supply their analyses (but not the holdings themselves) to their clients. Such parties, either by agreement or by virtue of their duties, are required to maintain confidentiality with respect to such nonpublic portfolio holdings. Any confidentiality agreement entered into regarding disclosure of a Janus Henderson fund's portfolio holdings includes a provision that portfolio holdings are the confidential property of that Janus Henderson fund and may not be shared or used directly or indirectly for any purpose (except as specifically provided in the confidentiality agreement), including trading in fund shares.

Nonpublic portfolio holdings information may be disclosed to certain third parties upon a good faith determination made by the head of the applicable investment unit or a delegate, in consultation with the Fund's Chief Compliance Officer (the "Fund's CCO") or a delegate, that a Janus Henderson fund has a legitimate business purpose for such disclosure and the recipient agrees to maintain confidentiality. Preapproval by the head of the applicable investment unit or a delegate, in consultation with the Fund's CCO, or a delegate, is not required for certain routine service providers and in response to regulatory, administrative, and judicial requirements. The Fund's CCO reports to the Janus Henderson funds' Trustees regarding material compliance matters with respect to the portfolio holdings disclosure policies and procedures.

Under extraordinary circumstances, the head of the applicable investment unit or a delegate, in consultation with the Fund's CCO, or a delegate, has the authority to waive one or more provisions of, or make exceptions to, the Mutual Fund Holdings Disclosure Policies and Procedures when in the best interest of the Janus Henderson funds and when such waiver or exception is consistent with federal securities laws and applicable fiduciary duties. The frequency with which portfolio holdings are disclosed, as well as the lag time associated with such disclosure, may vary as deemed appropriate under the circumstances. All waivers and exceptions involving any of the Janus Henderson funds shall be pre-approved by the head of the applicable investment unit or a delegate, in consultation with the Fund's CCO or a delegate.

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To the best knowledge of the Janus Henderson funds, as of October 7, 2024, the following non-affiliated third parties, which consist of service providers and consultants as described above under ongoing arrangements with the funds and/or the Adviser, receive or have access to nonpublic portfolio holdings information, which may include the full holdings of a fund.

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| | | |
|:---|:---|:---|
| **Name** | **Frequency** | **Lag Time** |
|  Acuity Knowledge Partners (UK) Limited | As needed | 1 day or more |
|  Adviser Compliance Associates, LLC | As needed | Current |
|  Alpha Financial Markets Consulting | Monthly | Current |
|  Barclays Risk Analytics and Index Solutions Limited | Daily | Current |
|  Barra, Inc. | Daily | Current |
|  Bloomberg Finance L.P. | Daily | Current |
|  Boosted.ai | Daily | Current |
|  Boston Financial Data Services, Inc. | As needed | Current |
|  BNP Paribas Fund Services LLC | Daily | Current |
|  BNP Paribas New York Branch | Daily | Current |
|  BNP Paribas Prime Brokerage, Inc. | Daily | Current |
|  BNP Paribas Securities Services | Daily | Current |
|  BNP Securities Corp. | Daily | Current |
|  Brown Brothers Harriman & Co. | Daily | Current |
|  Callan Associates Inc. | As needed | Current |
|  Charles River Brokerage, LLC | As needed | Current |
|  Charles River Systems, Inc. | As needed | Current |
|  Charles Schwab & Co., Inc. | As needed | Current |
|  Command Financial Press Corporation | As needed | 2 days |
|  Deloitte & Touche LLP | As needed | Current |
|  Deloitte Tax LLP | As needed | Current |
|  DTCC Loan/SERV LLC | Daily | Current |
|  Eagle Investment Systems LLC | As needed | Current |
|  Envestnet Asset Management Inc. | As needed | Current |
|  Ernst & Young Global Limited | Semiannually | 1-2 days |
|  Ernst & Young LLP | As needed | Current |
|  FactSet Research Systems, Inc. | As needed | Current |
|  Fintech SISU LLC | Daily | Current |
|  FIS Financial Systems LLC – Wall Street Concepts (WSC) | As needed | Current |
|  FlexTrade LLC | Daily | Current |
|  Frank Russell Company | As needed | Current |
|  HedgeFacts | Weekly | 7 days |
|  HeterMedia Services Limited | Monthly | Current |
|  IHS Markit | Daily | Current |
|  Infotech Consulting Inc. | Daily | Current |
|  Institutional Shareholder Services, Inc. | Daily | Current |
|  Interactive Data (Europe) Limited | Quarterly | 10 days |
|  Interactive Data Pricing and Reference Data LLC | Daily | Current |
|  International Data Corporation | Daily | Current |
|  Investment Technology Group, Inc. | Daily | Current |
|  JPMorgan Chase Bank, National Association | Daily | Current |
|  KPMG LLP | As needed | Current |
|  LendAmend LLC | As needed | Current |
|  Markit EDM Limited | Daily | Current |

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| | | |
|:---|:---|:---|
| **Name** | **Frequency** | **Lag Time** |
|  Markit Group Limited | Daily | Current |
|  Merrill Communications LLC | Quarterly | Current |
|  Moody's Investors Service Inc. | Weekly | 7 days or more |
|  Nasdaq Inc. | Daily | Current |
|  PricewaterhouseCoopers LLP | As needed | Current |
|  Prima Capital Holding, Inc. | As needed | Current |
|  Prima Capital Management, Inc. | Quarterly | 15 days |
|  RR Donnelley and Sons Company | Daily | Current |
|  Russell/Mellon Analytical Services, LLC | Monthly | Current |
|  Seismic Software, Inc. | Quarterly | 7 days |
|  SimCorp USA, Inc. | As needed | Current |
|  SS&C Technologies, Inc. | As needed | Current |
|  Standard & Poor's | Daily | Current |
|  Standard & Poor's Financial Services | Weekly | 2 days or more |
|  Standard & Poor's Securities Evaluation | Daily | Current |
|  The Ohio National Life Insurance Company | As needed | Current |
|  Thomson Reuters (Markets) LLC | Daily | Current |
|  TradingScreen Inc. | As needed | Current |
|  TriOptima AB | Daily | Current |
|  Wachovia Securities LLC | As needed | Current |
|  Wilshire Associates Incorporated | As needed | Current |
|  Zephyr Associates, Inc. | Quarterly | Current |

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In addition to the categories of persons and names of persons described above who receive nonpublic portfolio holdings information, brokers executing portfolio trades on behalf of the funds may receive nonpublic portfolio holdings information. Under no circumstance does the Adviser, a Janus Henderson mutual fund, or other party receive any compensation in connection with the arrangements to release portfolio holdings information to any of the described recipients of the information.

The Adviser manages other accounts such as separately managed accounts, other pooled investment vehicles, registered investment companies, and funds sponsored by companies other than the Adviser. These other accounts may be managed in a similar fashion to certain Janus Henderson funds and thus may have similar portfolio holdings. Such accounts may be subject to different portfolio holdings disclosure policies that permit public disclosure of portfolio holdings information in different forms and at different times than the Fund's portfolio holdings disclosure policies. Additionally, clients of such accounts have access to their portfolio holdings, and may not be subject to the Fund's portfolio holdings disclosure policies.

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### INVESTMENT ADVISER AND ADMINISTRATOR
INVESTMENT ADVISER – JANUS HENDERSON INVESTORS US LLC

As stated in the Prospectuses, the Fund has an Investment Advisory Agreement ("Advisory Agreement") with Janus Henderson Investors US LLC (the "Adviser"), 151 Detroit Street, Denver, Colorado 80206-4805. The Adviser is an indirect wholly-owned subsidiary of Janus Henderson Group plc ("JHG"). Janus Henderson US (Holdings) Inc., the direct parent of the Adviser, completed a strategic combination with Henderson Group plc on May 30, 2017 to form JHG, doing business as Janus Henderson Investors.

The Fund's Advisory Agreement continues in effect from year to year so long as such continuance is approved at least annually by the vote of a majority of the Trustees of the Trust who are not parties to the Advisory Agreements or "interested persons" (as defined by the 1940 Act) of any such party (the "Independent Trustees"), and by either the Trustees of the Trust (the "Trustees") or the affirmative vote of a majority of the outstanding voting securities of the Fund. Each Advisory Agreement: (i) may be terminated, without the payment of any penalty, by the Trustees, or the vote of at least a majority of the outstanding voting securities of the Fund, or the Adviser, on at least 60 days' advance written notice; (ii) terminates automatically in the event of its assignment; and (iii) generally, may not be amended without the approval by vote of a majority of the Trustees of the Fund, including a majority of the Independent Trustees, and, to the extent required by the 1940 Act, the affirmative vote of a majority of the outstanding voting securities of that Fund.

The Advisory Agreement provides that the Adviser will furnish continuous advice and recommendations concerning the Fund's investments and provide certain other advisory-related services. The Adviser also serves as administrator and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. For serving as administrator, American Cancer Society Support - Class I Shares pays the Adviser an annual fee rate of 0.18%. The Adviser uses this fee to pay for administration costs such as fund accounting services; provision of office facilities and personnel necessary to carry on the business of the Fund; preparation and filing of all documents necessary to obtain and maintain registration and qualification of the shares of each class with the SEC and state securities commissions; clerical, recordkeeping and bookkeeping services; preparation of reports for distribution to shareholders of the Fund; preparation of prospectuses, statements of additional information and proxy statements for the Fund or any class of shares thereof; preparation and filing of the Fund's required tax reports; and preparation of materials for meetings of the Trustees and their Committees. In addition, the Adviser also uses the fee to pay for, among others, custody, transfer agency and shareholder servicing; preparation and review of contracts to which the Fund is a party; and monitoring and reporting to Fund officers the Fund's compliance with the Fund's investment policies and restrictions. These costs are separate from fees related to advisory services.

In addition to the advisory fee and administration fee paid to the Adviser, the Fund also pays any compensation, fees, or reimbursements to Trustees that are independent from the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; certain compensation and related expenses of the Chief Compliance Officer of the Trust and compliance staff; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; any litigation; and other extraordinary expenses.

Many of these costs vary from year to year which can make it difficult to predict the total impact to your Fund's expense ratio, in particular during times of declining asset values of the Fund.

A discussion regarding the basis for the Trustees' approval of the Fund's investment advisory agreement is included in the Fund's semiannual report (for the period ended December 31, 2023) and in the Fund's Form N-CSR filing (for the period ended June 30, 2024 and moving forward). You can request the Fund's semiannual reports or Form N-CSR filing (as they become available), free of charge, by contacting a Janus Henderson representative at 1-877-335-2687. This information is also available, free of charge, at janushenderson.com/reports.

The Fund has agreed to compensate the Adviser for its advisory services by the monthly payment of an advisory fee at the annual rate of 0.20% of the average daily net assets of the Fund.

#### American Cancer Society Support
The Adviser will donate from the Adviser's own resources, an amount representing 50% of the Adviser's quarterly management fee revenue attributable to the Fund, net of any fee waivers and/or expense reimbursements, to the American Cancer Society<sup>®</sup> ("ACS") in connection with ACS's agreement to license the use of its name and trademarks to the Adviser. To the extent the

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Fund's assets exceed $50 billion, the portion of the Adviser's donation to ACS as a percentage of its quarterly management fee revenue will decrease. The Adviser will make annual minimum contributions to ACS of $1 million from 2024 to 2027, and in each year thereafter to the extent this arrangement continues. The Adviser's donation may result in a tax benefit for the Adviser, but will not result in a tax benefit for shareholders. The American Cancer Society<sup>®</sup> does not endorse any service or product. Shares of the Fund are not sponsored, endorsed, or promoted by the American Cancer Society<sup>®</sup>, and the American Cancer Society<sup>®</sup> is not an investment adviser or service provider to the Fund, Trust, or Adviser.

The Adviser has contractually agreed to waive and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.20% for at least a one-year period commencing on December 9, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

In addition, the Adviser may voluntarily waive and/or reimburse the advisory fees and/or administration fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. Any waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield.

The following table summarizes the advisory fees paid by the Fund for the last three fiscal years ended June 30.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
| **Fund Name** | **Advisory**<br> **Fees** | **Waivers and/or**<br> **Expense**<br> **Reimbursements(–)** | **Advisory**<br> **Fees** | **Waivers and/or**<br> **Expense**<br> **Reimbursements(–)** | **Advisory**<br> **Fees** | **Waivers and/or**<br> **Expense**<br> **Reimbursements(–)** |
|  Janus Henderson Government Money Market Fund | $763877 | $— | $812468 | $— | $726617 | $376279 |

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Since American Cancer Society Support – Class I Shares are new, they did not pay any administration fees for the fiscal year ended June 30.

PAYMENTS TO FINANCIAL INTERMEDIARIES BY THE ADVISER OR ITS AFFILIATES

The Adviser and its affiliates may make payments out of their own assets to selected broker-dealer firms or other financial intermediaries that sell certain classes of Shares of Janus Henderson funds for making cash management portal technology available to users of the cash management platform, distribution, marketing, promotional, data, or related services. Such payments may be based on gross sales, assets under management, or transactional charges, or on a combination of these factors. Payments based primarily on sales create an incentive to make new sales of shares, while payments based on assets create an incentive to retain previously sold shares. Payments based on transactional charges may include the payment or reimbursement of all or a portion of "ticket charges." The Adviser and its affiliates consider a number of factors in making payments to financial intermediaries. Criteria may include, but are not limited to, the share class or share classes selected by the financial intermediary for a particular channel, platform or investor type, whether such class is open to new investors on a particular platform or channel, the distribution capabilities of the intermediary, the overall quality of the relationship, expected gross and/or net sales generated by the relationship, redemption and retention rates of assets held through the intermediary, the willingness of the intermediary to cooperate with the Adviser's marketing efforts, access to sales personnel, and the anticipated profitability of sales through the institutional relationship. These factors and their weightings may differ from one intermediary to another and may change from time to time. As of October 2, 2024, the broker-dealer firms with which the Adviser or its affiliates have agreements or are currently negotiating agreements to make payments out of their own assets related to the acquisition or retention of shareholders are American Enterprise Investment Services, Inc.; Citigroup Global Markets Inc.; E\*TRADE Securities LLC; LPL Financial Corporation; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley Smith Barney, LLC; Osaic, Inc. and its broker-dealer subsidiaries; Raymond James & Associates, Inc.; Raymond James Financial Services, Inc.; RBC Capital Markets, LLC; UBS Financial Services Inc.; Wells Fargo Clearing Services, LLC; and Wells Fargo Advisors Financial Network, LLC. These fees may be in addition to fees paid from the Fund's assets to them or other financial intermediaries. Any additions, modifications, or deletions to the broker-dealer firms identified that have occurred since that date are not reflected.

In addition, for all share classes, the Adviser, Janus Henderson Distributors US LLC (the "Distributor"), or their affiliates may pay fees, from their own assets, to certain brokerage firms, banks, financial advisors, retirement plan service providers, and other financial intermediaries for providing other marketing or distribution-related services, as well as recordkeeping, subaccounting,

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transaction processing, other shareholder or administrative services (including payments for processing transactions via the National Securities Clearing Corporation ("NSCC") or other means), and the Committee on Uniform Security Identification Procedures ("CUSIP") and fund setup fees, in connection with investments in the Janus Henderson funds. These fees are in addition to any fees that may be paid from the Fund's assets to these financial intermediaries. The Adviser or its affiliates may have numerous agreements to make payments to financial institutions which perform recordkeeping or other administrative services with respect to shareholder accounts. Contact your financial intermediary if you wish to determine whether it receives such payments.

The Adviser or its affiliates periodically share certain marketing expenses with selected intermediaries, or pay for, or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. The Adviser or its affiliates make payments to participate in selected intermediary marketing support programs which may provide the Adviser or its affiliates with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, business planning and strategy sessions with intermediary personnel, information on industry- or platform-specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of Janus Henderson funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Janus Henderson funds to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Janus Henderson funds available to their customers.

The receipt of (or prospect of receiving) payments, reimbursements, and other forms of compensation described above may provide a financial intermediary and its salespersons with an incentive to favor sales of Janus Henderson funds' shares over sales of other mutual funds (or non-mutual fund investments) or to favor sales of one class of Janus Henderson funds' shares over sales of another Janus Henderson funds' share class, with respect to which the financial intermediary does not receive such payments or receives them in a lower amount. The receipt of these payments may cause certain financial intermediaries to elevate the prominence of the Janus Henderson funds within such financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or the provision of preferential or enhanced opportunities to promote the Janus Henderson funds in various ways within such financial intermediary's organization.

From time to time, certain financial intermediaries approach the Adviser to request that the Adviser make contributions to certain charitable organizations. In these cases, the Adviser's contribution may result in the financial intermediary, or its salespersons, recommending Janus Henderson funds over other mutual funds (or non-mutual fund investments).

The payment arrangements described above will not change the price an investor pays for Shares nor the amount that a Janus Henderson fund receives to invest on behalf of the investor. You should consider whether such arrangements exist when evaluating any recommendations from an intermediary to purchase or sell Shares of the Fund and, if applicable, when considering which share class of the Fund is most appropriate for you.

ADDITIONAL INFORMATION ABOUT THE ADVISER

The Adviser has adopted procedures (including trade allocation procedures described in the "Portfolio Transactions and Brokerage" section of this SAI) that it believes are reasonably designed to mitigate potential conflicts and risks. For example, the Adviser manages long and short portfolios. The simultaneous management of long and short portfolios creates potential conflicts of interest in fund management and creates potential risks such as the risk that short sale activity could adversely affect the market value of long positions in one or more Janus Henderson funds (and vice versa), the risk arising from the sequential orders in long and short positions, and the risks associated with the trade desk receiving opposing orders in the same security at the same time. To mitigate this potential conflict, the Adviser has procedures that prohibit portfolio management from executing a short sale on a security held long in any other portfolio that he or she manages but is not held long in the account in which portfolio management is placing the short. Note this does not prohibit shorting against the box.

The procedures also require approvals of the Adviser's senior management in other situations that raise potential conflicts of interest, as well as periodic monitoring of long and short trading activity of the Janus Henderson funds and accounts.

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Janus Henderson mutual funds and other funds advised by the Adviser or its affiliates may also transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Pursuant to the provisions of the 1940 Act, Janus Henderson mutual funds may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of Janus Henderson funds may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate pursuant to the provisions of the 1940 Act that govern the operation of money market funds. All Janus Henderson funds are eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. In addition, the Adviser receives an investment advisory fee for managing proprietary money market funds and the cash management vehicle used for its securities lending program, but it may not receive a fee for managing certain other affiliated cash management vehicles, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

Each account managed by the Adviser has its own investment objective and policies and is managed accordingly by the respective portfolio management. As a result, from time to time, two or more different managed accounts may pursue divergent investment strategies with respect to investments or categories of investments.

The officers and Trustees of the Janus Henderson funds may also serve as officers and Trustees of the "funds of funds" managed by the Adviser, which are funds that primarily invest in other Janus Henderson mutual funds. Conflicts may arise as the officers and Trustees seek to fulfill their fiduciary responsibilities to both the funds of funds managed by the Adviser and the other Janus Henderson mutual funds. The Trustees intend to address any such conflicts as deemed appropriate.

#### Janus Henderson Personal Code of Ethics
The Adviser and the Distributor currently have in place the Personal Code of Ethics, which is comprised of the Personal Account Dealing Policy, the Gifts, Entertainment and Meals Received Policy, the Outside Business Activities Policy, and the Political Activities Policy. The Personal Code of Ethics is designed to ensure the Adviser and the Distributor personnel: (i) observe applicable legal (including compliance with applicable federal securities laws) and ethical standards in the performance of their duties; (ii) at all times place the interests of the Fund first; iii) disclose all actual or potential conflicts; (iv) adhere to the highest standards of loyalty, candor, and care in all matters relating to the Fund; (v) conduct all personal trading, including transactions in the Fund and other securities, consistent with the Personal Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of their position of trust and responsibility; and (vi) refrain from using any material nonpublic information in securities trading. The Personal Code of Ethics is on file with and available from the SEC through the SEC website at http://www.sec.gov.

Under the Personal Account Dealing Policy, all Adviser and Distributor personnel, as well as the Trustees and Officers of the Fund, are required to conduct their personal investment activities in a manner that the Adviser believes is not detrimental to the Fund. In addition, Adviser and Distributor personnel are not permitted to transact in securities held by the Fund for their personal accounts except under circumstances specified in the Personal Account Dealing Policy. All personnel of the Adviser, the Distributor, and the Fund, as well as certain other designated employees deemed to have access to current trading information, are required to pre-clear all transactions in securities not otherwise exempt. Requests for trading authorization will be denied when, among other reasons, the proposed personal transaction would be contrary to the provisions of the Personal Account Dealing Policy.

In addition to the pre-clearance requirement described above, the Personal Account Dealing Policy subjects such personnel to various trading restrictions and reporting obligations. All reportable transactions are reviewed for compliance with the Personal Account Dealing Policy and under certain circumstances Adviser and Distributor personnel may be required to forfeit profits made from personal trading.

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### CUSTODIAN , TRANSFER AGENT , AND CERTAIN AFFILIATIONS
BNP Paribas, acting through its New York branch ("BNP(NY)"), 787 Seventh Avenue, New York, New York 10019 is the Fund's custodian. The custodian holds the Fund's assets in safekeeping and collects and remits the income thereon, subject to the instructions of the Fund.

Janus Henderson Services US LLC (the "Transfer Agent"), 151 Detroit Street, Denver, Colorado 80206-4805, a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. In addition, the Transfer Agent provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. The Fund does not pay a fee to the Transfer Agent.

Janus Henderson Distributors US LLC (the "Distributor"), 151 Detroit Street, Denver, Colorado 80206-4805, a wholly-owned subsidiary of the Adviser, is the principal underwriter for the Fund. The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of FINRA. The Distributor acts as the agent of the Fund in connection with the sale of its Shares in all states in which such Shares are registered and in which the Distributor is qualified as a broker-dealer. Under the Distribution Agreement, the Distributor continuously offers the Fund's Shares and accepts orders at NAV per share of the relevant class. The cash-compensation amount or rate at which the Distributor's registered representatives are paid for sales of products may differ based on a type of fund or a specific trust or the distribution channel or platform. The receipt of (or prospect of receiving) compensation described above may provide an incentive for a registered representative to favor sales of funds, or certain share classes of a fund, for which they receive a higher compensation amount or rate. You should consider these arrangements when evaluating any recommendations of your registered representative.

*17* 

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### PORTFOLIO TRANSACTIONS AND BROKERAGE
The Adviser initiates all portfolio transactions for the Fund, solely upon the direction of the relevant portfolio management. The Adviser selects broker-dealers for Fund as part of its discretionary responsibilities under the Advisory Agreement and broker selection is determined by the Adviser's duty to seek best execution. Janus Henderson's Best Execution Committee will periodically review the quality of execution that the Adviser receives from broker-dealers and the Adviser will continually evaluate the effectiveness of the executing brokers and trading tools utilized. The Adviser does not consider a broker-dealer's sale of shares of its Fund or gifts and entertainment received from registered representatives of broker-dealers when choosing a broker-dealer to effect transactions.

The Adviser has a duty to seek to obtain "best execution" of all portfolio transactions by reasonably seeking to obtain the best possible result under the circumstances. The Adviser considers a number of factors including but not limited to: an understanding of prices of securities currently available and commission rates and other costs associated with various trading tools, channels and venues; the nature, liquidity, size and type of the security being traded and the character of the markets for which the security will be purchased or sold; the activity, existing and expected, in the market for the particular security; the potential impact of the trade in such market and the desired timing or urgency of the trade pursuant to the investment decision; any fund restrictions associated with asset types; the ability of a broker-dealer to maintain confidentiality, including trade anonymity; the quality of the execution, clearance, and settlement services of a broker-dealer; and principal commitment by the broker-dealer to facilitate the transaction.

The Fund generally buys and sells securities in principal and agency transactions in which no brokerage commissions are paid. However, the Fund may engage an agent and pay commissions for such transactions if the Adviser believes that the net result of the transaction to the respective Fund will be no less favorable than that of contemporaneously available principal transactions. The implied cost of executing portfolio securities transactions for the Fund primarily will consist of bid-offer spreads at which brokers will transact. The spread is the difference between the prices at which the broker is willing to purchase and sell the specific security at the time.

When the Fund purchases or sells a security in the over-the-counter market, the transaction takes place directly with a principal market-maker, without the use of a broker, except in those circumstances where, in the opinion of the Adviser, better prices and executions will be achieved through the use of a broker.

The Adviser may engage in "cross trades" whereby the Adviser causes its clients or accounts to engage in a purchase and sale of a security with each other. The Adviser may engage in cross trades where it determines such transaction is in the best interests of both accounts and consistent with the Adviser's best execution obligations. Although the use of cross trades may be beneficial to clients, it also creates opportunities for conflicts of interest to adversely affect clients. For instance, the Adviser could prefer one account over the other in determining price or otherwise executing a cross trade due to the existence of a more favorable fee structure or proprietary interest in one account. To address these potential conflicts, the Adviser has adopted policies and procedures which require that all cross trades are effected at a readily available fair market price which may be based on independent dealer bids or quotes depending on the type of security. In addition, cross trades involving a registered investment company must be consistent with Rule 17a-7 under the 1940 Act. The Adviser may execute cross trades among any eligible funds and accounts managed by the Adviser or its affiliates. The Adviser does not permit cross trades with the Fund for fixed income securities, with accounts subject to the Employee Retirement Income Security Act of 1974 ("ERISA") or where prohibited by client restrictions.

The Adviser makes investment decisions for each of its clients, including proprietary accounts, independently from those of any other account that is or may become managed by the Adviser or its affiliates. Because the Adviser generally invests in similar strategies for clients, numerous clients could have similar investment objectives and thus, similar portfolios. As a result, the Adviser may be trading the same security for multiple clients at the same time. In order to seek efficiencies that may be available for larger transactions, or help allocate execution fills and prices fairly, the Adviser may aggregate the orders for its clients for execution in circumstances where the Adviser determines that the investment is eligible and appropriate for each participating account. Clients participating in an aggregated trade are generally charged the same price and execution rate or execution portion of the commission except in circumstances where doing otherwise is deemed fair and consistent with applicable law. Instances can occur in which not all clients are charged a research portion (or the same research portion) of the commission in an aggregated trade, including where clients have a different research rate, have already met the research budget established by the Adviser or are subject to regulatory or other restrictions on the use of client commissions to pay for research services and may transact at lower commissions or execution only rates. In addition to, or instead of, aggregating orders of accounts that

*18* 

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would be trading the same security at the same time, the Adviser may average the price of the transactions of these accounts and allocate trades to each account in accordance with the Adviser's allocation procedures. Pursuant to these procedures, partial fills will be allocated pro rata under procedures adopted by Janus Henderson. The Adviser seeks to allocate the opportunity to purchase or sell a security or other investment among accounts on an equitable basis by taking into consideration certain factors. These factors include, but are not limited to: size of the portfolio, concentration of holdings, investment objectives and guidelines, position weightings, duration targets, consistency of portfolio characteristics across similar accounts, purchase costs, issuer restrictions, price targets and cash availability. Due to such factors, the Adviser cannot assure equality of allocations among all of its accounts, nor can it assure that the opportunity to purchase or sell a security or other investment will be proportionally allocated among accounts according to any particular or predetermined standards or criteria which could cause performance divergence from similar accounts. In some cases, these allocation procedures may adversely affect the price paid or received by an account or the size of the position obtained or liquidated for an account. In others, however, the accounts' ability to participate in volume transactions may produce better executions and prices for the accounts. The Adviser may adjust allocations to eliminate fractional shares or odd lots, or to account for minimum trade size requirements and has the discretion to deviate from its allocation procedures in certain circumstances.

For the fiscal year ended June 30, 2024, the Fund paid no brokerage commissions to brokers and dealers in transactions identified for execution primarily on the basis of research and other services provided to the Fund.

For the fiscal years ended June 30, 2024, June 30, 2023, and June 30, 2022, the Fund did not incur any brokerage commissions.

As of June 30, 2024, the Fund owned securities of its regular broker-dealers (or parents) as shown below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Name of Broker-Dealer** | **Value of Securities Owned** |
| &nbsp;&nbsp;&nbsp; Janus Henderson Government Money Market Fund | Goldman Sachs & Co. LLC<br> HSBC Securities (USA) Inc.<br> ING Financial Markets LLC<br> RBC Capital Markets, LLC | $35000000<br> 10000000<br> 50000000<br> 47500000 |

---

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### PURCHASE OF SHARES
As stated in the Fund's Prospectuses, purchase requests must be received in good order by the Fund or its agent prior to the following times each day that the New York Stock Exchange (the "NYSE") is open ("business day"): 10:00 a.m., 1:00 p.m., and 4:00 p.m. New York time in order to receive the NAV next calculated. These times are each referred to as a "cut-of time". The Fund reserves the right to require purchase requests prior to the cut-off times specified above on days when the bond market or the NYSE close early. The Fund also reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. Shares are purchased at the NAV per share as determined as of the cut-off times specified above after a purchase order is received in good order by the Fund or its agent. The Fund's NAVs are calculated each day that the NYSE is open. The Fund seeks to maintain a stable NAV per share of $1.00. The "Shareholder's Guide" section of the Fund's Prospectus contains detailed information about the purchase of Shares.

NET ASSET VALUE DETERMINATION

Pursuant to SEC rules, the Trustees have established procedures to stabilize the Fund's NAV at $1.00 per Share. These procedures include a review of the extent of any deviation of NAV per Share as a result of fluctuating interest rates, based on available market rates, from the Fund's $1.00 amortized cost price per Share. Should that deviation exceed <sup>1</sup>⁄<sub>2</sub> of 1%, the Trustees will consider whether any action should be initiated to eliminate or reduce material dilution or other unfair results to shareholders. Such action may include redemption of shares in-kind, selling portfolio securities prior to maturity, reducing or withholding dividends, and utilizing an NAV per share as determined by using available market quotations.

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### REDEMPTION OF SHARES
As stated in the Fund's Prospectuses, redemption requests must be received in good order by the Fund or its agent prior to the cut-off times specified in "Purchase of Shares" above in order to receive the next NAV calculated. The Fund reserves the right to require redemption requests prior to each cut-off time on days when the bond market or the NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. Procedures for redeeming Shares are set forth in the "Shareholder's Guide" section of the Fund's Prospectus.

Certain accounts or Adviser affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Fund's Shares. Redemptions by these accounts of their holdings in the Fund may negatively impact the Fund's liquidity and NAV. These redemptions may also force the Fund to sell securities, which may negatively impact the Fund's brokerage costs.

Shares normally will be redeemed for cash, although the Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of remaining shareholders, to accommodate a request by a particular shareholder that does not adversely affect the interests of the remaining shareholders, or in connection with the liquidation of the Fund, by delivery of securities selected from its assets at its discretion. However, the Fund is governed by Rule 18f-1 under the 1940 Act, which requires the Fund to redeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV of the Fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the Fund will have the option of redeeming the excess in cash or in-kind. In-kind payment means payment will be made in portfolio securities rather than cash, and may potentially include illiquid investments. Illiquid investments may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause the redeeming shareholder to realize losses on the security if the security is sold at a price lower than that at which it had been valued. If the Fund makes an in-kind payment, the redeeming shareholder may incur brokerage costs in converting the assets to cash, whereas such costs are borne by the Fund for cash redemptions. The method of valuing securities used to make redemptions in-kind will be the same as the method of valuing portfolio securities described under "Purchase of Shares – Net Asset Value Determination" and such valuation will be made as of the same time the redemption price is determined.

Except as otherwise described in the Prospectus, the Fund reserves the right to postpone payment of redemption proceeds for up to seven calendar days. Additionally, the right to require the Fund to redeem its Shares may be suspended, or the date of payment may be postponed beyond seven calendar days, whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (ii) the SEC permits such suspension and so orders; or (iii) an emergency exists as determined by the SEC so that disposal of securities or determination of NAV is not reasonably practicable.

#### Suspension of Redemptions
In the event that the Fund's Trustees determine that a deviation between the Fund's amortized cost price per share and the market-based net asset value per share may result in a material dilution or other unfair results to the Fund's shareholders, the Trustees will take such action as they deem appropriate including, but not limited to, suspending redemptions and the payment of redemption proceeds, in order to facilitate the liquidation of the Fund. In addition, if the Fund's weekly liquid assets fall below 10%, the Fund may cease honoring redemptions and liquidate at the discretion of the Trustees. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to suspend redemptions and liquidate. If the Fund ceases honoring redemptions and makes a decision to liquidate, the Fund expects that it would notify shareholders on the Fund's websites or by press release.

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### SHAREHOLDER ACCOUNTS
Detailed information about the general procedures for shareholder accounts and specific types of accounts is set forth in the Fund's Prospectuses and at janushenderson.com. Applications for specific types of accounts may be obtained by visiting janushenderson.com, calling a Janus Henderson representative, or writing the Fund.

The Adviser has established an Anti-Money Laundering Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). In an effort to ensure compliance with this law, the Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that financial intermediaries have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity, checking shareholder names against designated government lists, including the Office of Foreign Asset Control ("OFAC"), and a review of all new account applications. The Trust does not intend to transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

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### TAX -ADVANTAGED ACCOUNTS
The Fund offer several different types of tax-advantaged accounts that an investor may establish to invest in Fund shares, depending on rules prescribed by the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), and the regulations thereunder. Traditional and Roth Individual Retirement Accounts ("IRAs") may be used by most individuals who have taxable compensation. Simplified Employee Pensions ("SEPs") and Defined Contribution Plans (Profit Sharing or Money Purchase Pension Plans) may be used by most employers, including corporations, partnerships, and small business owners (including sole proprietors), for the benefit of business owners and their employees. Investors should consult their tax adviser or legal counsel before selecting a tax-advantaged account. Contributions under Traditional and Roth IRAs, SEPs, and Defined Contribution Plans are subject to specific contribution limitations. Generally, such contributions may be invested at the direction of the participant.

Distributions from tax-advantaged retirement accounts may be subject to ordinary income tax and may be subject to an additional 10% tax if withdrawn prior to age 59<sup>1</sup>⁄<sub>2</sub> or used for a nonqualifying purpose. Additionally, with the exception of Roth IRAs, shareholders generally must start withdrawing retirement plan assets no later than April 1 of the year after they reach age 72. Several exceptions to these general rules may apply and several methods exist to determine the amount and timing of the minimum annual distribution (if any). Shareholders should consult with their tax adviser or legal counsel prior to receiving any distribution from any tax-advantaged account, in order to determine the income tax impact of any such distribution.

Coverdell Education Savings Accounts (formerly Education IRAs) allow individuals, subject to certain income limitations, to contribute up to $2,000 annually on behalf of any child under the age of 18. Contributions are also allowed on behalf of children with special needs beyond age 18. Distributions are generally subject to income tax if not used for qualified education expenses.

To receive additional information about Traditional and Roth IRAs, SEPs, Defined Contribution Plans, and Coverdell Education Savings Accounts, along with the necessary materials to establish an account, please visit janushenderson.com, call a Janus Henderson representative, or write the Fund. No contribution to a Traditional or Roth IRA, SEP, Defined Contribution Plan, or Coverdell Education Savings Account can be made until the appropriate forms to establish any such plan have been completed.

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### DIVIDENDS AND TAX STATUS
The following is intended to be a general summary of certain U.S. federal income tax consequences of investing in the Fund. It is not intended to be a complete discussion of all such federal income tax consequences, nor does it purport to deal with all categories of investors. This discussion reflects applicable tax laws of the United States as of the date of this SAI. However, tax laws may change or be subject to new interpretation by the courts or the Internal Revenue Service (the "IRS"), possibly with retroactive effect. Investors are therefore advised to consult with their own tax advisers before making an investment in the Fund.

Dividends representing substantially all of the net investment income and any realized net gains on sales of securities are declared daily, Saturdays, Sundays, and holidays included, and distributed on the last business day of each month. If a month begins on a Saturday, Sunday, or holiday, dividends for those days are declared at the end of the preceding month.

If a purchase order is received prior to the last cut-off time specified in "Purchase of Shares" above and payment in federal funds is wired to and received by the Fund by the close of the Federal Reserve wire transfer system (normally 6:00 p.m. New York time), then dividends will begin to accrue on the same business day that the wire purchase order is received. In the event that an order is placed prior to 4:00 p.m. (New York time) and payment through federal funds or other immediately available funds is not received by the Fund by the close of the Federal Reserve wire transfer system or other immediately available funds that same day, you will not accrue a dividend on that that day and the Fund reserves the right to cancel your purchase order and you will be liable for any resulting losses or fees incurred by the Fund or the Fund's transfer agent. If a payment is received on a business day after the last cut-off time specified in "Purchase of Shares" above, you will not earn dividends on the day the purchase order is received. Such Shares will begin to accrue dividends on the first bank business day following receipt of the order. Dividends will not accrue on shares that are redeemed and paid on a same day basis on the date of redemption. Other redeeming shareholders will accrue dividends on the redemption date. If Shares of the Fund were originally purchased by check or through an Automated Investment Program, the Fund may delay transmittal of redemption proceeds up to 15 days in order to ensure that purchase funds have been collected. Closing times for purchase and redemption of Shares may be changed for days on which the bond markets or the NYSE close early. The Fund reserves the right to require purchase and redemption requests prior to the cut-off times specified in "Purchase of Shares" above on days when the bond markets or NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early).

#### Fund Taxation
The Fund intends to qualify as a regulated investment company by satisfying certain requirements prescribed by Subchapter M of the Internal Revenue Code. If the Fund failed to qualify as a regulated investment company in any taxable year, the Fund may be subject to federal income tax on its taxable income at corporate rates. In addition, all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would generally be taxable to shareholders as ordinary income but may, at least in part, qualify for the dividends received deduction applicable to corporations or the reduced rate of taxation applicable to noncorporate holders for "qualified dividend income." In addition, the Fund could be required to recognize unrealized gains, pay taxes and interest, and make distributions before requalifying as a regulated investment company that is accorded special tax treatment. Because the Fund is a money market fund, it does not anticipate distributing capital gains or qualified dividend income.

A federal excise tax at the rate of 4% will be imposed on the excess, if any, of the Fund's "required distribution" over actual distributions in any calendar year. Generally, the "required distribution" is 98% of the Fund's ordinary income for the calendar year plus 98.2% of its capital gain net income recognized during the one-year period ending on October 31 plus undistributed amounts from prior years. The Fund intends to make distributions sufficient to avoid imposition of the excise tax.

If the Fund invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities, or, in general, any other securities with original issue discounts (or with market discount if the Fund elects to include market discount in income currently), the Fund must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the Fund must distribute to shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid), including such accrued income, to avoid federal income and excise taxes. In certain cases, the Fund may have to distribute cash obtained from other sources in order to satisfy the distribution requirements under the Internal Revenue Code. Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy these distribution requirements.

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The Fund's investment in lower-rated or unrated debt securities may present issues for the Fund if the issuers of these securities default on their obligations because the federal income tax consequences to a holder of such securities are not certain.

Some money market securities employ a trust or other similar structure to modify the maturity, price characteristics, or quality of financial assets. For example, put features can be used to modify the maturity of a security, or interest rate adjustment features can be used to enhance price stability. If the structure does not perform as intended, adverse tax or investment consequences may result. Neither the Internal Revenue Service nor any other regulatory authority has ruled definitively on certain legal issues presented by structured securities. Future tax or other regulatory determinations could adversely affect the value, liquidity, or tax treatment of the income received from these securities or the nature and timing of distributions made by the Fund.

When a shareholder opens an account, IRS regulations require that the shareholder provide a taxpayer identification number ("TIN"), certify that it is correct, and certify that he, she, or it is not subject to backup withholding. If a shareholder fails to provide a TIN or the proper tax certifications, the Fund is required to withhold 24% of all distributions (including dividends and capital gain distributions) and redemption proceeds paid to the shareholder. The Fund is also required to begin backup withholding on an account if the IRS instructs it to do so. Amounts withheld may be applied to the shareholder's federal income tax liability and the shareholder may obtain a refund from the IRS if withholding results in an overpayment of federal income tax for such year.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

The foregoing discussion relates solely to U.S. federal income tax law as applied to U.S. investors.

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### TRUSTEES AND OFFICERS
The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). As of the date of this SAI, none of the Trustees are "interested persons" of the Adviser as that term is defined by the 1940 Act.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund's Governance Procedures and Guidelines, the policy is for a Trustee to retire no later than the end of the calendar year in which the Trustee turns 75, unless extended by the Trustees. The Trustees review the Fund's Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund's Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust's Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. As of the date of this SAI, collectively, the two registered investment companies consist of 45 series or funds, referred to herein as the "Fund Complex".

The Trust's officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund's CCO, as authorized by the Trustees.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;&nbsp;**Name, Address,<br>and Age** | **Positions**<br> **Held with**<br> **the Trust** | **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** | **Number of**<br> **Portfolios/Funds**<br> **in Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other Directorships**<br> **Held by Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** |
| &nbsp;&nbsp;&nbsp; Alan A. Brown<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1962 | Chairman Trustee | 5/22-Present 1/13-Present | Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm)<br> (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management). | 45 | Board Member of BankNewport (mutual savings bank) (since 2024), Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010). |
| &nbsp;&nbsp;&nbsp; Cheryl D. Alston<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1966 | Trustee | 8/22-Present | Executive Director and Chief Investment Officer, Employees' Retirement Fund of the City of Dallas (since 2004). | 45 | Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017).<br> Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;&nbsp; **Name, Address, and**<br> **Age** | **Positions**<br> **Held with**<br> **the Trust** | **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** | **Number of**<br> **Portfolios/Funds**<br> **in Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other Directorships**<br> **Held by Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** |
| &nbsp;&nbsp;&nbsp; Raudline Etienne<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1965 | Trustee | 6/16-Present | Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011). | 45 | Member of the Investment Committee for Cooper Union (private college) (since 2021) and Director of Brightwood Capital Advisors, LLC (since 2014). Formerly, Board Member, Van Alen Institute (nonprofit architectural and design organization) (2019-2022). |
| &nbsp;&nbsp;&nbsp; Darrell B. Jackson<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1958 | Trustee | 8/22-Present | President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014). | 45 | Advisory Board Member, Dome Construction (construction) (since 2023), Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015). |
| &nbsp;&nbsp;&nbsp; Dominic Janssens<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1965 | Trustee | 7/24-Present | Retired. Formerly, Global Chief Operating Officer, Macquarie Investment Management (2016-2019); Leader of Global Investment and Institutional Client Services, T. Rowe Price (2008-2016); Senior Managing Director, State Street Global Advisors (2006-2008); and Managing Director, Deutsche Asset Management (2000-2005). | 45 | Member Board of Directors of AlphaTrAI (AI-technology firm) (since 2022) and Advisory Board Member (since 2021). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;&nbsp; **Name, Address, and**<br> **Age** | **Positions**<br> **Held with**<br> **the Trust** | **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** | **Number of**<br> **Portfolios/Funds**<br> **in Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other Directorships**<br> **Held by Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** |
| &nbsp;&nbsp;&nbsp; William F. McCalpin<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1957 | Trustee | 6/02-Present | Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).<br>| 45 | Formerly, Trustee and Chairman of the Board of The Investment Fund for Foundations Investment Program (TIP) (2008-2023), Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021). |
| &nbsp;&nbsp;&nbsp; Gary A. Poliner<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1953 | Trustee | 6/16-Present | Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company. | 45 | Formerly, Director of MGIC Investment Corporation (private mortgage insurance) (2013-2023), Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013). |
| &nbsp;&nbsp;&nbsp; Diane L. Wallace<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1958 | Trustee | 6/17-Present | Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002). | 45 | Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017). |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;&nbsp;**OFFICERS** |
| &nbsp;&nbsp;&nbsp;**Name, Address,<br>and Age** | **Positions Held with the Trust** | **Term of**<br> **Office\* and**<br> **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; Andrew Forman<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1987 | Executive Vice President and Co-Portfolio Manager<br> Janus Henderson Government Money Market Fund | 2/25-Present | Portfolio manager for other Janus Henderson accounts. |
| &nbsp;&nbsp;&nbsp; Garrett Strum<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1981 | Executive Vice President and Lead Portfolio Manager<br> Janus Henderson Government Money Market Fund | 5/17-Present | Portfolio Manager for other Janus Henderson accounts and Analyst for the Adviser. |
| &nbsp;&nbsp;&nbsp; Michelle Rosenberg<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1973 | President and Chief Executive Officer | 9/22-Present | Chief Administrative Officer (since 2024) and General Counsel (since 2018) of Janus Henderson Investors. Formerly, Corporate Secretary of Janus Henderson Investors (2018-2024), Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc.<br> (2015-2018). Member of Board of Trustees for Bates College (since 2020) and Member of Board of Directors for ICI Mutual Insurance Company (since 2023). |
| &nbsp;&nbsp;&nbsp; Kristin Mariani<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1966 | Vice President and Chief Compliance Officer | 7/20-Present | Head of Compliance, North America at Janus Henderson Investors (since September 2020) and Chief Compliance Officer at Janus Henderson Investors US LLC (since September 2017). Formerly, Anti-Money Laundering Officer for the Trust and Janus Aspen Series (July 2020- December 2022), Global Head of Investment Management Compliance at Janus Henderson Investors (February 2019-August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer at Janus Henderson Distributors US LLC (May 2017-September 2017), Vice President,<br> Compliance at Janus Henderson US<br> (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017). |
| &nbsp;&nbsp;&nbsp; Jesper Nergaard<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1962 | Chief Financial Officer<br> Vice President, Treasurer, and Principal Accounting Officer | 3/05-Present 2/05-Present | Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC (since 2005). |
| &nbsp;&nbsp;&nbsp; Abigail J. Murray<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1975 | Vice President, Chief Legal Counsel, and Secretary | 12/20-Present | Managing Counsel (since 2020). Formerly, Senior Counsel for Invesco Ltd.<br> (2017-2020). |
| &nbsp;&nbsp;&nbsp; Ciaran Askin<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1978 | Anti-Money Laundering Officer | 12/22-Present | Global Head of Financial Crime, Janus Henderson Investors (since 2022).<br> Formerly, Global Head of Financial Crime for Invesco Ltd. (2017-2022). |

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\* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

As discussed below, the Board's Nominating and Governance Committee is responsible for identifying and recommending candidates for nomination or election by the Board based on a variety of diverse criteria. In its most recent evaluation of the qualifications of each Trustee as part of the Board's annual self-evaluation process, the Committee and the Board considered the totality of the information available to them, including the specific experience, qualifications, attributes or skills, as noted below, and concluded that each of the Trustees should serve as members of the Board of Trustees based on the Trust's business

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structure. In reaching these conclusions, the Committee and the Board, in the exercise of their reasonable business judgment, evaluated each Trustee based on his or her specific experience, qualifications, attributes and/or skills on an individual basis and in combination with the other Trustees, none of which by itself was considered dispositive.

**Alan A. Brown:** Service as Executive Vice President and as Chief Marketing Officer of a leading investment management firm, a corporate and fund director, and as an executive with a private equity real estate investment management firm, and a Fund Independent Trustee since 2013 and Independent Chairman of the Board of Trustees since May 2022.

**Cheryl D. Alston:** Service as Executive Director and Chief Investment Officer of a large public pension fund, service on not- for-profit and corporate boards, and a Fund Independent Trustee since 2022.

**Raudline Etienne:** Service as Deputy Controller and Chief Investment Officer of a large public pension fund, Senior Vice President and Senior Advisor to a global strategy firm, and a Fund Independent Trustee since 2016.

**Darrell B. Jackson:** Service as President and Chief Executive Officer of a bank, Executive Vice President and Co-President of a large financial services company, service on corporate and private company boards, and a Fund Independent Trustee since 2022.

**Dominic Janssens:** Service as Global Chief Operating Officer and Managing Director of investment and asset management companies, Member Board of Directors and Advisory Board Member of an AI-technology firm, and in various capacities with public investment firms.

**William F. McCalpin:** Service as Chief Operating Officer of a large private family foundation, Chairman and Director of an unaffiliated fund complex, and a Fund Independent Trustee since 2002 and Independent Chairman of the Board of Trustees from 2008 to May 2022.

**Gary A. Poliner:** Service as President, and Vice President and Chief Risk Officer, of a large life insurance company, a director of private companies, service as director and Chairman and Director of unaffiliated fund complexes, and a Fund Independent Trustee since 2016.

**Diane L. Wallace:** Service as Independent Trustee of Henderson Global Funds and other leading investment management firms, Chief Operating Officer, Senior Vice President of Operations, Treasurer and Chief Financial Officer of a leading investment management firm, and a Fund Independent Trustee since 2017.

#### General Information Regarding the Board of Trustees and Leadership Structure
The Trust is governed by the Board of Trustees, which is responsible for and oversees the management and operations of the Trust and each of the Janus Henderson funds on behalf of fund shareholders. Each member of the Board is an Independent Trustee, including the Board's Chairman. The Board's responsibilities include, but are not limited to, oversight of the Janus Henderson funds' officers and service providers, including the Adviser, which is responsible for the Trust's day-to-day operations. The Trustees approve all of the agreements entered into with the Janus Henderson funds' service providers, including the investment management agreements with the Adviser. The Trustees are also responsible for determining or changing each Janus Henderson fund's investment objective(s), policies, and available investment techniques, as well as for overseeing the Janus Henderson funds' Chief Compliance Officer. In carrying out these responsibilities, the Trustees are assisted by the Trust's independent auditor (who reports directly to the Trust's Audit Committee), independent counsel, an independent fee consultant, and other specialists as appropriate, all of whom are selected by the Trustees. The Trustees also meet regularly without representatives of the Adviser or its affiliates present.

The Trustees discharge their responsibilities collectively as a Board, as well as through Board committees, each of which operates pursuant to a Board-approved charter that delineates the specific responsibilities of that committee. For example, the Board as a whole is responsible for oversight of the annual process by which the Board considers and approves each fund's investment advisory agreement with the Adviser, but specific matters related to oversight of the Janus Henderson funds' independent auditors have been delegated by the Board to its Audit Committee, subject to approval of the Audit Committee's recommendations by the Board. The members and responsibilities of each Board committee are summarized below. In addition to serving on certain committees, the Chairman of the Board ("Board Chairman") is responsible for presiding at all meetings of the Board and has other duties as may be assigned by the Trustees from time to time. The Board Chairman also serves as the Board's liaison to the Adviser with respect to all matters related to the Janus Henderson funds that are not otherwise delegated to the chair of a Board committee. The Board has determined that this leadership structure is appropriate based on (1) the number

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of Janus Henderson funds overseen and the various investment objectives of those funds; (2) the manner in which the Janus Henderson funds' shares are marketed and distributed; and (3) the responsibilities entrusted to the Adviser and its affiliates to oversee the Trust's day-to-day operations, including the management of each Janus Henderson fund's holdings and the distribution of fund shares. On an annual basis, the Board conducts a self-evaluation that considers, among other matters, whether the Board and its committees are functioning effectively and whether, given the size and composition of the Board and each of its committees, the Trustees are able to oversee effectively the number of Janus Henderson funds in the complex.

#### Committees of the Board
The Board of Trustees has six standing committees that each perform specialized functions: an Audit Committee, Investment Oversight Committee, Nominating and Governance Committee, Operations Committee, Product and Distribution Committee, and Trading and Pricing Committee. Each committee is comprised entirely of Independent Trustees. Information about each committee's functions is provided in the following table:

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| | | | |
|:---|:---|:---|:---|
|  | **Summary of Functions** | **Members**<br> **(Independent Trustees)** | **Number of Meetings**<br> **Held During Fiscal**<br> **Year Ended June 30,**<br> **2024** |
| &nbsp;&nbsp;&nbsp;**Audit Committee** | Reviews the Trust's financial reporting process, the system of internal controls over financial reporting, disclosure controls and procedures, including the review of the adequacy of relevant personnel and the review of reports related to such system of internal controls, Form N-CSR, Form N-CEN, and Form N-PORT filings, and the audit process. The Committee's review of the audit process includes, among other things, the appointment, compensation, and oversight of the Trust's independent auditor, which performs the audits of the Trust's financial statements, regular meetings and communication with relevant personnel at the Adviser and the independent auditor, and preapproval of all audit and nonaudit services. The Committee also reviews any significant changes or improvements in accounting and audit processes that have been implemented. The Committee receives reports from the Trust's Chief Financial Officer, Treasurer, and Principal Accounting Officer, and from personnel responsible for internal audit functions related to financial reporting. The Committee also oversees service providers that provide fund accounting and portfolio accounting services to the Trust. | Diane L. Wallace (Chair)<br> Cheryl D. Alston<br>Gary A. Poliner | 4 |

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| | | | |
|:---|:---|:---|:---|
|  | **Summary of Functions** | **Members**<br> **(Independent Trustees)** | **Number of Meetings**<br> **Held During Fiscal**<br> **Year Ended June 30,**<br> **2024** |
| &nbsp;&nbsp;&nbsp;**Investment Oversight Committee** | Oversees the investment activities of the series of the Trust. The Committee meets regularly with investment personnel at the Adviser and any subadviser to the Fund to review the investment performance, investment risk characteristics, objectives, and strategies of the Fund. The Committee reviews reports regarding the use of derivative instruments by the Fund and information and reports with respect to proposed new investment instruments and techniques. The Committee reviews various matters related to the operations of the Janus Henderson money market funds, including the review of reports related to such operations, compliance with the Trust's Money Market Fund Procedures, and Rule 2a-7 under the 1940 Act. | Raudline Etienne (Chair)<br> Cheryl D. Alston<br> Alan A. Brown<br> Darrell B. Jackson<br> Dominic Janssens<br> William F. McCalpin<br> Gary A. Poliner<br> Diane L. Wallace | 5 |
| &nbsp;&nbsp;&nbsp; **Nominating and**<br> **Governance Committee** | Identifies and recommends individuals for Trustee membership, recommends an independent Trustee to serve as Board Chair, consults with Fund officers and the Board Chair in planning Trustee meetings, reviews the responsibilities of each Board committee, which includes the need for new committees and the continuation of existing committees, and oversees the administration of, and ensures compliance with, the Trust's Governance Procedures and Guidelines adopted by the Trustees. The Committee also leads the Trustees' annual self-assessment process and continuing education program, reviews, and proposes changes to, Trustee compensation, and oversees the administration of the Trust's insurance program. | William F. McCalpin (Chair)<br> Alan A. Brown<br> Diane L. Wallace | 6 |
| &nbsp;&nbsp;&nbsp;**Operations Committee** | Oversees certain matters related to the operation of the Trust. The Committee receives reports regarding the operation of the Trust's securities lending program, the implementation of the Proxy Voting Procedures and Guidelines, and various information technology, cybersecurity, and data privacy risks related to the Trust and the Trust's service providers. The Committee oversees service providers providing<br> operations-related services to the Trust, including the Trust's custodian and transfer agent. The Committee receives reports from personnel responsible for the Trust's enterprise risk function and the Adviser's internal audit function. In addition, the Committee oversees compliance with certain procedures adopted by the Trust under exemptive orders of the SEC. | Gary A. Poliner (Chair)<br> Alan A. Brown<br> Darrell B. Jackson<br> William F. McCalpin | 5 |

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| | | | |
|:---|:---|:---|:---|
|  | **Summary of Functions** | **Members**<br> **(Independent Trustees)** | **Number of Meetings**<br> **Held During Fiscal**<br> **Year Ended June 30,**<br> **2024** |
| &nbsp;&nbsp;&nbsp; **Product and Distribution**<br> **Committee** | Provides oversight of matters regarding the Trust's product lineup and the distribution of shares of the Fund. The Committee reviews matters relating to the initial strategy, design, and positioning of new Funds and material changes to the strategy, design, and/or positioning of existing Funds. The Committee receives reports regarding potential Fund closures, liquidations, or mergers, certain Fund fees and expenses, and marketing and distribution strategies for the Funds including payments made by the Funds pursuant to the Trust's distribution and shareholder servicing plans. The Committee reviews certain regulatory filings made with the SEC and oversees and receives reporting from service providers providing product and distribution-related services to the Trust. | Alan A. Brown (Chair)<br> Raudline Etienne<br> Darrell B. Jackson<br> William F. McCalpin | 6 |
| &nbsp;&nbsp;&nbsp;**Trading and Pricing Committee** | Oversees matters relating to the pricing of the Funds' securities and the placement of portfolio transactions. The Committee oversees the Adviser as valuation designee and reviews reports on fair valuation determinations and valuation methodologies regarding securities and investments held by the Fund pursuant to valuation procedures established by the Adviser and approved by the Board of Trustees. The Committee also reviews other matters related to pricing the Fund's securities and approves changes to the valuation procedures. The Committee receives reporting regarding portfolio transactions with affiliates undertaken in accordance with the Trust's procedures, efforts to obtain best execution in connection with portfolio transactions and commissions paid to firms supplying research and brokerage services. The Committee also receives reports regarding foreign exchange trading by the Fund. In addition, the Committee oversees service providers providing trading and pricing-related services to the Trust and reviews reports from the administrator of the Trust's liquidity risk management program. | Gary A. Poliner (Chair)<br> Cheryl D. Alston<br> Diane L. Wallace | 4 |

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#### Board Oversight of Risk Management
The Adviser, as part of its responsibilities for the day-to-day operations of the Janus Henderson funds, is responsible for day- to-day risk management for the funds. The Board, as part of its overall oversight responsibilities for the Janus Henderson funds' operations, oversees the Adviser's risk management efforts with respect to the funds. The Board, in the exercise of its reasonable business judgment, also separately considers potential risks that may impact the Janus Henderson funds. The Board discharges its oversight duties and considers potential risks in a number of different ways, including, but not limited to, receiving reports on a regular basis, either directly or through an appropriate committee, from the Adviser and its officers. Reports received include those from, among others, the Adviser's (1) senior managers responsible for oversight of global risk, including, for example, those responsible for oversight of operational risks and cyber risks in particular; (2) senior managers

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responsible for oversight of fund construction and trading risk; (3) Chief Compliance Officer; and (4) The Global Head of Internal Audit. At the time these reports are presented, the Board or the committee receiving the report will, as it deems necessary, invite the presenter to participate in an executive session to discuss matters outside the presence of any other officers or representatives of the Adviser or its affiliates. The Board also receives reports from other entities and individuals unaffiliated with the Adviser, including reports from the Janus Henderson funds' other service providers and from independent consultants hired by the Board. The Board has appointed the Fund's CCO who (1) reports directly to the Board and (2) provides a comprehensive written report annually and presents quarterly at the Board's regular meetings. The Fund's CCO, who also serves as Janus Henderson's Head of Compliance, North America, discusses relevant risk issues that may impact the Janus Henderson funds and/or the Adviser's services to the funds, and routinely meets with the Board in private without representatives of the Adviser or its affiliates present. The Fund's CCO also provides the Board with updates on the application of the Janus Henderson funds' compliance policies and procedures, including how these procedures are designed to mitigate risk and what, if any, changes have been made to enhance the procedures. The Fund's CCO may also report to the Board on an ad hoc basis in the event that she identifies issues associated with the Janus Henderson funds' compliance policies and procedures that could expose the funds to additional risk or adversely impact the ability of the Adviser to provide services to the funds.

The Board believes that its leadership structure permits it to effectively discharge its oversight responsibilities with respect to the Janus Henderson funds' risk management process.

#### Additional Information About Trustees
Under the Trust's Governance Procedures and Guidelines, the Trustees are expected to invest in one or more (but not necessarily all) funds advised by the Adviser for which they serve as Trustee, to the extent they are directly eligible to do so. For each Trustee, these investments are expected, in the aggregate and at a minimum, to equal median Trustee annual compensation with an allowance for new Trustees to reach this level of investment over time. These investments may include amounts held under a deferred compensation plan that are valued based where any deferred amount is traded as though an equivalent dollar amount has been invested in shares of one or more funds advised by the Adviser ("shadow investments"). Such investments, including the amount and which funds, are dictated by each Trustee's individual financial circumstances and investment goals.

As of December 31, 2023, the Trustees owned securities of the Fund described in this SAI in the dollar range shown in the following table. The last column of the table reflects each Trustee's aggregate dollar range of securities of all mutual funds advised by the Adviser and overseen by the Trustees.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Trustee** | **Dollar Range of Equity Securities in the Fund** | **Aggregate Dollar Range of Equity**<br> **Securities in All**<br> **Registered Investment**<br> **Companies in the Fund Complex** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Alan A. Brown** |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp; **Cheryl D. Alston** |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp; **Raudline Etienne** |  | Over $100,000<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; **Darrell B. Jackson** |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp; **Dominic Janssens<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; **William F. McCalpin** |  | Over $100,000<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; **Gary A. Poliner** |  | Over $100,000<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; **Diane L. Wallace** |  | Over $100,000 |

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(1) Ownership shown includes amounts held under a deferred compensation plan that are valued based on "shadow investments" in one or more funds.

(2) Dominic Janssens joined the Board as an Independent Trustee, effective July 15, 2024.

#### Trustee Compensation
The Trust pays each Independent Trustee an annual retainer plus a fee for each regular in-person meeting of the Trustees attended, a fee for in-person meetings of committees attended if convened on a date other than that of a regularly scheduled meeting, and a fee for telephone meetings of the Trustees and committees. In addition, committee chairs and the Chairman of the Board of Trustees receive an additional supplemental retainer. Each current Independent Trustee also receives fees from other Janus Henderson funds for serving as Trustee of those funds. The Adviser pays persons who are directors, officers, or

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employees of the Adviser or any affiliate thereof, or any Trustee considered an "interested" Trustee, for their services as Trustees or officers. The Trust and other funds managed by the Adviser may pay all or a portion of the compensation and related expenses of the Fund's CCO and compliance staff, as authorized from time to time by the Trustees.

To the best knowledge of the Trust, the following table shows the aggregate compensation paid to each Independent Trustee by the Fund described in this SAI and all Janus Henderson funds for the periods indicated. None of the Trustees receives any pension or retirement benefits from the Fund or the Janus Henderson funds. Effective January 1, 2006, the Trustees established a deferred compensation plan using shadow investments under which the Trustees may elect to defer receipt of all, or a portion, of the compensation they earn for their services to the Fund, in lieu of receiving current payments of such compensation.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Person, Position** | **Aggregate**<br> **Compensation from**<br> **the Fund for**<br> **fiscal year ended<br>June 30, 2024** | **Total**<br> **Compensation from**<br> **the Fund Complex for**<br> **calendar year ended**<br> **December 31, 2023<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** |
| &nbsp;&nbsp;&nbsp; Alan A. Brown, Chairman and Trustee<sup>(3)(4)</sup> | $105 | $475000 |
| &nbsp;&nbsp;&nbsp; Cheryl D. Alston, Trustee | $62 | $280000 |
| &nbsp;&nbsp;&nbsp; William D. Cvengros, Former Trustee<sup>(4)(5)</sup> | $62 | $300000 |
| &nbsp;&nbsp;&nbsp; Raudline Etienne, Trustee<sup>(4)</sup> | $64 | $301000 |
| &nbsp;&nbsp;&nbsp; Darrell B. Jackson, Trustee | $65 | $298500 |
| &nbsp;&nbsp;&nbsp; Dominic Janssens, Trustee<sup>(6)</sup> | N/A | N/A |
| &nbsp;&nbsp;&nbsp; William F. McCalpin, Trustee<sup>(4)</sup> | $77 | $349000 |
| &nbsp;&nbsp;&nbsp; Gary A. Poliner, Trustee<sup>(4)</sup> | $76 | $351000 |
| &nbsp;&nbsp;&nbsp; Diane L. Wallace, Trustee<sup>(4)</sup> | $79 | $354000 |

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(1) For all Trustees, includes compensation for service on the boards of two registered investment companies comprised of 49 portfolios.

(2) Total Compensation received from the Fund Complex includes any amounts deferred under the deferred compensation plan. The deferred compensation amounts for the year are as follows: William F. McCalpin $34,900, Gary A. Poliner $351,000, and Raudline Etienne $30,100.

(3) Aggregate Compensation received from the Fund and Total Compensation received from the Fund Complex includes additional compensation paid for service as Independent Chairman of the Board of Trustees.

(4) Aggregate Compensation received from the Fund and Total Compensation received from the Fund Complex includes additional compensation paid for service as chair of one or more committees of the Board of Trustees during certain periods.

(5) William D. Cvengros retired from his role as an Independent Trustee, effective July 19, 2024.

(6) Dominic Janssens joined the Board as an Independent Trustee, effective July 15, 2024.

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### PRINCIPAL SHAREHOLDERS
As of the date of this SAI, all of the outstanding and American Cancer Society Support – Class I Shares of the Fund were owned by the Adviser or an affiliate, which provided seed capital for American Cancer Society Support – Class I Shares. A fund that has only affiliated shareholders may be perceived as obtaining a benefit of any investments that contribute positively to its performance.

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### MISCELLANEOUS INFORMATION
The Fund is a series of the Trust, an open-end management investment company registered under the 1940 Act and organized as a Massachusetts business trust on February 11, 1986. As of the date of this SAI, the Trust offers 35 series, known as "Funds."

The Adviser reserves the right to the name "Janus Henderson." In the event that the Adviser does not continue to provide investment advice to the Fund, the Fund must cease to use the name "Janus Henderson" as soon as reasonably practicable.

Under Massachusetts law, shareholders of the Fund could, under certain circumstances, be held liable for the obligations of their Fund. However, the Amended and Restated Agreement and Declaration of Trust disclaims shareholder liability for acts or obligations of the Fund and requires that notice of this disclaimer be given in each agreement, obligation, or instrument entered into or executed by the Fund or the Trustees. The Amended and Restated Agreement and Declaration of Trust also provides for indemnification from the assets of the Fund for all losses and expenses of any Fund shareholder held liable for the obligations of their Fund. Thus, the risk of a shareholder incurring a financial loss on account of their liability as a shareholder of one of the Fund is limited to circumstances in which their Fund would be unable to meet its obligations. The possibility that these circumstances would occur is remote. The Trustees intend to conduct the operations of the Fund to avoid, to the extent possible, liability of shareholders for liabilities of their Fund.

It is important to know that, pursuant to the Trust's Amended and Restated Agreement and Declaration of Trust, the Trustees have the authority to merge, liquidate, and/or reorganize a fund into another fund without seeking shareholder vote or consent. Any such consolidation, merger, or reorganization may be authorized at any time by a vote of a majority of the Trustees then in office.

SHARES OF THE TRUST

The Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value of one cent per share for each series of the Trust. Shares of each series of the Trust are fully paid and nonassessable when issued. Shares of the Fund participate equally in dividends and other distributions by the Shares of the same class of the Fund, and in residual assets of that class of that Fund in the event of liquidation. Shares of the Fund have no preemptive or subscription rights. Shares of the Fund may be transferred by endorsement or stock power as is customary, but the Fund is not bound to recognize any transfer until it is recorded on its books.

SHAREHOLDER MEETINGS

The Trust does not intend to hold annual or regular shareholder meetings unless otherwise required by the Amended and Restated Agreement and Declaration of Trust or the 1940 Act. Special meetings may be called for a specific Fund or for the Trust as a whole for purposes such as changing fundamental policies, electing or removing Trustees, making any changes to the Amended and Restated Agreement and Declaration of Trust that would materially adversely affect shareholders' rights, determining whether to bring certain derivative actions, or for any other purpose requiring a shareholder vote under applicable law or the Trust's governing documents, or as the Trustees consider necessary or desirable. Under the Amended and Restated Agreement and Declaration of Trust, special meetings of shareholders of the Trust or of any Fund shall be called subject to certain conditions, upon written request of shareholders owning shares representing at least 10% of the shares then outstanding. The Fund will assist these shareholders in communicating with other shareholders in connection with such a meeting similar to that referred to in Section 16(c) of the 1940 Act.

VOTING RIGHTS

The Board currently has eight members, of which five have been elected by shareholders. With the exception of Diane L. Wallace, Cheryl D. Alston, Darrell B. Jackson, and Dominic Janssens, each of the Trustees of the Trust was elected at a Special Meeting of Shareholders on June 14, 2016. Ms. Wallace was elected at a Special Meeting of Shareholders on April 25, 2017. Under the Amended and Restated Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his or her earlier death, retirement, resignation, incapacity, or removal. Vacancies will be filled by appointment by a majority of the remaining Trustees, subject to the 1940 Act.

As a shareholder, you are entitled to one vote for each whole dollar and a proportionate fractional vote for each fractional dollar of NAV of the Fund that you own. Generally, all funds and classes vote together as a single group, except where a separate vote of one or more funds or classes is required by law or where the interests of one or more funds or classes are affected differently

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from other funds or classes. Shares of all series of the Trust have noncumulative voting rights, which means that the holders of more than 50% of the value of shares of all series of the Trust voting for the election of Trustees can elect 100% of the Trustees if they choose to do so. In such event, the holders of the remaining value of shares will not be able to elect any Trustees.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP, 1900 16th Street, Suite 1600, Denver, Colorado 80202, the Independent Registered Public Accounting Firm for the Fund, audits the Fund's annual financial statements and performs tax services for the Fund.

REGISTRATION STATEMENT

The Trust has filed with the SEC, Washington, D.C., a Registration Statement under the Securities Act of 1933, as amended, with respect to the securities to which this SAI relates. If further information is desired with respect to the Fund or such securities, reference is made to the Registration Statement and the exhibits filed as a part thereof.

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### FINANCIAL STATEMENTS
DOCUMENTS INCORPORATED BY REFERENCE TO FORM N-CSR OF JANUS INVESTMENT FUND (AUDITED)

[The financial statements and Report of Independent Registered Public Accounting Firm for the period ended June 30, 2024 are hereby incorporated into this SAI by reference to the Fund's Form N-CSR dated June 30, 2024.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000277751/000089843024000497/8dcc8791c160415.htm)

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### APPENDIX A
DESCRIPTION OF SECURITIES RATINGS

The following is a description of credit ratings issued by three of the major credit rating agencies. Credit ratings evaluate only the safety of principal and interest payments, not the market value risk of lower quality securities. Credit rating agencies may fail to change credit ratings to reflect subsequent events on a timely basis. Although the Adviser may consider security ratings when determining whether the securities in which the Fund invests present minimal credit risks, it also performs its own investment analysis and does not rely solely on the ratings assigned by credit agencies in making this determination.

MOODY'S AND STANDARD & POOR'S

#### Other Short-Term Debt Securities
Prime-1 and Prime-2 are the two highest ratings assigned by Moody's Investors Service, Inc. ("Moody's") for other short-term debt securities and commercial paper, and A-1 and A-2 are the two highest ratings for commercial paper assigned by Standard & Poor's Ratings Services ("S&P"). Moody's uses the numbers 1, 2, and 3 to denote relative strength within its highest classification of Prime, while S&P uses the numbers 1, 2, and 3 to denote relative strength within its highest classification of A. Issuers rated Prime-1 by Moody's have a superior ability for repayment of senior short-term debt obligations and have many of the following characteristics: leading market positions in well- established industries, high rates of return on funds employed, conservative capitalization structure with moderate reliance on debt and ample asset protection, broad margins in earnings coverage of fixed financial charges and high internal cash generation, and well established access to a range of financial markets and assured sources of alternate liquidity. Issuers rated Prime-2 by Moody's have a strong ability for repayment of senior short-term debt obligations and display many of the same characteristics displayed by issuers rated Prime-1, but to a lesser degree. Issuers rated A-1 by S&P carry a strong degree of safety regarding timely repayment. Those issues determined to possess extremely strong safety characteristics are denoted with a plus (+) designation. Issuers rated A-2 by S&P carry a satisfactory degree of safety regarding timely repayment.

FITCH, INC.

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| | |
|:---|:---|
| **Short-Term Bond Rating** | **Explanation** |
| F-1+ | Exceptionally strong credit quality. Issues assigned this rating are regarded as having the strongest degree of assurance for timely payment. |
| F-1 | Very strong credit quality. Issues assigned this rating reflect an assurance for timely payment only slightly less 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. |

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### APPENDIX B
DESCRIPTION OF MUNICIPAL SECURITIES

**Municipal Notes** generally are used to provide for short-term capital needs and usually have maturities of one year or less. They include the following:

1. **Project Notes**, which carry a U.S. Government guarantee, are issued by public bodies (called "local issuing agencies") created under the laws of a state, territory, or U.S. possession. They have maturities that range up to one year from the date of issuance. Project Notes are backed by an agreement between the local issuing agency and the Federal Department of Housing and Urban Development. These Notes provide financing for a wide range of financial assistance programs for housing, redevelopment, and related needs (such as low-income housing programs and renewal programs).

2. **Tax Anticipation Notes** are issued to finance working capital needs of municipalities. Generally, they are issued in anticipation of various seasonal tax revenues, such as income, sales, use and business taxes, and are payable from these specific future taxes.

3. **Revenue Anticipation Notes** are issued in expectation of receipt of other types of revenues, such as federal revenues available under the Federal Revenue Sharing Programs.

4. **Bond Anticipation Notes** are issued to provide interim financing until long-term financing can be arranged. In most cases, the long-term bonds then provide the money for the repayment of the Notes.

5. **Construction Loan Notes** are sold to provide construction financing. After successful completion and acceptance, many projects receive permanent financing through the Federal Housing Administration under Fannie Mae or Ginnie Mae.

6. **Tax-Exempt Commercial Paper** is a short-term obligation with a stated maturity of 365 days or less. It is issued by agencies of state and local governments to finance seasonal working capital needs or as short-term financing in anticipation of longer term financing.

**Municipal Bonds**, which meet longer-term capital needs and generally have maturities of more than one year when issued, have three principal classifications:

1. **General Obligation Bonds** are issued by such entities as states, counties, cities, towns, and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, highways and roads, and water and sewer systems. The basic security behind General Obligation Bonds is the issuer's pledge of its full faith and credit and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments.

2. **Revenue Bonds** in recent years have come to include an increasingly wide variety of types of municipal obligations. As with other kinds of municipal obligations, the issuers of revenue bonds may consist of virtually any form of state or local governmental entity, including states, state agencies, cities, counties, authorities of various kinds such as public housing or redevelopment authorities, and special districts such as water, sewer or sanitary districts. Generally, revenue bonds are secured by the revenues or net revenues derived from a particular facility, group of facilities, or, in some cases, the proceeds of a special excise or other specific revenue source. Revenue bonds are issued to finance a wide variety of capital projects including electric, gas, water and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals. Many of these bonds provide additional security in the form of a debt service reserve fund to be used to make principal and interest payments. Various forms of credit enhancement, such as a bank letter of credit or municipal bond insurance, may also be employed in revenue bond issues. Housing authorities have a wide range of security, including partially or fully insured mortgages, rent subsidized and/or collateralized mortgages, and/or the net revenues from housing or other public projects. Some authorities provide further security in the form of a state's ability (without obligation) to make up deficiencies in the debt service reserve fund.

In recent years, revenue bonds have been issued in large volumes for projects that are privately owned and operated (refer to 3 below).

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3. **Private Activity Bonds** are considered municipal bonds if the interest paid thereon is exempt from federal income tax and are issued by or on behalf of public authorities to raise money to finance various privately operated facilities for business and manufacturing, housing and health. These bonds are also used to finance public facilities such as airports, mass transit systems and ports. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property as security for such payment.

While, at one time, the pertinent provisions of the Internal Revenue Code permitted private activity bonds to bear tax-exempt interest in connection with virtually any type of commercial or industrial project (subject to various restrictions as to authorized costs, size limitations, state per capita volume restrictions, and other matters), the types of qualifying projects under the Internal Revenue Code have become increasingly limited, particularly since the enactment of the Tax Reform Act of 1986. Under current provisions of the Internal Revenue Code, tax-exempt financing remains available, under prescribed conditions, for certain privately owned and operated rental multi-family housing facilities, nonprofit hospital and nursing home projects, airports, docks and wharves, mass commuting facilities, and solid waste disposal projects, among others, and for the refunding (that is, the tax-exempt refinancing) of various kinds of other private commercial projects originally financed with tax-exempt bonds. In future years, the types of projects qualifying under the Internal Revenue Code for tax- exempt financing are expected to become increasingly limited.

Because of terminology formerly used in the Internal Revenue Code, virtually any form of private activity bond may still be referred to as an "industrial development bond," but more and more frequently revenue bonds have become classified according to the particular type of facility being financed, such as hospital revenue bonds, nursing home revenue bonds, multi-family housing revenue bonds, single family housing revenue bonds, industrial development revenue bonds, solid waste resource recovery revenue bonds, and so on.

**Other Municipal Obligations**, incurred for a variety of financing purposes, include: municipal leases, which may take the form of a lease or an installment purchase or conditional sale contract, are issued by state and local governments and authorities to acquire a wide variety of equipment and facilities such as fire and sanitation vehicles, telecommunications equipment and other capital assets. Municipal leases frequently have special risks not normally associated with general obligation or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the government issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt- issuance limitations of many state constitutions and statutes are deemed to be inapplicable because of the inclusion in many leases or contracts of "non-appropriation" clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. To reduce this risk, the Fund will only purchase municipal leases subject to a non-appropriation clause when the payment of principal and accrued interest is backed by an unconditional irrevocable letter of credit, or guarantee of a bank or other entity that meets the criteria described in the Prospectuses.

Tax-exempt bonds are also categorized according to whether the interest is or is not includible in the calculation of alternative minimum taxes imposed on individuals, according to whether the costs of acquiring or carrying the bonds are or are not deductible in part by banks and other financial institutions, and according to other criteria relevant for federal income tax purposes. Due to the increasing complexity of Internal Revenue Code and related requirements governing the issuance of tax- exempt bonds, industry practice has uniformly required, as a condition to the issuance of such bonds, but particularly for revenue bonds, an opinion of nationally recognized bond counsel as to the tax-exempt status of interest on the bonds.

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![LOGO](g144207g71z13.jpg)

![LOGO](g144207g91n98.jpg)

### janushenderson.com
151 Detroit Street

Denver, Colorado 80206-4805

1-877-335-2687

125-22-71303 08-25

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October 18, 2024, as Revised August 8, 2025

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| | |
|:---|:---|
| **Money Market** | **American Cancer<br>Society Support –<br>Class N Shares**†**<br>Ticker** |
|  Janus Henderson Government Money Market Fund | ACOXX |

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## Janus Investment Fund
Statement of Additional Information

This Statement of Additional Information ("SAI") expands upon and supplements the information contained in the current Prospectuses for American Cancer Society Support – Class N Shares (the "Shares") of Janus Henderson Government Money Market Fund (the "Fund") which is a separate series of Janus Investment Fund, a Massachusetts business trust (the "Trust"), and is managed by Janus Henderson Investors US LLC (the "Adviser").

This SAI is not a Prospectus and should be read in conjunction with the Fund's Prospectuses dated October 18, 2024, and any supplements thereto, which are incorporated by reference into this SAI and may be obtained from your plan sponsor, broker- dealer, or other financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687. This SAI contains additional and more detailed information about the Fund's operations and activities than the Prospectuses. The most recent Form N-CSR, which contains important financial information about the Fund, is incorporated by reference into this SAI. The Form N-CSR is available, without charge, from your plan sponsor, broker-dealer, or other financial intermediary, at janushenderson.com/info, or by contacting a Janus Henderson representative at 1-877-335-2687.

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| | |
|:---|:---|
| <sup>†</sup> | The American Cancer Society<sup>®</sup> does not endorse any service or product. Shares of the Fund are not sponsored, endorsed, or promoted by the American Cancer Society<sup>®</sup>, and the American Cancer Society<sup>®</sup> is not an investment adviser or service provider to the Fund, Janus Investment Fund, or Janus Henderson Investors US LLC. |

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![LOGO](g144207g09f19.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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### T ABLE OF CONTENTS

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| | |
|:---|:---|
|  [Classification Investment Policies and Restrictions, and Investment Strategies and Risks](#sai_n144207_1) | 2 |
|  [Investment Adviser and Administrator](#sai_n144207_2) | 13 |
|  [Custodian, Transfer Agent, and Certain Affiliations](#sai_n144207_3) | 17 |
|  [Portfolio Transactions and Brokerage](#sai_n144207_4) | 18 |
|  [Purchase of Shares](#sai_n144207_5) | 20 |
|  [Redemption of Shares](#sai_n144207_6) | 21 |
|  [Shareholder Accounts](#sai_n144207_7) | 22 |
|  [Tax-Advantaged Accounts](#sai_n144207_8) | 23 |
|  [Dividends and Tax Status](#sai_n144207_9) | 24 |
|  [Trustees and Officers](#sai_n144207_10) | 26 |
|  [Principal Shareholders](#sai_n144207_11) | 36 |
|  [Miscellaneous Information](#sai_n144207_12) | 37 |
|  [Financial Statements](#sai_n144207_13) | 40 |
|  [Appendix A](#sai_n144207_14) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Description of Securities Ratings](#sai_n144207_15) | 41 |
|  [Appendix B](#sai_n144207_16) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Description of Municipal Securities](#sai_n144207_17) | 42 |

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### CLASSIFICATION , INVESTMENT POLICIES AND RESTRICTIONS ,

### AND INVESTMENT STRATEGIES AND RISKS
JANUS INVESTMENT FUND

This Statement of Additional Information includes information about Janus Henderson Government Money Market Fund, which is a series of the Trust, an open-end, management investment company.

 ADVISER <br>

Janus Henderson Investors US LLC (the "Adviser") is the investment adviser for the Fund.

INVESTMENT POLICIES AND RESTRICTIONS APPLICABLE TO THE FUNDS

The Fund has adopted certain fundamental investment policies and restrictions that may not be changed without shareholder approval. Shareholder approval means approval by the lesser of: (i) more than 50% of the outstanding voting securities of the Trust (or a particular Fund or particular class of shares if a matter affects just that Fund or that class of shares) or (ii) 67% or more of the voting securities present at a meeting if the holders of more than 50% of the outstanding voting securities of the Trust (or a particular Fund or class of shares) are present or represented by proxy.

As used in the policies and restrictions set forth below and as used elsewhere in this SAI, the term "U.S. Government securities" shall have the meaning set forth in the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act defines U.S. Government securities as securities issued or guaranteed by the U.S. Government, its agencies, or instrumentalities. U.S. Government securities may also include repurchase agreements collateralized by U.S. Government securities and municipal securities escrowed with or refunded with escrowed U.S. Government securities.

The Fund has adopted the following fundamental policies and restrictions:

(1) With respect to 75% of its total assets, the Fund may not purchase securities of an issuer (other than a U.S. Government security or securities of another investment company) if: (a) such purchase would, at the time, cause more than 5% of the Fund's total assets taken at market value to be invested in the securities of such issuer (except as allowed under Rule 2a-7) or (b) such purchase would, at the time, result in more than 10% of the outstanding voting securities of such issuer being held by the Fund.

The Fund may not:

(2) Purchase securities if 25% or more of the value of the Fund's total assets would be invested in the securities of issuers conducting their principal business activities in the same industry; provided that: (i) there is no limit on investments in U.S. Government securities or in obligations of domestic commercial banks (including U.S. branches of foreign banks subject to regulations under U.S. laws applicable to domestic banks and, to the extent that its parent is unconditionally liable for the obligation, foreign branches of U.S. banks); (ii) this limitation shall not apply to the Fund's investments in municipal securities;

(iii) there is no limit on investments in issuers domiciled in a single country; (iv) financial service companies are classified according to the end users of their services (for example, automobile finance, bank finance, and diversified finance are each considered to be a separate industry); and (v) utility companies are classified according to their services (for example, gas, gas transmission, electric, and telephone are each considered to be a separate industry).

(3) Act as an underwriter of securities issued by others, except to the extent that the Fund may be deemed an underwriter in connection with the disposition of its portfolio securities.

(4) Lend any security or make any other loan if, as a result, more than one-third of the Fund's total assets would be lent to other parties (but this limitation does not apply to investments in repurchase agreements, commercial paper, debt securities, or loans, including assignments and participation interests).

(5) Purchase or sell real estate or any interest therein, except that the Fund may invest in debt obligations secured by real estate or interests therein or securities issued by companies that invest in real estate or interests therein.

(6) Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this limitation shall not prevent the Fund from purchasing or selling foreign currencies, options, futures, swaps, forward contracts, or other derivative instruments, or from investing in securities or other instruments backed by physical commodities).

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(7) Borrow money except that the Fund may borrow money for temporary or emergency purposes (not for leveraging or investment). Borrowings from banks will not, in any event, exceed one-third of the value of the Fund's total assets (including the amount borrowed). This policy shall not prohibit short sales transactions, or futures, options, swaps, or forward transactions. The Fund may not issue "senior securities" in contravention of the 1940 Act.

Investment restriction (1) is intended to reflect the requirements under Section 5(b)(1) of the 1940 Act for a diversified fund. Rule 2a-7 provides that money market funds that comply with the diversification limits of Rule 2a-7 are deemed to comply with the diversification limits of Section 5(b)(1). Thus, the Fund interprets restriction (1) in accordance with Rule 2a-7.

The Fund has adopted the following nonfundamental investment restrictions that may be changed by the Board of Trustees ("Trustees") without shareholder approval:

(1) If the Fund is an underlying fund in a fund of funds managed by the Adviser, the Fund may not acquire securities of other investment companies in reliance on Section 12(d)(1)(F) of the 1940 Act and securities of open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(G) of the 1940 Act.

(2) The Fund may not invest in securities or enter into repurchase agreements with respect to any securities if, as a result, more than 5% of its net assets would be invested in securities, including repurchase agreements, which cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to it by the Fund ("illiquid securities"). The Trustees, or the Fund's investment adviser acting pursuant to authority delegated by the Trustees, may determine that a readily available market exists for: securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933, as amended ("Rule 144A Securities"), or any successor to such rule; Section 4(2) commercial paper; and municipal lease obligations. Accordingly, such securities may not be subject to the foregoing limitation. Certain securities previously deemed liquid may become illiquid in any subsequent assessment of liquidity factors affecting the security.

(3) The Fund may not purchase securities on margin or make short sales of securities, except for short sales against the box and the use of short-term credit necessary for the clearance of purchases and sales of portfolio securities.

(4) The Fund may not pledge, mortgage, hypothecate, or encumber any of its assets except to secure permitted borrowings or in connection with permitted short sales.

(5) The Fund may not invest in companies for the purpose of exercising control of management.

(6) The Fund may borrow money by engaging in reverse repurchase agreements (reverse repurchase agreements are treated as borrowings for purposes of the fundamental borrowing investment restriction).

Under the terms of an exemptive order received from the Securities and Exchange Commission (the "SEC"), the Fund may borrow money from or lend money to other funds that permit such transactions and for which the Adviser or one of its affiliates serves as investment adviser. All such borrowing and lending will be subject to the above limits and to the limits and other conditions in such exemptive order. The Fund will borrow money through the program only when the costs are equal to or lower than the cost of bank loans. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. The Fund will lend through the program only when the returns are higher than those available from other short-term instruments (such as repurchase agreements). The Fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending Fund could result in a lost investment opportunity or additional borrowing costs, and interfund loans are subject to the risk that the borrowing Fund may be unable to repay the loan when due. While it is expected that the Fund may borrow money through the program to satisfy redemption requests or to cover unanticipated cash shortfalls, the Fund may elect to not participate in the program during times of market uncertainty or distress or for other reasons.

For purposes of the Fund's policies on investing in particular industries, the Fund utilizes any one or more of the industry sub-classifications used by one or more widely recognized third-party providers and/or as defined by the Adviser. The policy will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries.

INVESTMENT STRATEGIES AND RISKS

As permitted by Rule 2a-7, the Fund seeks to maintain a stable price of $1.00 per Share by using the amortized cost method to value portfolio securities and rounding the share value to the nearest cent. Rule 2a-7 imposes requirements as to the diversification

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and liquidity of the Fund, quality of portfolio securities, maturity of the Fund and of individual securities, as discussed more fully below. As a "government money market fund" under Rule 2a-7, the Fund (1) is permitted to use the amortized cost method of valuation to seek to maintain a $1.00 share price, and (2) is not subject to a liquidity fee on fund redemptions which might apply to other types of funds. Pursuant to Rule 2a-7, the Trustees have reserved their ability to change this policy with respect to liquidity fees, but such change would only become effective after shareholders were provided with specific advance notice of a change in the Fund's policy and have the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective. For more information on shareholder eligibility, please see the Fund's Prospectus.

Pursuant to Rule 2a-7, the Fund must limit its purchase of portfolio instruments to those that have a remaining maturity of 397 days or less, and that have been determined by the Adviser to present minimal credit risks to the Fund pursuant to guidelines approved by the Trustees. In making its minimal credit risk determinations, the Adviser will consider the capacity of each security's issuer or guarantor to meet its financial obligations, and in doing so, consider, to the extent appropriate, the following factors, as required by Rule 2a-7: (i) the issuer's or guarantor's financial condition; (ii) the issuer's or guarantor's sources of liquidity; (iii) the issuer's or guarantor's ability to react to future market-wide and issuer- or guarantor-specific events, including the ability to repay debt in a highly adverse situation; and (iv) the strength of the issuer's or guarantor's industry within the economy and relative to economic trends, and the issuer's or guarantor's competitive position within its industry. Pursuant to Rule 2a-7 and guidelines approved by the Trustees, the Adviser will provide an ongoing review of the credit quality of each portfolio security to determine that the security continues to present minimal credit risks. A security may need to be sold if its maturity or credit quality is not acceptable under Rule 2a-7.

Under Rule 2a-7, the Fund may not invest more than 5% of its total assets in the securities of any one issuer other than U.S. Government securities, provided that in certain cases the Fund may invest more than 5% of its assets in a single issuer for a period of up to three business days. Investment in demand features, guarantees, and other types of instruments or features are subject to the diversification limits under Rule 2a-7.

#### Participation Interests
The Fund may purchase participation interests in loans or securities in which the Fund may invest directly. Participation interests are generally sponsored or issued by banks or other financial institutions. A participation interest gives the Fund an undivided interest in the underlying loans or securities in the proportion that the Fund's interest bears to the total principal amount of the underlying loans or securities. Participation interests, which may have fixed, floating, or variable rates, may carry a demand feature backed by a letter of credit or guarantee of a bank or institution permitting the holder to tender them back to the bank or other institution. For certain participation interests, the Fund will have the right to demand payment, on not more than seven days' notice, for all or a part of the Fund's participation interest. The Fund intends to exercise any demand rights they may have upon default under the terms of the loan or security to provide liquidity or to maintain or improve the quality of the Fund's investment portfolios. The Fund will only purchase participation interests that the Adviser determines present minimal credit risks.

#### Variable and Floating Rate Notes
The Fund may purchase variable and floating rate demand notes of U.S. Government issuers. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid investment.

Securities with ultimate maturities of greater than 397 days may be purchased only pursuant to Rule 2a-7. Under that Rule, only those long-term instruments that have demand features which comply with certain requirements and certain variable rate U.S. Government securities may be purchased. The rate of interest on securities purchased by the Fund may be tied to short-term Treasury or other government securities or indices on securities that are permissible investments of the Fund, as well as other money market rates of interest. The Fund will not purchase securities whose values are tied to interest rates or indices that are not appropriate for the duration and volatility standards of a money market fund.

#### Mortgage-Backed Securities
The Fund may invest in commercial and residential mortgage-backed securities, which represent an interest in a pool of mortgages made by lenders such as commercial banks, savings and loan institutions, mortgage bankers, mortgage brokers, and

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savings banks. Mortgage-backed securities may be issued by governmental or government-related entities or by nongovernmental entities such as banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers, and other secondary market issuers.

**Agency Mortgage-Related Securities.** The most common type of pass-through securities is mortgage-backed securities. Government National Mortgage Association ("Ginnie Mae") Certificates are mortgage-backed securities that evidence an undivided interest in a pool of mortgage loans. Ginnie Mae Certificates differ from bonds in that principal is paid back monthly by the borrowers over the term of the loan rather than returned in a lump sum at maturity. The Fund will generally purchase "modified pass-through" Ginnie Mae Certificates, which entitle the holder to receive a share of all interest and principal payments paid and owned on the mortgage pool, net of fees paid to the "issuer" and Ginnie Mae, regardless of whether or not the mortgagor actually makes the payment. Ginnie Mae Certificates are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government.

Government-related (i.e., not backed by the full faith and credit of the U.S. Government) guarantors include the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), which issue certificates (participation certificates and guaranteed mortgage certificates) that resemble Ginnie Mae Certificates in that each certificate represents a pro rata share of all interest and principal payments made and owned on the underlying pool. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae. Participation certificates issued by Freddie Mac, which represent interests in mortgages from Freddie Mac's national portfolio, are guaranteed by Freddie Mac as to the timely payment of interest and ultimate collection of principal.

In September 2008, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. These purchases are intended to enhance Fannie Mae's and Freddie Mac's ability to meet their obligations. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities' mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

More recently in 2019, under the direction of the FHFA, Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the "Single Security Initiative") that aligns the characteristics of Fannie Mae and Freddie Mac certificates. The Single Security Initiative seeks to support the overall liquidity of both Fannie Mae and Freddie Mac certificates in the TBA market. The FHFA has indicated that the conservatorship will end when the director of the FHFA determines that the FHFA's plan to restore the entities to a safe and solvent condition has been completed. As of the date of this SAI, Fannie Mae and Freddie Mac remain under conservatorship.

The future for Fannie Mae and Freddie Mac is uncertain as the U.S. Government has considered proposals to wind down or restructure Fannie Mae's and Freddie Mac's operations. It is uncertain what legislation, if any, may be proposed in the future in Congress or which proposals, if any, might be enacted. The passage of any such proposal has the potential to impact the value of securities issued by a Fannie Mae or Freddie Mac, which could adversely affect the liquidity and value of the Fund's portfolio. Fannie Mae and Freddie Mac also are the subject of several continuing legal actions and investigations over certain accounting, disclosure, and corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on these guaranteeing entities.

Except for guaranteed mortgage certificates, each of the mortgage-backed securities described above is characterized by monthly payments to the holder, reflecting the monthly payments made by the borrowers who received the underlying mortgage loans. The payments to the security holders (such as the Fund), like the payments on the underlying loans, represent both principal and interest. Although the underlying mortgage loans are for specified periods of time, such as 20 or 30 years, the borrowers can, and typically do, pay them off sooner. Thus, the security holders frequently receive prepayments of principal in addition to the principal that is part of the regular monthly payments. Portfolio management will consider estimated prepayment rates in calculating the average-weighted maturity of the Fund, if relevant. A borrower is more likely to prepay a mortgage that bears a relatively high rate of interest. This means that in times of declining interest rates, higher yielding mortgage-backed securities held by the Fund might be converted to cash, and the Fund will be forced to accept lower interest rates when that cash is used to purchase additional securities in the mortgage-backed securities sector or in other investment sectors. Additionally,

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prepayments during such periods will limit the Fund's ability to participate in as large a market gain as may be experienced with a comparable security not subject to prepayment.

**Asset-Backed Securities.** Asset-backed securities represent interests in pools of consumer and commercial loans and are backed by paper or accounts receivables originated by banks, credit card companies, or other providers of credit. Asset- backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, and syndicated bank loans. Generally, the originating bank or credit provider is neither the obligor nor the guarantor of the security, and interest and principal payments ultimately depend upon payment of the underlying loans. Tax-exempt asset-backed securities include units of beneficial interests in pools of purchase contracts, financing leases, and sales agreements that may be created when a municipality enters into an installment purchase contract or lease with a vendor. Such securities may be secured by the assets purchased or leased by the municipality; however, if the municipality stops making payments, there generally will be no recourse against the vendor. The market for tax-exempt, asset-backed securities is still relatively new. These obligations are likely to involve unscheduled prepayments of principal.

**Commercial Mortgage-Backed Securities.** The Fund may invest in commercial mortgage-backed securities. Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans, including office properties, retail properties, hotels, industrial mixed use properties or multi-family apartment buildings. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.

#### Cyber Security Risk
The Fund is susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices that are used to service the Fund's operations through "hacking" or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the Fund's websites or a service provider's systems, which renders them inoperable to intended users until appropriate actions are taken. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Fund's systems.

Cyber security failures or breaches by the Fund's service providers (including, but not limited to, the Adviser, custodians, transfer agents, subadministrators, and financial intermediaries) may subject the Fund to many of the same risks associated with direct cyber security failures or breaches, and may cause disruptions and impact the service providers' and the Fund's business operations, potentially resulting in financial losses, the inability of fund shareholders to transact business and the mutual funds to process transactions, inability to calculate the Fund's net asset value, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Fund may incur incremental costs to prevent cyber incidents in the future. The Fund could be negatively impacted as a result. While the Adviser has established business continuity plans and risk management systems designed to prevent or reduce the impact of such cyber-attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cyber-attack tactics. As such, there is a possibility that certain risks have not been adequately identified or prepared for. Furthermore, the Fund cannot directly control any cyber security plans and systems put in place by third party service providers or their service providers. Cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such securities to lose value.

#### Operational Risk
An investment in the Fund can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service providers. Among other things, these errors or failures, as well as other technological issues, may adversely affect the Fund's ability to calculate its net asset value in a timely manner, including over a potentially extended period of time.

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These errors or failures may also result in a loss or compromise of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through internal controls and oversight of third party service providers, there is no guarantee that the Fund will not suffer losses if such events occur.

#### Repurchase Agreements
In a repurchase agreement, the Fund purchases a fixed-income security and simultaneously commits to resell that security to the seller at an agreed upon price on an agreed upon date within a number of days (usually not more than seven) from the date of purchase. The resale price consists of the purchase price plus an agreed upon incremental amount that is unrelated to the coupon rate or maturity of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed upon resale price and marked-to-market daily) of the underlying security or "collateral." A risk associated with repurchase agreements is the failure of the seller to repurchase the securities as agreed, which may cause the Fund to suffer a loss if the market value of such securities declines before they can be liquidated on the open market. In the event of bankruptcy or insolvency of the seller, the Fund may encounter delays and incur costs in liquidating the underlying security. In addition, the collateral received in the repurchase transaction may become worthless. To the extent the Fund's collateral focuses in one or more sectors, such as banks and financial services, the Fund is subject to increased risk as a result of that exposure. Repurchase agreements that mature in more than seven calendar days are subject to the 5% limit on illiquid investments. While it is not possible to eliminate all risks from these transactions, it is the policy of the Fund to limit repurchase agreements to those parties whose creditworthiness has been reviewed and found satisfactory by the Adviser. There is no guarantee that the Adviser's analysis of the creditworthiness of the counterparty will be accurate, and the underlying collateral involved in the transaction can expose the Fund to additional risk regardless of the creditworthiness of the parties involved in the transaction.

#### When-Issued and Delayed Delivery Securities
The Fund may purchase securities on a when-issued or delayed delivery basis. The Fund will enter into such transactions only when it has the intention of actually acquiring the securities. When-issued and delayed delivery securities in which the Fund may invest include U.S. Treasury Securities, municipal bonds, bank loans, and other similar instruments. On delivery dates for such transactions, the Fund will meet its obligations from maturities, sales of securities, or from other available sources of cash. If it chooses to dispose of the right to acquire a when-issued security prior to its acquisition, the Fund could, as with the disposition of any other portfolio obligation, incur a gain or loss due to market fluctuation. At the time it makes the commitment to purchase securities on a when-issued or delayed delivery basis, the Fund will record the transaction as a purchase and thereafter reflect the value of such securities in determining its net asset value ("NAV").

#### Investment Company Securities
The Fund may invest in securities of other investment companies, subject to the provisions of the 1940 Act and any applicable SEC exemptive orders. Section 12(d)(1) of the 1940 Act prohibits the Fund from acquiring: (i) more than 3% of another investment company's voting stock; (ii) securities of another investment company with a value in excess of 5% of the Fund's total assets; or (iii) securities of such other investment company and all other investment companies owned by the Fund having a value in excess of 10% of the Fund's total assets. In addition, Section 12(d)(1) prohibits another investment company from selling its shares to the Fund if, after the sale: (i) the Fund owns more than 3% of the other investment company's voting stock or (ii) the Fund and other investment companies, and companies controlled by them, own more than 10% of the voting stock of such other investment company.

To the extent the Fund is an underlying fund in a fund of funds, the Fund may not acquire securities of other investment companies in reliance on Section 12(d)(1)(F) and securities of open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(G).

#### U.S. Government Securities
The Fund may invest in U.S. Government securities. The 1940 Act defines U.S. Government securities to include securities issued or guaranteed by the U.S. Government, its agencies, and its instrumentalities. U.S. Government securities may also include repurchase agreements collateralized by and -municipal securities escrowed with or refunded with U.S. Government securities. U.S. Government securities in which the Fund may invest include U.S. Treasury securities, including Treasury Inflation-Protected Securities ("TIPS"), Treasury bills, notes, and bonds, and obligations issued or guaranteed by U.S. Government agencies and instrumentalities that are backed by the full faith and credit of the U.S. Government, such as those

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issued or guaranteed by the Small Business Administration, Maritime Administration, Export-Import Bank of the United States, Farmers Home Administration, Federal Housing Administration, and Ginnie Mae. In addition, U.S. Government securities in which the Fund may invest include securities backed only by the rights of the issuers to borrow from the U.S. Treasury, such as those issued by the members of the Federal Farm Credit System, Federal Intermediate Credit Banks, Tennessee Valley Authority, and Freddie Mac. Securities issued by Fannie Mae, the Federal Home Loan Banks, and the Student Loan Marketing Association ("Sallie Mae") are supported by the discretionary authority of the U.S. Government to purchase the obligations. There is no guarantee that the U.S. Government will support securities not backed by its full faith and credit. Accordingly, although these securities have historically involved little risk of loss of principal if held to maturity, they may involve more risk than securities backed by the full faith and credit of the U.S. Government because the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment.

Because of the rising U.S. Government debt burden, it is possible that the U.S. Government may not be able to meet its financial obligations or that securities issued or backed by the U.S. Government may experience credit downgrades. Such a credit event may adversely affect the financial markets.

#### Negative Interest Rates
During periods when interest rates are low (or negative), the Fund's yield (or total return) may also be low and fall below zero. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and increased redemptions, and may detract from the Fund's performance to the extent the Fund is exposed to such interest rates and/or volatility. A negative interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with negative value intended to help create self-sustaining growth in the local economy. To the extent the Fund holds a negative- yielding debt instrument or has a bank deposit with a negative interest rate, the Fund would generate a negative return on that investment. Cash positions may also subject the Fund to increased counterparty risk to the Fund's bank. If negative interest rates become more prevalent in the market or low or negative interest rates persist for a sustained period of time, investors may seek to reallocate their investment to other income-producing assets. This could cause the price of higher-yielding instruments to rise, could further reduce the value of instruments with a negative yield, and may limit the Fund's ability to locate fixed income instruments containing the desired risk/return profile.

A low or negative interest rate environment could impact the Fund's ability to maintain a stable $1.00 share price. During a low or negative interest rate environment, the Fund may reduce the number of shares outstanding on a pro rata basis through reverse stock splits, negative dividends or other mechanisms to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law and its organizational documents. Alternatively, the Fund may discontinue using the amortized cost method of valuation to maintain a stable $1.00 price per share and establish a fluctuating NAV per share rounded to four decimal places by using available market quotations or equivalents.

**Regulatory Changes and Market Events and Risks.** Federal, state, and foreign governments, regulatory agencies, and self- regulatory organizations may take actions that affect the regulation of the Fund or the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation or other governmental actions could limit or preclude the Fund's abilities to achieve its investment objectives or otherwise adversely impact an investment in the Fund. Furthermore, worsened market conditions, including as a result of U.S. government shutdowns or the perceived creditworthiness of the United States, could have a negative impact on securities markets.

Economic downturns can prompt various economic, legal, budgetary, tax, and regulatory reforms across the globe. In the aftermath of the 2007-2008 financial crisis, the financial sector experienced reduced liquidity in credit and other fixed- income markets, and an unusually high degree of volatility, both domestically and internationally. In response to the crisis, the United States and certain foreign governments, along with the U.S. Federal Reserve and certain foreign central banks, took a number of unprecedented steps designed to support the financial markets, which provided for widespread regulation of the financial industry, including expanded federal oversight in the financial sector. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took, or are taking, extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic and rising inflation. This and other future government interventions into the economy and financial markets may not work as intended.

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Policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation. For example, some countries, including the United States, are considering more protectionist trade policies, a move away from the tighter financial industry regulations that followed the 2007-2008 financial crisis. The exact specifics of these policies are still under consideration, but the markets may react strongly, which could increase volatility. The rise in protectionist trade policies, with potential changes to some international trade agreements, may affect many nations' economies in ways that cannot be presently foreseen.

The value and liquidity of the Fund's holdings are also generally subject to the risk of significant future local, national, or global economic or political disruptions or slowdowns in the markets in which the Fund invests, especially given that the economies and financial markets throughout the world are becoming increasingly interconnected and reliant on each other. In the event of such an occurrence, the issuers of securities held by the Fund may experience significant declines in the value of their assets and even cease operations, or may require government assistance that is contingent on increased restrictions on their business operations or their government interventions. In addition, it is not certain that the U.S. government or foreign governments will intervene in response to a future market disruption and the effect of any such future intervention cannot be predicted.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of the Fund's assets. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser, rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund.

**ESG Exclusions Policy.** The Adviser has adopted a firmwide environmental, social, and governance ("ESG") exclusions policy that generally applies to the accounts it manages, including the Fund. Using third-party inputs, the Adviser applies exclusionary criteria to seek to avoid investing in securities of issuers that, in the determination of the Adviser, manufacture cluster munitions, anti-personnel mines, chemical weapons, and biological weapons.

In addition, the Adviser will seek to avoid investing in issuers that, in the determination of the Adviser, are involved in tobacco production.

PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES

The Mutual Fund Holdings Disclosure Policies and Procedures adopted by the Adviser and the series of the Trust (the "Janus Henderson funds") are designed to be in the best interests of the funds and to protect the confidentiality of the funds' portfolio holdings. The following describes such policies and procedures with respect to disclosure of portfolio holdings.

• **Full Holdings.** The Fund is required to disclose its complete holdings semiannually and annually in Form N-CSR. In addition, the Fund is required to disclose its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. Form N-CSR filings and Form N-MFP reports (i) are available on the SEC's website at http://www.sec.gov and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free). Holdings are generally posted within 5 business days after each month end under Full Holdings for the Fund at janushenderson.com/info.

• **Top Holdings.** The Fund's top portfolio holdings, in order of position size and as a percentage of the Fund's total portfolio, are available monthly with a 15-day lag.

• **Other Information.** The Fund may occasionally provide security breakdowns (e.g., industry, sector, regional, market capitalization, and asset allocation) and specific portfolio level performance attribution information and statistics monthly with a 15-day lag.

Full portfolio holdings will be available monthly and will remain on the Janus Henderson websites for at least 6 months on a rolling basis and will link to the Fund's Form N-MFP filing available on the SEC website.

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The Janus Henderson funds' Trustees, officers, and primary service providers, including investment advisers identified in this SAI, distributors, administrators, transfer agents, custodians, securities lending agents, and their respective personnel, may receive or have access to nonpublic portfolio holdings information. In addition, third parties, including but not limited to those that provide services to the Janus Henderson funds, the Adviser, and its affiliates, such as trade execution measurement systems providers, independent pricing services, proxy voting service providers, the funds' insurers, computer systems service providers, lenders, counsel, accountants/auditors, and rating and ranking organizations may also receive or have access to nonpublic portfolio holdings information. Other recipients of nonpublic portfolio holdings information may include, but may not be limited to, third parties such as consultants, data aggregators, and asset allocation services which calculate information derived from holdings for use by the Adviser, and which supply their analyses (but not the holdings themselves) to their clients. Such parties, either by agreement or by virtue of their duties, are required to maintain confidentiality with respect to such nonpublic portfolio holdings. Any confidentiality agreement entered into regarding disclosure of a Janus Henderson fund's portfolio holdings includes a provision that portfolio holdings are the confidential property of that Janus Henderson fund and may not be shared or used directly or indirectly for any purpose (except as specifically provided in the confidentiality agreement), including trading in fund shares.

Nonpublic portfolio holdings information may be disclosed to certain third parties upon a good faith determination made by the head of the applicable investment unit or a delegate, in consultation with the Fund's Chief Compliance Officer (the "Fund's CCO") or a delegate, that a Janus Henderson fund has a legitimate business purpose for such disclosure and the recipient agrees to maintain confidentiality. Preapproval by the head of the applicable investment unit or a delegate, in consultation with the Fund's CCO, or a delegate, is not required for certain routine service providers and in response to regulatory, administrative, and judicial requirements. The Fund's CCO reports to the Janus Henderson funds' Trustees regarding material compliance matters with respect to the portfolio holdings disclosure policies and procedures.

Under extraordinary circumstances, the head of the applicable investment unit or a delegate, in consultation with the Fund's CCO, or a delegate, has the authority to waive one or more provisions of, or make exceptions to, the Mutual Fund Holdings Disclosure Policies and Procedures when in the best interest of the Janus Henderson funds and when such waiver or exception is consistent with federal securities laws and applicable fiduciary duties. The frequency with which portfolio holdings are disclosed, as well as the lag time associated with such disclosure, may vary as deemed appropriate under the circumstances. All waivers and exceptions involving any of the Janus Henderson funds shall be pre-approved by the head of the applicable investment unit or a delegate, in consultation with the Fund's CCO or a delegate.

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To the best knowledge of the Janus Henderson funds, as of October 7, 2024, the following non-affiliated third parties, which consist of service providers and consultants as described above under ongoing arrangements with the funds and/or the Adviser, receive or have access to nonpublic portfolio holdings information, which may include the full holdings of a fund.

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| | | |
|:---|:---|:---|
| **Name** | **Frequency** | **Lag Time** |
|  Acuity Knowledge Partners (UK) Limited | As needed | 1 day or more |
|  Adviser Compliance Associates, LLC | As needed | Current |
|  Alpha Financial Markets Consulting | Monthly | Current |
|  Barclays Risk Analytics and Index Solutions Limited | Daily | Current |
|  Barra, Inc. | Daily | Current |
|  Bloomberg Finance L.P. | Daily | Current |
|  Boosted.ai | Daily | Current |
|  Boston Financial Data Services, Inc. | As needed | Current |
|  BNP Paribas Fund Services LLC | Daily | Current |
|  BNP Paribas New York Branch | Daily | Current |
|  BNP Paribas Prime Brokerage, Inc. | Daily | Current |
|  BNP Paribas Securities Services | Daily | Current |
|  BNP Securities Corp. | Daily | Current |
|  Brown Brothers Harriman & Co. | Daily | Current |
|  Callan Associates Inc. | As needed | Current |
|  Charles River Brokerage, LLC | As needed | Current |
|  Charles River Systems, Inc. | As needed | Current |
|  Charles Schwab & Co., Inc. | As needed | Current |
|  Command Financial Press Corporation | As needed | 2 days |
|  Deloitte & Touche LLP | As needed | Current |
|  Deloitte Tax LLP | As needed | Current |
|  DTCC Loan/SERV LLC | Daily | Current |
|  Eagle Investment Systems LLC | As needed | Current |
|  Envestnet Asset Management Inc. | As needed | Current |
|  Ernst & Young Global Limited | Semiannually | 1-2 days |
|  Ernst & Young LLP | As needed | Current |
|  FactSet Research Systems, Inc. | As needed | Current |
|  Fintech SISU LLC | Daily | Current |
|  FIS Financial Systems LLC – Wall Street Concepts (WSC) | As needed | Current |
|  FlexTrade LLC | Daily | Current |
|  Frank Russell Company | As needed | Current |
|  HedgeFacts | Weekly | 7 days |
|  HeterMedia Services Limited | Monthly | Current |
|  IHS Markit | Daily | Current |
|  Infotech Consulting Inc. | Daily | Current |
|  Institutional Shareholder Services, Inc. | Daily | Current |
|  Interactive Data (Europe) Limited | Quarterly | 10 days |
|  Interactive Data Pricing and Reference Data LLC | Daily | Current |
|  International Data Corporation | Daily | Current |
|  Investment Technology Group, Inc. | Daily | Current |
|  JPMorgan Chase Bank, National Association | Daily | Current |
|  KPMG LLP | As needed | Current |
|  LendAmend LLC | As needed | Current |
|  Markit EDM Limited | Daily | Current |

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| | | |
|:---|:---|:---|
| **Name** | **Frequency** | **Lag Time** |
|  Markit Group Limited | Daily | Current |
|  Merrill Communications LLC | Quarterly | Current |
|  Moody's Investors Service Inc. | Weekly | 7 days or more |
|  Nasdaq Inc. | Daily | Current |
|  PricewaterhouseCoopers LLP | As needed | Current |
|  Prima Capital Holding, Inc. | As needed | Current |
|  Prima Capital Management, Inc. | Quarterly | 15 days |
|  RR Donnelley and Sons Company | Daily | Current |
|  Russell/Mellon Analytical Services, LLC | Monthly | Current |
|  Seismic Software, Inc. | Quarterly | 7 days |
|  SimCorp USA, Inc. | As needed | Current |
|  SS&C Technologies, Inc. | As needed | Current |
|  Standard & Poor's | Daily | Current |
|  Standard & Poor's Financial Services | Weekly | 2 days or more |
|  Standard & Poor's Securities Evaluation | Daily | Current |
|  The Ohio National Life Insurance Company | As needed | Current |
|  Thomson Reuters (Markets) LLC | Daily | Current |
|  TradingScreen Inc. | As needed | Current |
|  TriOptima AB | Daily | Current |
|  Wachovia Securities LLC | As needed | Current |
|  Wilshire Associates Incorporated | As needed | Current |
|  Zephyr Associates, Inc. | Quarterly | Current |

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In addition to the categories of persons and names of persons described above who receive nonpublic portfolio holdings information, brokers executing portfolio trades on behalf of the funds may receive nonpublic portfolio holdings information. Under no circumstance does the Adviser, a Janus Henderson mutual fund, or other party receive any compensation in connection with the arrangements to release portfolio holdings information to any of the described recipients of the information.

The Adviser manages other accounts such as separately managed accounts, other pooled investment vehicles, registered investment companies, and funds sponsored by companies other than the Adviser. These other accounts may be managed in a similar fashion to certain Janus Henderson funds and thus may have similar portfolio holdings. Such accounts may be subject to different portfolio holdings disclosure policies that permit public disclosure of portfolio holdings information in different forms and at different times than the Fund's portfolio holdings disclosure policies. Additionally, clients of such accounts have access to their portfolio holdings, and may not be subject to the Fund's portfolio holdings disclosure policies.

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### INVESTMENT ADVISER AND ADMINISTRATOR
INVESTMENT ADVISER – JANUS HENDERSON INVESTORS US LLC

As stated in the Prospectuses, the Fund has an Investment Advisory Agreement ("Advisory Agreement") with Janus Henderson Investors US LLC (the "Adviser"), 151 Detroit Street, Denver, Colorado 80206-4805. The Adviser is an indirect wholly-owned subsidiary of Janus Henderson Group plc ("JHG"). Janus Henderson US (Holdings) Inc., the direct parent of the Adviser, completed a strategic combination with Henderson Group plc on May 30, 2017 to form JHG, doing business as Janus Henderson Investors.

The Fund's Advisory Agreement continues in effect from year to year so long as such continuance is approved at least annually by the vote of a majority of the Trustees of the Trust who are not parties to the Advisory Agreements or "interested persons" (as defined by the 1940 Act) of any such party (the "Independent Trustees"), and by either the Trustees of the Trust (the "Trustees") or the affirmative vote of a majority of the outstanding voting securities of the Fund. Each Advisory Agreement: (i) may be terminated, without the payment of any penalty, by the Trustees, or the vote of at least a majority of the outstanding voting securities of the Fund, or the Adviser, on at least 60 days' advance written notice; (ii) terminates automatically in the event of its assignment; and (iii) generally, may not be amended without the approval by vote of a majority of the Trustees of the Fund, including a majority of the Independent Trustees, and, to the extent required by the 1940 Act, the affirmative vote of a majority of the outstanding voting securities of that Fund.

The Advisory Agreement provides that the Adviser will furnish continuous advice and recommendations concerning the Fund's investments and provide certain other advisory-related services. The Adviser also serves as administrator and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. For serving as administrator, each share class pays the Adviser an annual fee rate as noted below. The Adviser uses this fee to pay for administration costs such as fund accounting services; provision of office facilities and personnel necessary to carry on the business of the Fund; preparation and filing of all documents necessary to obtain and maintain registration and qualification of the shares of each class with the SEC and state securities commissions; clerical, recordkeeping and bookkeeping services; preparation of reports for distribution to shareholders of the Fund; preparation of prospectuses, statements of additional information and proxy statements for the Fund or any class of shares thereof; preparation and filing of the Fund's required tax reports; and preparation of materials for meetings of the Trustees and their Committees. In addition, the Adviser also uses the fee to pay for, among others, custody, transfer agency and shareholder servicing; preparation and review of contracts to which the Fund is a party; and monitoring and reporting to Fund officers the Fund's compliance with the Fund's investment policies and restrictions. These costs are separate from fees related to advisory services.

In addition to the advisory fee and administration fee paid to the Adviser, the Fund also pays any compensation, fees, or reimbursements to Trustees that are independent from the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; certain compensation and related expenses of the Chief Compliance Officer of the Trust and compliance staff; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; any litigation; and other extraordinary expenses.

Many of these costs vary from year to year which can make it difficult to predict the total impact to your Fund's expense ratio, in particular during times of declining asset values of the Fund.

A discussion regarding the basis for the Trustees' approval of the Fund's investment advisory agreement is included in the Fund's semiannual report (for the period ended December 31, 2023) and in the Fund's Form N-CSR filing (for the period ended June 30, 2024 and moving forward). You can request the Fund's semiannual reports or Form N-CSR filing (as they become available), free of charge, by contacting a Janus Henderson representative at 1-877-335-2687. This information is also available, free of charge, at janushenderson.com/reports.

The Fund has agreed to compensate the Adviser for its advisory services by the monthly payment of an advisory fee at the annual rate of 0.20% of the average daily net assets of the Fund.

#### American Cancer Society Support
The Adviser will donate from the Adviser's own resources, an amount representing 50% of the Adviser's quarterly management fee revenue attributable to the Fund, net of any fee waivers and/or expense reimbursements, to the American Cancer Society<sup>®</sup> ("ACS") in connection with ACS's agreement to license the use of its name and trademarks to the Adviser. To the extent the

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Fund's assets exceed $50 billion, the portion of the Adviser's donation to ACS as a percentage of its quarterly management fee revenue will decrease. The Adviser will make annual minimum contributions to ACS of $1 million from 2024 to 2027, and in each year thereafter to the extent this arrangement continues. The Adviser's donation may result in a tax benefit for the Adviser, but will not result in a tax benefit for shareholders. The ACS does not endorse any service or product. Shares of the Fund are not sponsored, endorsed, or promoted by the ACS, and the ACS is not an investment adviser or service provider to the Fund, Trust, or Adviser.

The Adviser may voluntarily waive and/or reimburse the advisory fees and/or administration fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. Any waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield.

The following table summarizes the advisory fees paid by the Fund for the last three fiscal years ended June 30.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2022** | **2022** | **2022** |
| **Fund Name** | **Advisory**<br> **Fees** | **Waivers and/or**<br> **Expense**<br> **Reimbursements(–)** | **Waivers and/or**<br> **Expense**<br> **Reimbursements(–)** | **Advisory**<br> **Fees** | **Waivers and/or**<br> **Expense**<br> **Reimbursements(–)** | **Waivers and/or**<br> **Expense**<br> **Reimbursements(–)** | **Advisory**<br> **Fees** | **Waivers and/or**<br> **Expense**<br> **Reimbursements(–)** | **Waivers and/or**<br> **Expense**<br> **Reimbursements(–)** |
|  Janus Henderson Government Money Market Fund | $763877 | –$| 763877 | $812468 | –$| 812468 | $726617 | –$| 350338 |

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Since American Cancer Society Support – Class N Shares are new, they did not pay any administration fees for the fiscal year ended June 30.

PAYMENTS TO FINANCIAL INTERMEDIARIES BY THE ADVISER OR ITS AFFILIATES

The Adviser and its affiliates may make payments out of their own assets to selected broker-dealer firms or other financial intermediaries that sell certain classes of Shares of Janus Henderson funds for making cash management portal technology available to users of the cash management platform, distribution, marketing, promotional, data, or related services. Such payments may be based on gross sales, assets under management, or transactional charges, or on a combination of these factors. Payments based primarily on sales create an incentive to make new sales of shares, while payments based on assets create an incentive to retain previously sold shares. Payments based on transactional charges may include the payment or reimbursement of all or a portion of "ticket charges." The Adviser and its affiliates consider a number of factors in making payments to financial intermediaries. Criteria may include, but are not limited to, the share class or share classes selected by the financial intermediary for a particular channel, platform or investor type, whether such class is open to new investors on a particular platform or channel, the distribution capabilities of the intermediary, the overall quality of the relationship, expected gross and/or net sales generated by the relationship, redemption and retention rates of assets held through the intermediary, the willingness of the intermediary to cooperate with the Adviser's marketing efforts, access to sales personnel, and the anticipated profitability of sales through the institutional relationship. These factors and their weightings may differ from one intermediary to another and may change from time to time. As of October 2, 2024, the broker-dealer firms with which the Adviser or its affiliates have agreements or are currently negotiating agreements to make payments out of their own assets related to the acquisition or retention of shareholders are American Enterprise Investment Services, Inc.; Citigroup Global Markets Inc.; E\*TRADE Securities LLC; LPL Financial Corporation; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley Smith Barney, LLC; Osaic, Inc. and its broker-dealer subsidiaries; Raymond James & Associates, Inc.; Raymond James Financial Services, Inc.; RBC Capital Markets, LLC; UBS Financial Services Inc.; Wells Fargo Clearing Services, LLC; and Wells Fargo Advisors Financial Network, LLC. These fees may be in addition to fees paid from the Fund's assets to them or other financial intermediaries. Any additions, modifications, or deletions to the broker-dealer firms identified that have occurred since that date are not reflected.

In addition, for all share classes, the Adviser, Janus Henderson Distributors US LLC (the "Distributor"), or their affiliates may pay fees, from their own assets, to certain brokerage firms, banks, financial advisors, retirement plan service providers, and other financial intermediaries for providing other marketing or distribution-related services, as well as recordkeeping, subaccounting, transaction processing, other shareholder or administrative services (including payments for processing transactions via the National Securities Clearing Corporation ("NSCC") or other means), and the Committee on Uniform Security Identification Procedures ("CUSIP") and fund setup fees, in connection with investments in the Janus Henderson funds. These fees are in addition to any fees that may be paid from the Fund's assets to these financial intermediaries. The Adviser or its affiliates may have numerous agreements to make payments to financial institutions which perform recordkeeping or other administrative

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services with respect to shareholder accounts. Contact your financial intermediary if you wish to determine whether it receives such payments.

The Adviser or its affiliates periodically share certain marketing expenses with selected intermediaries, or pay for, or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. The Adviser or its affiliates make payments to participate in selected intermediary marketing support programs which may provide the Adviser or its affiliates with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, business planning and strategy sessions with intermediary personnel, information on industry- or platform-specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of Janus Henderson funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Janus Henderson funds to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Janus Henderson funds available to their customers.

The receipt of (or prospect of receiving) payments, reimbursements, and other forms of compensation described above may provide a financial intermediary and its salespersons with an incentive to favor sales of Janus Henderson funds' shares over sales of other mutual funds (or non-mutual fund investments) or to favor sales of one class of Janus Henderson funds' shares over sales of another Janus Henderson funds' share class, with respect to which the financial intermediary does not receive such payments or receives them in a lower amount. The receipt of these payments may cause certain financial intermediaries to elevate the prominence of the Janus Henderson funds within such financial intermediary's organization by, for example, placement on a list of preferred or recommended funds and/or the provision of preferential or enhanced opportunities to promote the Janus Henderson funds in various ways within such financial intermediary's organization.

From time to time, certain financial intermediaries approach the Adviser to request that the Adviser make contributions to certain charitable organizations. In these cases, the Adviser's contribution may result in the financial intermediary, or its salespersons, recommending Janus Henderson funds over other mutual funds (or non-mutual fund investments).

The payment arrangements described above will not change the price an investor pays for Shares nor the amount that a Janus Henderson fund receives to invest on behalf of the investor. You should consider whether such arrangements exist when evaluating any recommendations from an intermediary to purchase or sell Shares of the Fund and, if applicable, when considering which share class of the Fund is most appropriate for you.

ADDITIONAL INFORMATION ABOUT THE ADVISER

The Adviser has adopted procedures (including trade allocation procedures described in the "Portfolio Transactions and Brokerage" section of this SAI) that it believes are reasonably designed to mitigate potential conflicts and risks. For example, the Adviser manages long and short portfolios. The simultaneous management of long and short portfolios creates potential conflicts of interest in fund management and creates potential risks such as the risk that short sale activity could adversely affect the market value of long positions in one or more Janus Henderson funds (and vice versa), the risk arising from the sequential orders in long and short positions, and the risks associated with the trade desk receiving opposing orders in the same security at the same time. To mitigate this potential conflict, the Adviser has procedures that prohibit portfolio management from executing a short sale on a security held long in any other portfolio that he or she manages but is not held long in the account in which portfolio management is placing the short. Note this does not prohibit shorting against the box.

The procedures also require approvals of the Adviser's senior management in other situations that raise potential conflicts of interest, as well as periodic monitoring of long and short trading activity of the Janus Henderson funds and accounts.

Janus Henderson mutual funds and other funds advised by the Adviser or its affiliates may also transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Pursuant to the provisions of the 1940 Act, Janus Henderson mutual funds may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of Janus Henderson funds may be used to purchase shares

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of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate pursuant to the provisions of the 1940 Act that govern the operation of money market funds. All Janus Henderson funds are eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. In addition, the Adviser receives an investment advisory fee for managing proprietary money market funds and the cash management vehicle used for its securities lending program, but it may not receive a fee for managing certain other affiliated cash management vehicles, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

Each account managed by the Adviser has its own investment objective and policies and is managed accordingly by the respective portfolio management. As a result, from time to time, two or more different managed accounts may pursue divergent investment strategies with respect to investments or categories of investments.

The officers and Trustees of the Janus Henderson funds may also serve as officers and Trustees of the "funds of funds" managed by the Adviser, which are funds that primarily invest in other Janus Henderson mutual funds. Conflicts may arise as the officers and Trustees seek to fulfill their fiduciary responsibilities to both the funds of funds managed by the Adviser and the other Janus Henderson mutual funds. The Trustees intend to address any such conflicts as deemed appropriate.

#### Janus Henderson Personal Code of Ethics
The Adviser and the Distributor currently have in place the Personal Code of Ethics, which is comprised of the Personal Account Dealing Policy, the Gifts, Entertainment and Meals Received Policy, the Outside Business Activities Policy, and the Political Activities Policy. The Personal Code of Ethics is designed to ensure the Adviser and the Distributor personnel: (i) observe applicable legal (including compliance with applicable federal securities laws) and ethical standards in the performance of their duties; (ii) at all times place the interests of the Fund first; iii) disclose all actual or potential conflicts; (iv) adhere to the highest standards of loyalty, candor, and care in all matters relating to the Fund; (v) conduct all personal trading, including transactions in the Fund and other securities, consistent with the Personal Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of their position of trust and responsibility; and (vi) refrain from using any material nonpublic information in securities trading. The Personal Code of Ethics is on file with and available from the SEC through the SEC website at http://www.sec.gov.

Under the Personal Account Dealing Policy, all Adviser and Distributor personnel, as well as the Trustees and Officers of the Fund, are required to conduct their personal investment activities in a manner that the Adviser believes is not detrimental to the Fund. In addition, Adviser and Distributor personnel are not permitted to transact in securities held by the Fund for their personal accounts except under circumstances specified in the Personal Account Dealing Policy. All personnel of the Adviser, the Distributor, and the Fund, as well as certain other designated employees deemed to have access to current trading information, are required to pre-clear all transactions in securities not otherwise exempt. Requests for trading authorization will be denied when, among other reasons, the proposed personal transaction would be contrary to the provisions of the Personal Account Dealing Policy.

In addition to the pre-clearance requirement described above, the Personal Account Dealing Policy subjects such personnel to various trading restrictions and reporting obligations. All reportable transactions are reviewed for compliance with the Personal Account Dealing Policy and under certain circumstances Adviser and Distributor personnel may be required to forfeit profits made from personal trading.

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### CUSTODIAN , TRANSFER AGENT , AND CERTAIN AFFILIATIONS
BNP Paribas, acting through its New York branch ("BNP(NY)"), 787 Seventh Avenue, New York, New York 10019 is the Fund's custodian. The custodian holds the Fund's assets in safekeeping and collects and remits the income thereon, subject to the instructions of the Fund.

Janus Henderson Services US LLC (the "Transfer Agent"), 151 Detroit Street, Denver, Colorado 80206-4805, a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. In addition, the Transfer Agent provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. The Fund does not pay a fee to the Transfer Agent.

Janus Henderson Distributors US LLC (the "Distributor"), 151 Detroit Street, Denver, Colorado 80206-4805, a wholly-owned subsidiary of the Adviser, is the principal underwriter for the Fund. The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of FINRA. The Distributor acts as the agent of the Fund in connection with the sale of its Shares in all states in which such Shares are registered and in which the Distributor is qualified as a broker-dealer. Under the Distribution Agreement, the Distributor continuously offers the Fund's Shares and accepts orders at NAV per share of the relevant class. The cash-compensation amount or rate at which the Distributor's registered representatives are paid for sales of products may differ based on a type of fund or a specific trust or the distribution channel or platform. The receipt of (or prospect of receiving) compensation described above may provide an incentive for a registered representative to favor sales of funds, or certain share classes of a fund, for which they receive a higher compensation amount or rate. You should consider these arrangements when evaluating any recommendations of your registered representative.

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### PORTFOLIO TRANSACTIONS AND BROKERAGE
The Adviser initiates all portfolio transactions for the Fund, solely upon the direction of the relevant portfolio management. The Adviser selects broker-dealers for Fund as part of its discretionary responsibilities under the Advisory Agreement and broker selection is determined by the Adviser's duty to seek best execution. Janus Henderson's Best Execution Committee will periodically review the quality of execution that the Adviser receives from broker-dealers and the Adviser will continually evaluate the effectiveness of the executing brokers and trading tools utilized. The Adviser does not consider a broker-dealer's sale of shares of its Fund or gifts and entertainment received from registered representatives of broker-dealers when choosing a broker-dealer to effect transactions.

The Adviser has a duty to seek to obtain "best execution" of all portfolio transactions by reasonably seeking to obtain the best possible result under the circumstances. The Adviser considers a number of factors including but not limited to: an understanding of prices of securities currently available and commission rates and other costs associated with various trading tools, channels and venues; the nature, liquidity, size and type of the security being traded and the character of the markets for which the security will be purchased or sold; the activity, existing and expected, in the market for the particular security; the potential impact of the trade in such market and the desired timing or urgency of the trade pursuant to the investment decision; any fund restrictions associated with asset types; the ability of a broker-dealer to maintain confidentiality, including trade anonymity; the quality of the execution, clearance, and settlement services of a broker-dealer; and principal commitment by the broker-dealer to facilitate the transaction.

The Fund generally buys and sells securities in principal and agency transactions in which no brokerage commissions are paid. However, the Fund may engage an agent and pay commissions for such transactions if the Adviser believes that the net result of the transaction to the respective Fund will be no less favorable than that of contemporaneously available principal transactions. The implied cost of executing portfolio securities transactions for the Fund primarily will consist of bid-offer spreads at which brokers will transact. The spread is the difference between the prices at which the broker is willing to purchase and sell the specific security at the time.

When the Fund purchases or sells a security in the over-the-counter market, the transaction takes place directly with a principal market-maker, without the use of a broker, except in those circumstances where, in the opinion of the Adviser, better prices and executions will be achieved through the use of a broker.

The Adviser may engage in "cross trades" whereby the Adviser causes its clients or accounts to engage in a purchase and sale of a security with each other. The Adviser may engage in cross trades where it determines such transaction is in the best interests of both accounts and consistent with the Adviser's best execution obligations. Although the use of cross trades may be beneficial to clients, it also creates opportunities for conflicts of interest to adversely affect clients. For instance, the Adviser could prefer one account over the other in determining price or otherwise executing a cross trade due to the existence of a more favorable fee structure or proprietary interest in one account. To address these potential conflicts, the Adviser has adopted policies and procedures which require that all cross trades are effected at a readily available fair market price which may be based on independent dealer bids or quotes depending on the type of security. In addition, cross trades involving a registered investment company must be consistent with Rule 17a-7 under the 1940 Act. The Adviser may execute cross trades among any eligible funds and accounts managed by the Adviser or its affiliates. The Adviser does not permit cross trades with the Fund for fixed income securities, with accounts subject to the Employee Retirement Income Security Act of 1974 ("ERISA") or where prohibited by client restrictions.

The Adviser makes investment decisions for each of its clients, including proprietary accounts, independently from those of any other account that is or may become managed by the Adviser or its affiliates. Because the Adviser generally invests in similar strategies for clients, numerous clients could have similar investment objectives and thus, similar portfolios. As a result, the Adviser may be trading the same security for multiple clients at the same time. In order to seek efficiencies that may be available for larger transactions, or help allocate execution fills and prices fairly, the Adviser may aggregate the orders for its clients for execution in circumstances where the Adviser determines that the investment is eligible and appropriate for each participating account. Clients participating in an aggregated trade are generally charged the same price and execution rate or execution portion of the commission except in circumstances where doing otherwise is deemed fair and consistent with applicable law. Instances can occur in which not all clients are charged a research portion (or the same research portion) of the commission in an aggregated trade, including where clients have a different research rate, have already met the research budget established by the Adviser or are subject to regulatory or other restrictions on the use of client commissions to pay for research services and may transact at lower commissions or execution only rates. In addition to, or instead of, aggregating orders of accounts that

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would be trading the same security at the same time, the Adviser may average the price of the transactions of these accounts and allocate trades to each account in accordance with the Adviser's allocation procedures. Pursuant to these procedures, partial fills will be allocated pro rata under procedures adopted by Janus Henderson. The Adviser seeks to allocate the opportunity to purchase or sell a security or other investment among accounts on an equitable basis by taking into consideration certain factors. These factors include, but are not limited to: size of the portfolio, concentration of holdings, investment objectives and guidelines, position weightings, duration targets, consistency of portfolio characteristics across similar accounts, purchase costs, issuer restrictions, price targets and cash availability. Due to such factors, the Adviser cannot assure equality of allocations among all of its accounts, nor can it assure that the opportunity to purchase or sell a security or other investment will be proportionally allocated among accounts according to any particular or predetermined standards or criteria which could cause performance divergence from similar accounts. In some cases, these allocation procedures may adversely affect the price paid or received by an account or the size of the position obtained or liquidated for an account. In others, however, the accounts' ability to participate in volume transactions may produce better executions and prices for the accounts. The Adviser may adjust allocations to eliminate fractional shares or odd lots, or to account for minimum trade size requirements and has the discretion to deviate from its allocation procedures in certain circumstances.

For the fiscal year ended June 30, 2024, the Fund paid no brokerage commissions to brokers and dealers in transactions identified for execution primarily on the basis of research and other services provided to the Fund.

For the fiscal years ended June 30, 2024, June 30, 2023, and June 30, 2022, the Fund did not incur any brokerage commissions.

As of June 30, 2024, the Fund owned securities of its regular broker-dealers (or parents) as shown below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Name of Broker-Dealer** | **Value of Securities Owned** |
| &nbsp;&nbsp;&nbsp; Janus Henderson Government Money Market Fund | Goldman Sachs & Co. LLC<br> HSBC Securities (USA) Inc.<br> ING Financial Markets LLC<br> RBC Capital Markets, LLC | $35000000<br> 10000000<br> 50000000<br> 47500000 |

---

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### PURCHASE OF SHARES
As stated in the Fund's Prospectuses, purchase requests must be received in good order by the Fund or its agent prior to the following times each day that the New York Stock Exchange (the "NYSE") is open ("business day"): 10:00 a.m., 1:00 p.m., and 4:00 p.m. New York time in order to receive the NAV next calculated. These times are each referred to as a "cut-of time". The Fund reserves the right to require purchase requests prior to the cut-off times specified above on days when the bond market or the NYSE close early. The Fund also reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. Shares are purchased at the NAV per share as determined as of the cut-off times specified above after a purchase order is received in good order by the Fund or its agent. The Fund's NAVs are calculated each day that the NYSE is open. The Fund seeks to maintain a stable NAV per share of $1.00. The "Shareholder's Guide" section of the Fund's Prospectus contains detailed information about the purchase of Shares.

NET ASSET VALUE DETERMINATION

Pursuant to SEC rules, the Trustees have established procedures to stabilize the Fund's NAV at $1.00 per Share. These procedures include a review of the extent of any deviation of NAV per Share as a result of fluctuating interest rates, based on available market rates, from the Fund's $1.00 amortized cost price per Share. Should that deviation exceed <sup>1</sup>⁄<sub>2</sub> of 1%, the Trustees will consider whether any action should be initiated to eliminate or reduce material dilution or other unfair results to shareholders. Such action may include redemption of shares in-kind, selling portfolio securities prior to maturity, reducing or withholding dividends, and utilizing an NAV per share as determined by using available market quotations.

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### REDEMPTION OF SHARES
As stated in the Fund's Prospectuses, redemption requests must be received in good order by the Fund or its agent prior to the cut-off times specified in "Purchase of Shares" above in order to receive the next NAV calculated. The Fund reserves the right to require redemption requests prior to each cut-off time on days when the bond market or the NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early). The Fund also reserves the right to suspend one or more of the cut-off times for the Fund, other than the 4:00 p.m. New York time cut-off time. Procedures for redeeming Shares are set forth in the "Shareholder's Guide" section of the Fund's Prospectus.

Certain accounts or Adviser affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Fund's Shares. Redemptions by these accounts of their holdings in the Fund may negatively impact the Fund's liquidity and NAV. These redemptions may also force the Fund to sell securities, which may negatively impact the Fund's brokerage costs.

Shares normally will be redeemed for cash, although the Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of remaining shareholders, to accommodate a request by a particular shareholder that does not adversely affect the interests of the remaining shareholders, or in connection with the liquidation of the Fund, by delivery of securities selected from its assets at its discretion. However, the Fund is governed by Rule 18f-1 under the 1940 Act, which requires the Fund to redeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV of the Fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the Fund will have the option of redeeming the excess in cash or in-kind. In-kind payment means payment will be made in portfolio securities rather than cash, and may potentially include illiquid investments. Illiquid investments may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause the redeeming shareholder to realize losses on the security if the security is sold at a price lower than that at which it had been valued. If the Fund makes an in-kind payment, the redeeming shareholder may incur brokerage costs in converting the assets to cash, whereas such costs are borne by the Fund for cash redemptions. The method of valuing securities used to make redemptions in-kind will be the same as the method of valuing portfolio securities described under "Purchase of Shares – Net Asset Value Determination" and such valuation will be made as of the same time the redemption price is determined.

Except as otherwise described in the Prospectus, the Fund reserves the right to postpone payment of redemption proceeds for up to seven calendar days. Additionally, the right to require the Fund to redeem its Shares may be suspended, or the date of payment may be postponed beyond seven calendar days, whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (ii) the SEC permits such suspension and so orders; or (iii) an emergency exists as determined by the SEC so that disposal of securities or determination of NAV is not reasonably practicable.

#### Suspension of Redemptions
In the event that the Fund's Trustees determine that a deviation between the Fund's amortized cost price per share and the market-based net asset value per share may result in a material dilution or other unfair results to the Fund's shareholders, the Trustees will take such action as they deem appropriate including, but not limited to, suspending redemptions and the payment of redemption proceeds, in order to facilitate the liquidation of the Fund. In addition, if the Fund's weekly liquid assets fall below 10%, the Fund may cease honoring redemptions and liquidate at the discretion of the Trustees. Prior to suspending redemptions, the Fund would be required to notify the SEC of its decision to suspend redemptions and liquidate. If the Fund ceases honoring redemptions and makes a decision to liquidate, the Fund expects that it would notify shareholders on the Fund's websites or by press release.

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### SHAREHOLDER ACCOUNTS
Detailed information about the general procedures for shareholder accounts and specific types of accounts is set forth in the Fund's Prospectuses and at janushenderson.com. Applications for specific types of accounts may be obtained by visiting janushenderson.com, calling a Janus Henderson representative, or writing the Fund.

The Adviser has established an Anti-Money Laundering Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). In an effort to ensure compliance with this law, the Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that financial intermediaries have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity, checking shareholder names against designated government lists, including the Office of Foreign Asset Control ("OFAC"), and a review of all new account applications. The Trust does not intend to transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

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### TAX -ADVANTAGED ACCOUNTS
The Fund offer several different types of tax-advantaged accounts that an investor may establish to invest in Fund shares, depending on rules prescribed by the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), and the regulations thereunder. Traditional and Roth Individual Retirement Accounts ("IRAs") may be used by most individuals who have taxable compensation. Simplified Employee Pensions ("SEPs") and Defined Contribution Plans (Profit Sharing or Money Purchase Pension Plans) may be used by most employers, including corporations, partnerships, and small business owners (including sole proprietors), for the benefit of business owners and their employees. Investors should consult their tax adviser or legal counsel before selecting a tax-advantaged account. Contributions under Traditional and Roth IRAs, SEPs, and Defined Contribution Plans are subject to specific contribution limitations. Generally, such contributions may be invested at the direction of the participant.

Distributions from tax-advantaged retirement accounts may be subject to ordinary income tax and may be subject to an additional 10% tax if withdrawn prior to age 59<sup>1</sup>⁄<sub>2</sub> or used for a nonqualifying purpose. Additionally, with the exception of Roth IRAs, shareholders generally must start withdrawing retirement plan assets no later than April 1 of the year after they reach age 72. Several exceptions to these general rules may apply and several methods exist to determine the amount and timing of the minimum annual distribution (if any). Shareholders should consult with their tax adviser or legal counsel prior to receiving any distribution from any tax-advantaged account, in order to determine the income tax impact of any such distribution.

Coverdell Education Savings Accounts (formerly Education IRAs) allow individuals, subject to certain income limitations, to contribute up to $2,000 annually on behalf of any child under the age of 18. Contributions are also allowed on behalf of children with special needs beyond age 18. Distributions are generally subject to income tax if not used for qualified education expenses.

To receive additional information about Traditional and Roth IRAs, SEPs, Defined Contribution Plans, and Coverdell Education Savings Accounts, along with the necessary materials to establish an account, please visit janushenderson.com, call a Janus Henderson representative, or write the Fund. No contribution to a Traditional or Roth IRA, SEP, Defined Contribution Plan, or Coverdell Education Savings Account can be made until the appropriate forms to establish any such plan have been completed.

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### DIVIDENDS AND TAX STATUS
The following is intended to be a general summary of certain U.S. federal income tax consequences of investing in the Fund. It is not intended to be a complete discussion of all such federal income tax consequences, nor does it purport to deal with all categories of investors. This discussion reflects applicable tax laws of the United States as of the date of this SAI. However, tax laws may change or be subject to new interpretation by the courts or the Internal Revenue Service (the "IRS"), possibly with retroactive effect. Investors are therefore advised to consult with their own tax advisers before making an investment in the Fund.

Dividends representing substantially all of the net investment income and any realized net gains on sales of securities are declared daily, Saturdays, Sundays, and holidays included, and distributed on the last business day of each month. If a month begins on a Saturday, Sunday, or holiday, dividends for those days are declared at the end of the preceding month.

If a purchase order is received prior to the last cut-off time specified in "Purchase of Shares" above and payment in federal funds is wired to and received by the Fund by the close of the Federal Reserve wire transfer system (normally 6:00 p.m. New York time), then dividends will begin to accrue on the same business day that the wire purchase order is received. In the event that an order is placed prior to 4:00 p.m. (New York time) and payment through federal funds or other immediately available funds is not received by the Fund by the close of the Federal Reserve wire transfer system or other immediately available funds that same day, you will not accrue a dividend on that that day and the Fund reserves the right to cancel your purchase order and you will be liable for any resulting losses or fees incurred by the Fund or the Fund's transfer agent. If a payment is received on a business day after the last cut-off time specified in "Purchase of Shares" above, you will not earn dividends on the day the purchase order is received. Such Shares will begin to accrue dividends on the first bank business day following receipt of the order. Dividends will not accrue on shares that are redeemed and paid on a same day basis on the date of redemption. Other redeeming shareholders will accrue dividends on the redemption date. If Shares of the Fund were originally purchased by check or through an Automated Investment Program, the Fund may delay transmittal of redemption proceeds up to 15 days in order to ensure that purchase funds have been collected. Closing times for purchase and redemption of Shares may be changed for days on which the bond markets or the NYSE close early. The Fund reserves the right to require purchase and redemption requests prior to the cut-off times specified in "Purchase of Shares" above on days when the bond markets or NYSE close early. The Fund reserves the right to close in conjunction with the closure of the bond markets (i.e., when the bond markets are closed or close early).

#### Fund Taxation
The Fund intends to qualify as a regulated investment company by satisfying certain requirements prescribed by Subchapter M of the Internal Revenue Code. If the Fund failed to qualify as a regulated investment company in any taxable year, the Fund may be subject to federal income tax on its taxable income at corporate rates. In addition, all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would generally be taxable to shareholders as ordinary income but may, at least in part, qualify for the dividends received deduction applicable to corporations or the reduced rate of taxation applicable to noncorporate holders for "qualified dividend income." In addition, the Fund could be required to recognize unrealized gains, pay taxes and interest, and make distributions before requalifying as a regulated investment company that is accorded special tax treatment. Because the Fund is a money market fund, it does not anticipate distributing capital gains or qualified dividend income.

A federal excise tax at the rate of 4% will be imposed on the excess, if any, of the Fund's "required distribution" over actual distributions in any calendar year. Generally, the "required distribution" is 98% of the Fund's ordinary income for the calendar year plus 98.2% of its capital gain net income recognized during the one-year period ending on October 31 plus undistributed amounts from prior years. The Fund intends to make distributions sufficient to avoid imposition of the excise tax.

If the Fund invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities, or, in general, any other securities with original issue discounts (or with market discount if the Fund elects to include market discount in income currently), the Fund must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the Fund must distribute to shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid), including such accrued income, to avoid federal income and excise taxes. In certain cases, the Fund may have to distribute cash obtained from other sources in order to satisfy the distribution requirements under the Internal Revenue Code. Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy these distribution requirements.

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The Fund's investment in lower-rated or unrated debt securities may present issues for the Fund if the issuers of these securities default on their obligations because the federal income tax consequences to a holder of such securities are not certain.

Some money market securities employ a trust or other similar structure to modify the maturity, price characteristics, or quality of financial assets. For example, put features can be used to modify the maturity of a security, or interest rate adjustment features can be used to enhance price stability. If the structure does not perform as intended, adverse tax or investment consequences may result. Neither the Internal Revenue Service nor any other regulatory authority has ruled definitively on certain legal issues presented by structured securities. Future tax or other regulatory determinations could adversely affect the value, liquidity, or tax treatment of the income received from these securities or the nature and timing of distributions made by the Fund.

When a shareholder opens an account, IRS regulations require that the shareholder provide a taxpayer identification number ("TIN"), certify that it is correct, and certify that he, she, or it is not subject to backup withholding. If a shareholder fails to provide a TIN or the proper tax certifications, the Fund is required to withhold 24% of all distributions (including dividends and capital gain distributions) and redemption proceeds paid to the shareholder. The Fund is also required to begin backup withholding on an account if the IRS instructs it to do so. Amounts withheld may be applied to the shareholder's federal income tax liability and the shareholder may obtain a refund from the IRS if withholding results in an overpayment of federal income tax for such year.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

The foregoing discussion relates solely to U.S. federal income tax law as applied to U.S. investors.

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### TRUSTEES AND OFFICERS
The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). As of the date of this SAI, none of the Trustees are "interested persons" of the Adviser as that term is defined by the 1940 Act.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund's Governance Procedures and Guidelines, the policy is for a Trustee to retire no later than the end of the calendar year in which the Trustee turns 75, unless extended by the Trustees. The Trustees review the Fund's Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund's Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust's Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. As of the date of this SAI, collectively, the two registered investment companies consist of 45 series or funds, referred to herein as the "Fund Complex".

The Trust's officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund's CCO, as authorized by the Trustees.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;&nbsp;**Name, Address,<br>and Age** | **Positions**<br> **Held with**<br> **the Trust** | **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** | **Number of**<br> **Portfolios/Funds**<br> **in Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other Directorships**<br> **Held by Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** |
| &nbsp;&nbsp;&nbsp; Alan A. Brown<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1962 | Chairman Trustee | 5/22-Present 1/13-Present | Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm)<br> (2012-2018), Executive Vice President and Co-Head, Global Private Client Group<br> (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief<br> Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management). | 45 | Board Member of BankNewport (mutual savings bank) (since 2024), Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010). |
| &nbsp;&nbsp;&nbsp; Cheryl D. Alston<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1966 | Trustee | 8/22-Present | Executive Director and Chief Investment Officer, Employees' Retirement Fund of the City of Dallas (since 2004). | 45 | Director of Blue Cross Blue Shield of Kansas City (a<br> not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017).<br> Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;&nbsp; **Name, Address, and**<br> **Age** | **Positions**<br> **Held with**<br> **the Trust** | **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** | **Number of**<br> **Portfolios/Funds**<br> **in Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other Directorships**<br> **Held by Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** |
| &nbsp;&nbsp;&nbsp; Raudline Etienne<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1965 | Trustee | 6/16-Present | Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011). | 45 | Member of the Investment Committee for Cooper Union (private college) (since 2021) and Director of Brightwood Capital Advisors, LLC (since 2014). Formerly, Board Member, Van Alen Institute (nonprofit architectural and design organization) (2019-2022). |
| &nbsp;&nbsp;&nbsp; Darrell B. Jackson<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1958 | Trustee | 8/22-Present | President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014). | 45 | Advisory Board Member, Dome Construction (construction) (since 2023), Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015). |
| &nbsp;&nbsp;&nbsp; Dominic Janssens<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1965 | Trustee | 7/24-Present | Retired. Formerly, Global Chief Operating Officer, Macquarie Investment Management (2016-2019); Leader of Global Investment and Institutional Client Services, T. Rowe Price (2008-2016); Senior Managing Director, State Street Global Advisors (2006-2008); and Managing Director, Deutsche Asset Management (2000-2005). | 45 | Board Member of AlphaTrAI (AI-technology firm) (since 2022) and Advisory Board Member (since 2021). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;&nbsp; **Name, Address, and**<br> **Age** | **Positions**<br> **Held with**<br> **the Trust** | **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** | **Number of**<br> **Portfolios/Funds**<br> **in Fund Complex**<br> **Overseen by**<br> **Trustee** | **Other Directorships**<br> **Held by Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** | &nbsp;&nbsp;&nbsp; **Independent Trustees (cont'd.)** |
| &nbsp;&nbsp;&nbsp; William F. McCalpin<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1957 | Trustee | 6/02-Present | Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).<br>| 45 | Formerly, Trustee and Chairman of the Board of The Investment Fund for Foundations Investment Program (TIP) (2008-2023), Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021). |
| &nbsp;&nbsp;&nbsp; Gary A. Poliner<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1953 | Trustee | 6/16-Present | Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company. | 45 | Formerly, Director of MGIC Investment Corporation (private mortgage insurance) (2013-2023), Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013). |
| &nbsp;&nbsp;&nbsp; Diane L. Wallace<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1958 | Trustee | 6/17-Present | Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002). | 45 | Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017). |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;&nbsp;**OFFICERS** |
| &nbsp;&nbsp;&nbsp;**Name, Address,<br>and Age** | **Positions Held with the Trust** | **Term of**<br> **Office\* and**<br> **Length of**<br> **Time Served** | **Principal Occupations**<br> **During the Past Five Years** |
| &nbsp;&nbsp;&nbsp; Andrew Forman<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1987 | Executive Vice President and Co-Portfolio Manager<br> Janus Henderson Government Money Market Fund | 2/25-Present | Portfolio manager for other Janus Henderson accounts. |
| &nbsp;&nbsp;&nbsp; Garrett Strum<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1981 | Executive Vice President and Lead Portfolio Manager<br> Janus Henderson Government Money Market Fund | 5/17-Present | Portfolio Manager for other Janus Henderson accounts and Analyst for the Adviser. |
| &nbsp;&nbsp;&nbsp; Michelle Rosenberg<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1973 | President and Chief Executive Officer | 9/22-Present | Chief Administrative Officer (since 2024) and General Counsel (since 2018) of Janus Henderson Investors. Formerly, Corporate Secretary of Janus Henderson Investors (2018-2024), Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc.<br> (2015-2018). Member of Board of Trustees for Bates College (since 2020) and Member of Board of Directors for ICI Mutual Insurance Company (since 2023). |
| &nbsp;&nbsp;&nbsp; Kristin Mariani<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1966 | Vice President and Chief Compliance Officer | 7/20-Present | Head of Compliance, North America at Janus Henderson Investors (since September 2020) and Chief Compliance Officer at Janus Henderson Investors US LLC (since September 2017). Formerly, Anti-Money Laundering Officer for the Trust and Janus Aspen Series (July 2020- December 2022), Global Head of Investment Management Compliance at Janus Henderson Investors (February 2019-August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer at Janus Henderson Distributors US LLC (May 2017-September 2017), Vice President,<br> Compliance at Janus Henderson US<br> (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017). |
| &nbsp;&nbsp;&nbsp; Jesper Nergaard<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1962 | Chief Financial Officer<br> Vice President, Treasurer, and Principal Accounting Officer | 3/05-Present 2/05-Present | Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC (since 2005). |
| &nbsp;&nbsp;&nbsp; Abigail J. Murray<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1975 | Vice President, Chief Legal Counsel, and Secretary | 12/20-Present | Managing Counsel (since 2020). Formerly, Senior Counsel for Invesco Ltd.<br> (2017-2020). |
| &nbsp;&nbsp;&nbsp; Ciaran Askin<br> 151 Detroit Street<br> Denver, CO 80206<br> DOB: 1978 | Anti-Money Laundering Officer | 12/22-Present | Global Head of Financial Crime, Janus Henderson Investors (since 2022).<br> Formerly, Global Head of Financial Crime for Invesco Ltd. (2017-2022). |

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\* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

As discussed below, the Board's Nominating and Governance Committee is responsible for identifying and recommending candidates for nomination or election by the Board based on a variety of diverse criteria. In its most recent evaluation of the qualifications of each Trustee as part of the Board's annual self-evaluation process, the Committee and the Board considered the totality of the information available to them, including the specific experience, qualifications, attributes or skills, as noted below, and concluded that each of the Trustees should serve as members of the Board of Trustees based on the Trust's business

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structure. In reaching these conclusions, the Committee and the Board, in the exercise of their reasonable business judgment, evaluated each Trustee based on his or her specific experience, qualifications, attributes and/or skills on an individual basis and in combination with the other Trustees, none of which by itself was considered dispositive.

**Alan A. Brown:** Service as Executive Vice President and as Chief Marketing Officer of a leading investment management firm, a corporate and fund director, and as an executive with a private equity real estate investment management firm, and a Fund Independent Trustee since 2013 and Independent Chairman of the Board of Trustees since May 2022.

**Cheryl D. Alston:** Service as Executive Director and Chief Investment Officer of a large public pension fund, service on not- for-profit and corporate boards, and a Fund Independent Trustee since 2022.

**Raudline Etienne:** Service as Deputy Controller and Chief Investment Officer of a large public pension fund, Senior Vice President and Senior Advisor to a global strategy firm, and a Fund Independent Trustee since 2016.

**Darrell B. Jackson:** Service as President and Chief Executive Officer of a bank, Executive Vice President and Co-President of a large financial services company, service on corporate and private company boards, and a Fund Independent Trustee since 2022.

**Dominic Janssens:** Service as Global Chief Operating Officer and Managing Director of investment and asset management companies, Member Board of Directors and Advisory Board Member of an AI-technology firm, and in various capacities with public investment firms.

**William F. McCalpin:** Service as Chief Operating Officer of a large private family foundation, Chairman and Director of an unaffiliated fund complex, and a Fund Independent Trustee since 2002 and Independent Chairman of the Board of Trustees from 2008 to May 2022.

**Gary A. Poliner:** Service as President, and Vice President and Chief Risk Officer, of a large life insurance company, a director of private companies, service as director and Chairman and Director of unaffiliated fund complexes, and a Fund Independent Trustee since 2016.

**Diane L. Wallace:** Service as Independent Trustee of Henderson Global Funds and other leading investment management firms, Chief Operating Officer, Senior Vice President of Operations, Treasurer and Chief Financial Officer of a leading investment management firm, and a Fund Independent Trustee since 2017.

#### General Information Regarding the Board of Trustees and Leadership Structure
The Trust is governed by the Board of Trustees, which is responsible for and oversees the management and operations of the Trust and each of the Janus Henderson funds on behalf of fund shareholders. Each member of the Board is an Independent Trustee, including the Board's Chairman. The Board's responsibilities include, but are not limited to, oversight of the Janus Henderson funds' officers and service providers, including the Adviser, which is responsible for the Trust's day-to-day operations. The Trustees approve all of the agreements entered into with the Janus Henderson funds' service providers, including the investment management agreements with the Adviser. The Trustees are also responsible for determining or changing each Janus Henderson fund's investment objective(s), policies, and available investment techniques, as well as for overseeing the Janus Henderson funds' Chief Compliance Officer. In carrying out these responsibilities, the Trustees are assisted by the Trust's independent auditor (who reports directly to the Trust's Audit Committee), independent counsel, an independent fee consultant, and other specialists as appropriate, all of whom are selected by the Trustees. The Trustees also meet regularly without representatives of the Adviser or its affiliates present.

The Trustees discharge their responsibilities collectively as a Board, as well as through Board committees, each of which operates pursuant to a Board-approved charter that delineates the specific responsibilities of that committee. For example, the Board as a whole is responsible for oversight of the annual process by which the Board considers and approves each fund's investment advisory agreement with the Adviser, but specific matters related to oversight of the Janus Henderson funds' independent auditors have been delegated by the Board to its Audit Committee, subject to approval of the Audit Committee's recommendations by the Board. The members and responsibilities of each Board committee are summarized below. In addition to serving on certain committees, the Chairman of the Board ("Board Chairman") is responsible for presiding at all meetings of the Board and has other duties as may be assigned by the Trustees from time to time. The Board Chairman also serves as the Board's liaison to the Adviser with respect to all matters related to the Janus Henderson funds that are not otherwise delegated to the chair of a Board committee. The Board has determined that this leadership structure is appropriate based on (1) the number

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of Janus Henderson funds overseen and the various investment objectives of those funds; (2) the manner in which the Janus Henderson funds' shares are marketed and distributed; and (3) the responsibilities entrusted to the Adviser and its affiliates to oversee the Trust's day-to-day operations, including the management of each Janus Henderson fund's holdings and the distribution of fund shares. On an annual basis, the Board conducts a self-evaluation that considers, among other matters, whether the Board and its committees are functioning effectively and whether, given the size and composition of the Board and each of its committees, the Trustees are able to oversee effectively the number of Janus Henderson funds in the complex.

#### Committees of the Board
The Board of Trustees has six standing committees that each perform specialized functions: an Audit Committee, Investment Oversight Committee, Nominating and Governance Committee, Operations Committee, Product and Distribution Committee, and Trading and Pricing Committee. Each committee is comprised entirely of Independent Trustees. Information about each committee's functions is provided in the following table:

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| | | | |
|:---|:---|:---|:---|
|  | **Summary of Functions** | **Members**<br> **(Independent Trustees)** | **Number of Meetings**<br> **Held During Fiscal**<br> **Year Ended June 30,**<br> **2024** |
| &nbsp;&nbsp;&nbsp;**Audit Committee** | Reviews the Trust's financial reporting process, the system of internal controls over financial reporting, disclosure controls and procedures, including the review of the adequacy of relevant personnel and the review of reports related to such system of internal controls, Form N-CSR, Form N-CEN, and Form N-PORT filings, and the audit process. The Committee's review of the audit process includes, among other things, the appointment, compensation, and oversight of the Trust's independent auditor, which performs the audits of the Trust's financial statements, regular meetings and communication with relevant personnel at the Adviser and the independent auditor, and preapproval of all audit and nonaudit services. The Committee also reviews any significant changes or improvements in accounting and audit processes that have been implemented. The Committee receives reports from the Trust's Chief Financial Officer, Treasurer, and Principal Accounting Officer, and from personnel responsible for internal audit functions related to financial reporting. The Committee also oversees service providers that provide fund accounting and portfolio accounting services to the Trust. | Diane L. Wallace (Chair)<br> Cheryl D. Alston<br>Gary A. Poliner | 4 |

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| | | | |
|:---|:---|:---|:---|
|  | **Summary of Functions** | **Members**<br> **(Independent Trustees)** | **Number of Meetings**<br> **Held During Fiscal**<br> **Year Ended June 30,**<br> **2024** |
| &nbsp;&nbsp;&nbsp;**Investment Oversight Committee** | Oversees the investment activities of the series of the Trust. The Committee meets regularly with investment personnel at the Adviser and any subadviser to the Fund to review the investment performance, investment risk characteristics, objectives, and strategies of the Fund. The Committee reviews reports regarding the use of derivative instruments by the Fund and information and reports with respect to proposed new investment instruments and techniques. The Committee reviews various matters related to the operations of the Janus Henderson money market funds, including the review of reports related to such operations, compliance with the Trust's Money Market Fund Procedures, and Rule 2a-7 under the 1940 Act. | Raudline Etienne (Chair)<br> Cheryl D. Alston<br> Alan A. Brown<br> Darrell B. Jackson<br> Dominic Janssens<br> William F. McCalpin<br> Gary A. Poliner<br> Diane L. Wallace | 5 |
| &nbsp;&nbsp;&nbsp; **Nominating and**<br> **Governance Committee** | Identifies and recommends individuals for Trustee membership, recommends an independent Trustee to serve as Board Chair, consults with Fund officers and the Board Chair in planning Trustee meetings, reviews the responsibilities of each Board committee, which includes the need for new committees and the continuation of existing committees, and oversees the administration of, and ensures compliance with, the Trust's Governance Procedures and Guidelines adopted by the Trustees. The Committee also leads the Trustees' annual self-assessment process and continuing education program, reviews, and proposes changes to, Trustee compensation, and oversees the administration of the Trust's insurance program. | William F. McCalpin (Chair)<br> Alan A. Brown<br> Diane L. Wallace | 6 |
| &nbsp;&nbsp;&nbsp;**Operations Committee** | Oversees certain matters related to the operation of the Trust. The Committee receives reports regarding the operation of the Trust's securities lending program, the implementation of the Proxy Voting Procedures and Guidelines, and various information technology, cybersecurity, and data privacy risks related to the Trust and the Trust's service providers. The Committee oversees service providers providing<br> operations-related services to the Trust, including the Trust's custodian and transfer agent. The Committee receives reports from personnel responsible for the Trust's enterprise risk function and the Adviser's internal audit function. In addition, the Committee oversees compliance with certain procedures adopted by the Trust under exemptive orders of the SEC. | Gary A. Poliner (Chair)<br> Alan A. Brown<br> Darrell B. Jackson<br> William F. McCalpin | 5 |

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| | | | |
|:---|:---|:---|:---|
|  | **Summary of Functions** | **Members**<br> **(Independent Trustees)** | **Number of Meetings**<br> **Held During Fiscal**<br> **Year Ended June 30,**<br> **2024** |
| &nbsp;&nbsp;&nbsp; **Product and Distribution**<br> **Committee** | Provides oversight of matters regarding the Trust's product lineup and the distribution of shares of the Funds. The Committee reviews matters relating to the initial strategy, design, and positioning of new Funds and material changes to the strategy, design, and/or positioning of existing Fund. The Committee receives reports regarding potential Fund closures, liquidations, or mergers, certain Fund fees and expenses, and marketing and distribution strategies for the Funds including payments made by the Funds pursuant to the Trust's distribution and shareholder servicing plans. The Committee reviews certain regulatory filings made with the SEC and oversees and receives reporting from service providers providing product and distribution-related services to the Trust. | Alan A. Brown (Chair)<br> Raudline Etienne<br> Darrell B. Jackson<br> William F. McCalpin | 6 |
| &nbsp;&nbsp;&nbsp;**Trading and Pricing Committee** | Oversees matters relating to the pricing of the Funds' securities and the placement of portfolio transactions. The Committee oversees the Adviser as valuation designee and reviews reports on fair valuation determinations and valuation methodologies regarding securities and investments held by the Fund pursuant to valuation procedures established by the Adviser and approved by the Board of Trustees. The Committee also reviews other matters related to pricing the Fund's securities and approves changes to the valuation procedures. The Committee receives reporting regarding portfolio transactions with affiliates undertaken in accordance with the Trust's procedures, efforts to obtain best execution in connection with portfolio transactions and commissions paid to firms supplying research and brokerage services. The Committee also receives reports regarding foreign exchange trading by the Fund. In addition, the Committee oversees service providers providing trading and pricing-related services to the Trust and reviews reports from the administrator of the Trust's liquidity risk management program. | Gary A. Poliner (Chair)<br> Cheryl D. Alston<br> Diane L. Wallace | 4 |

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#### Board Oversight of Risk Management
The Adviser, as part of its responsibilities for the day-to-day operations of the Janus Henderson funds, is responsible for day- to-day risk management for the funds. The Board, as part of its overall oversight responsibilities for the Janus Henderson funds' operations, oversees the Adviser's risk management efforts with respect to the funds. The Board, in the exercise of its reasonable business judgment, also separately considers potential risks that may impact the Janus Henderson funds. The Board discharges its oversight duties and considers potential risks in a number of different ways, including, but not limited to, receiving reports on a regular basis, either directly or through an appropriate committee, from the Adviser and its officers. Reports received include those from, among others, the Adviser's (1) senior managers responsible for oversight of global risk, including, for example, those responsible for oversight of operational risks and cyber risks in particular; (2) senior managers responsible for

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oversight of fund construction and trading risk; (3) Chief Compliance Officer; and (4) The Global Head of Internal Audit. At the time these reports are presented, the Board or the committee receiving the report will, as it deems necessary, invite the presenter to participate in an executive session to discuss matters outside the presence of any other officers or representatives of the Adviser or its affiliates. The Board also receives reports from other entities and individuals unaffiliated with the Adviser, including reports from the Janus Henderson funds' other service providers and from independent consultants hired by the Board. The Board has appointed the Fund's CCO who (1) reports directly to the Board and (2) provides a comprehensive written report annually and presents quarterly at the Board's regular meetings. The Fund's CCO, who also serves as Janus Henderson's Head of Compliance, North America, discusses relevant risk issues that may impact the Janus Henderson funds and/or the Adviser's services to the funds, and routinely meets with the Board in private without representatives of the Adviser or its affiliates present. The Fund's CCO also provides the Board with updates on the application of the Janus Henderson funds' compliance policies and procedures, including how these procedures are designed to mitigate risk and what, if any, changes have been made to enhance the procedures. The Fund's CCO may also report to the Board on an ad hoc basis in the event that she identifies issues associated with the Janus Henderson funds' compliance policies and procedures that could expose the funds to additional risk or adversely impact the ability of the Adviser to provide services to the funds.

The Board believes that its leadership structure permits it to effectively discharge its oversight responsibilities with respect to the Janus Henderson funds' risk management process.

#### Additional Information About Trustees
Under the Trust's Governance Procedures and Guidelines, the Trustees are expected to invest in one or more (but not necessarily all) funds advised by the Adviser for which they serve as Trustee, to the extent they are directly eligible to do so. For each Trustee, these investments are expected, in the aggregate and at a minimum, to equal median Trustee annual compensation with an allowance for new Trustees to reach this level of investment over time. These investments may include amounts held under a deferred compensation plan that are valued based where any deferred amount is traded as though an equivalent dollar amount has been invested in shares of one or more funds advised by the Adviser ("shadow investments"). Such investments, including the amount and which funds, are dictated by each Trustee's individual financial circumstances and investment goals.

As of December 31, 2023, the Trustees owned securities of the Fund described in this SAI in the dollar range shown in the following table. The last column of the table reflects each Trustee's aggregate dollar range of securities of all mutual funds advised by the Adviser and overseen by the Trustees.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Trustee** | **Dollar Range of Equity Securities in the Fund** | **Aggregate Dollar Range of Equity**<br> **Securities in All**<br> **Registered Investment**<br> **Companies in the Fund Complex** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Alan A. Brown** |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp; **Cheryl D. Alston** |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp; **Raudline Etienne** |  | Over $100,000<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; **Darrell B. Jackson** |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp; **Dominic Janssens<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; **William F. McCalpin** |  | Over $100,000<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; **Gary A. Poliner** |  | Over $100,000<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; **Diane L. Wallace** |  | Over $100,000 |

---

(1) Ownership shown includes amounts held under a deferred compensation plan that are valued based on "shadow investments" in one or more funds.

(2) Dominic Janssens joined the Board as an Independent Trustee, effective July 15, 2024.

#### Trustee Compensation
The Trust pays each Independent Trustee an annual retainer plus a fee for each regular in-person meeting of the Trustees attended, a fee for in-person meetings of committees attended if convened on a date other than that of a regularly scheduled meeting, and a fee for telephone meetings of the Trustees and committees. In addition, committee chairs and the Chairman of the Board of Trustees receive an additional supplemental retainer. Each current Independent Trustee also receives fees from other Janus Henderson funds for serving as Trustee of those funds. The Adviser pays persons who are directors, officers, or

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employees of the Adviser or any affiliate thereof, or any Trustee considered an "interested" Trustee, for their services as Trustees or officers. The Trust and other funds managed by the Adviser may pay all or a portion of the compensation and related expenses of the Fund's CCO and compliance staff, as authorized from time to time by the Trustees.

To the best knowledge of the Trust, the following table shows the aggregate compensation paid to each Independent Trustee by the Fund described in this SAI and all Janus Henderson funds for the periods indicated. None of the Trustees receives any pension or retirement benefits from the Fund or the Janus Henderson funds. Effective January 1, 2006, the Trustees established a deferred compensation plan using shadow investments under which the Trustees may elect to defer receipt of all, or a portion, of the compensation they earn for their services to the Fund, in lieu of receiving current payments of such compensation.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Person, Position** | **Aggregate**<br> **Compensation from**<br> **the Fund for**<br> **fiscal year ended<br>June 30, 2024** | **Total**<br> **Compensation from**<br> **the Fund Complex for**<br> **calendar year ended**<br> **December 31, 2023<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp;&nbsp; **Independent Trustees** |
| &nbsp;&nbsp;&nbsp; Alan A. Brown, Chairman and Trustee<sup>(3)(4)</sup> | $105 | $475000 |
| &nbsp;&nbsp;&nbsp; Cheryl D. Alston, Trustee | $62 | $280000 |
| &nbsp;&nbsp;&nbsp; William D. Cvengros, Former Trustee<sup>(4)(5)</sup> | $62 | $300000 |
| &nbsp;&nbsp;&nbsp; Raudline Etienne, Trustee<sup>(4)</sup> | $64 | $301000 |
| &nbsp;&nbsp;&nbsp; Darrell B. Jackson, Trustee | $65 | $298500 |
| &nbsp;&nbsp;&nbsp; Dominic Janssens, Trustee<sup>(6)</sup> | N/A | N/A |
| &nbsp;&nbsp;&nbsp; William F. McCalpin, Trustee<sup>(4)</sup> | $77 | $349000 |
| &nbsp;&nbsp;&nbsp; Gary A. Poliner, Trustee<sup>(4)</sup> | $76 | $351000 |
| &nbsp;&nbsp;&nbsp; Diane L. Wallace, Trustee<sup>(4)</sup> | $79 | $354000 |

---

(1) For all Trustees, includes compensation for service on the boards of two registered investment companies comprised of 49 portfolios.

(2) Total Compensation received from the Fund Complex includes any amounts deferred under the deferred compensation plan. The deferred compensation amounts for the year are as follows: William F. McCalpin $34,900, Gary A. Poliner $351,000, and Raudline Etienne $30,100.

(3) Aggregate Compensation received from the Fund and Total Compensation received from the Fund Complex includes additional compensation paid for service as Independent Chairman of the Board of Trustees.

(4) Aggregate Compensation received from the Fund and Total Compensation received from the Fund Complex includes additional compensation paid for service as chair of one or more committees of the Board of Trustees during certain periods.

(5) William D. Cvengros retired from his role as an Independent Trustee, effective July 19, 2024.

(6) Dominic Janssens joined the Board as an Independent Trustee, effective July 15, 2024.

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### PRINCIPAL SHAREHOLDERS
As of the date of this SAI, all of the outstanding American Cancer Society Support – Class N Shares of the Fund were owned by the Adviser or an affiliate, which provided seed capital for American Cancer Society Support – Class N Shares. A fund that has only affiliated shareholders may be perceived as obtaining a benefit of any investments that contribute positively to its performance.

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### MISCELLANEOUS INFORMATION
The Fund is a series of the Trust, an open-end management investment company registered under the 1940 Act and organized as a Massachusetts business trust on February 11, 1986. As of the date of this SAI, the Trust offers 35 series, known as "Funds." Each Fund presently offers interests in different classes of shares as described in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Class A**<br> **Shares** | **Class C**<br> **Shares** | **Class D**<br> **Shares** | **Class I**<br> **Shares** | **Class L**<br> **Shares** | **Class N**<br> **Shares** | **Class R**<br> **Shares** | **Class S**<br> **Shares** | **Class T**<br> **Shares** |
|  Janus Henderson Absolute Return Income Opportunities Fund | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Adaptive Risk Managed U.S. Equity Fund<sup>(1)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Balanced Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Contrarian Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Developed World Bond Fund<sup>(3)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Emerging Markets Fund<sup>(3)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Enterprise Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson European Focus Fund<sup>(3)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Flexible Bond Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Forty Fund<sup>(1)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Global Allocation Fund – Conservative<sup>(2)</sup> | x | x | x | x |  |  |  | x | x |
|  Janus Henderson Global Allocation Fund – Growth<sup>(2)</sup> | x | x | x | x |  |  |  | x | x |
|  Janus Henderson Global Allocation Fund – Moderate<sup>(2)</sup> | x | x | x | x |  |  |  | x | x |
|  Janus Henderson Global Equity Income Fund<sup>(3)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Global Life Sciences Fund<sup>(2)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Global Real Estate Fund<sup>(1)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Global Research Fund<sup>(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Global Select Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Global Sustainable Equity Fund | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Global Technology and Innovation Fund<sup>(2)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Government Money Market Fund<sup>(2)</sup> |  |  | x<sup>(4)</sup> | x<sup>(4)</sup> |  | x<sup>(4)</sup> |  |  | x<sup>(4)</sup> |
|  Janus Henderson Growth and Income Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson High-Yield Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Mid Cap Value Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Money Market Fund<sup>(2)</sup> |  |  | x |  |  |  |  |  | x |
|  Janus Henderson Multi-Sector Income Fund | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Overseas Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Research Fund<sup>(2)</sup> | x | x | x | x |  | x | x | x | x |
|  Janus Henderson Responsible International Dividend Fund<sup>(3)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Short Duration Flexible Bond Fund<sup>(2)</sup> | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Small Cap Value Fund<sup>(1)(2)</sup> | x | x | x | x | x | x | x | x | x |
|  Janus Henderson Small-Mid Cap Value Fund | x | x | x | x |  | x |  | x | x |
|  Janus Henderson Triton Fund<sup>(1)(2)</sup> | x | x | x | x |  | x | x | x | x |

---

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Class A**<br> **Shares** | **Class C**<br> **Shares** | **Class D**<br> **Shares** | **Class I**<br> **Shares** | **Class L**<br> **Shares** | **Class N**<br> **Shares** | **Class R**<br> **Shares** | **Class S**<br> **Shares** | **Class T**<br> **Shares** |
|  Janus Henderson U.S. Dividend Income Fund |  |  | x | x |  | x |  |  |  |
|  Janus Henderson Venture Fund<sup>(2)</sup> | x | x | x | x |  | x |  | x | x |

---

(1) On July 6, 2009, the funds of the Janus Adviser Series trust reorganized into the Trust. As a result, certain funds described in this SAI assumed the assets and liabilities of the corresponding Janus Adviser Series funds.

(2) On February 16, 2010, the Fund's Class J Shares (the initial share class) were restructured into two separate share classes. Shareholders who held their shares directly with the Adviser were transitioned to a newly created share class called "Class D Shares." Shareholders who held their shares through an intermediary remained in Class J Shares, which was renamed "Class T Shares."

(3) On June 5, 2017, the funds of the Henderson Global Funds trust reorganized into the Trust. As a result, certain funds noted above assumed the assets and liabilities of the corresponding funds of Henderson Global Funds.

(4) American Cancer Society Support share class.

Funds listed in the preceding table that are not marked with footnote (1) or (2) commenced operations after July 6, 2009.

The Adviser reserves the right to the name "Janus Henderson." In the event that the Adviser does not continue to provide investment advice to the Fund, the Fund must cease to use the name "Janus Henderson" as soon as reasonably practicable.

Under Massachusetts law, shareholders of the Fund could, under certain circumstances, be held liable for the obligations of their Fund. However, the Amended and Restated Agreement and Declaration of Trust disclaims shareholder liability for acts or obligations of the Fund and requires that notice of this disclaimer be given in each agreement, obligation, or instrument entered into or executed by the Fund or the Trustees. The Amended and Restated Agreement and Declaration of Trust also provides for indemnification from the assets of the Fund for all losses and expenses of any Fund shareholder held liable for the obligations of their Fund. Thus, the risk of a shareholder incurring a financial loss on account of their liability as a shareholder of one of the Fund is limited to circumstances in which their Fund would be unable to meet its obligations. The possibility that these circumstances would occur is remote. The Trustees intend to conduct the operations of the Fund to avoid, to the extent possible, liability of shareholders for liabilities of their Fund.

It is important to know that, pursuant to the Trust's Amended and Restated Agreement and Declaration of Trust, the Trustees have the authority to merge, liquidate, and/or reorganize a fund into another fund without seeking shareholder vote or consent. Any such consolidation, merger, or reorganization may be authorized at any time by a vote of a majority of the Trustees then in office.

SHARES OF THE TRUST

The Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value of one cent per share for each series of the Trust. Shares of each series of the Trust are fully paid and nonassessable when issued. Shares of the Fund participate equally in dividends and other distributions by the Shares of the same class of the Fund, and in residual assets of that class of that Fund in the event of liquidation. Shares of the Fund have no preemptive or subscription rights. Shares of the Fund may be transferred by endorsement or stock power as is customary, but the Fund is not bound to recognize any transfer until it is recorded on its books.

SHAREHOLDER MEETINGS

The Trust does not intend to hold annual or regular shareholder meetings unless otherwise required by the Amended and Restated Agreement and Declaration of Trust or the 1940 Act. Special meetings may be called for a specific Fund or for the Trust as a whole for purposes such as changing fundamental policies, electing or removing Trustees, making any changes to the Amended and Restated Agreement and Declaration of Trust that would materially adversely affect shareholders' rights, determining whether to bring certain derivative actions, or for any other purpose requiring a shareholder vote under applicable law or the Trust's governing documents, or as the Trustees consider necessary or desirable. Under the Amended and Restated Agreement and Declaration of Trust, special meetings of shareholders of the Trust or of any Fund shall be called subject to certain conditions, upon written request of shareholders owning shares representing at least 10% of the shares then outstanding. The Fund will assist these shareholders in communicating with other shareholders in connection with such a meeting similar to that referred to in Section 16(c) of the 1940 Act.

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VOTING RIGHTS

The Board currently has eight members, of which five have been elected by shareholders. With the exception of Diane L. Wallace, Cheryl D. Alston, Darrell B. Jackson, and Dominic Janssens, each of the Trustees of the Trust was elected at a Special Meeting of Shareholders on June 14, 2016. Ms. Wallace was elected at a Special Meeting of Shareholders on April 25, 2017. Under the Amended and Restated Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his or her earlier death, retirement, resignation, incapacity, or removal. Vacancies will be filled by appointment by a majority of the remaining Trustees, subject to the 1940 Act.

As a shareholder, you are entitled to one vote for each whole dollar and a proportionate fractional vote for each fractional dollar of NAV of the Fund that you own. Generally, all funds and classes vote together as a single group, except where a separate vote of one or more funds or classes is required by law or where the interests of one or more funds or classes are affected differently from other funds or classes. Shares of all series of the Trust have noncumulative voting rights, which means that the holders of more than 50% of the value of shares of all series of the Trust voting for the election of Trustees can elect 100% of the Trustees if they choose to do so. In such event, the holders of the remaining value of shares will not be able to elect any Trustees.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP, 1900 16th Street, Suite 1600, Denver, Colorado 80202, the Independent Registered Public Accounting Firm for the Fund, audits the Fund's annual financial statements and performs tax services for the Fund.

REGISTRATION STATEMENT

The Trust has filed with the SEC, Washington, D.C., a Registration Statement under the Securities Act of 1933, as amended with respect to the securities to which this SAI relates. If further information is desired with respect to the Fund or such securities, reference is made to the Registration Statement and the exhibits filed as a part thereof.

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### FINANCIAL STATEMENTS
DOCUMENTS INCORPORATED BY REFERENCE TO FORM N-CSR OF JANUS INVESTMENT FUND (AUDITED)

[The financial statements and Report of Independent Registered Public Accounting Firm for the period ended June 30, 2024 are hereby incorporated into this SAI by reference to the Fund's Form N-CSR dated June 30, 2024.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000277751/000089843024000497/8dcc8791c160415.htm)

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### APPENDIX A
DESCRIPTION OF SECURITIES RATINGS

The following is a description of credit ratings issued by three of the major credit rating agencies. Credit ratings evaluate only the safety of principal and interest payments, not the market value risk of lower quality securities. Credit rating agencies may fail to change credit ratings to reflect subsequent events on a timely basis. Although the Adviser may consider security ratings when determining whether the securities in which the Fund invests present minimal credit risks, it also performs its own investment analysis and does not rely solely on the ratings assigned by credit agencies in making this determination.

MOODY'S AND STANDARD & POOR'S

#### Other Short-Term Debt Securities
Prime-1 and Prime-2 are the two highest ratings assigned by Moody's Investors Service, Inc. ("Moody's") for other short-term debt securities and commercial paper, and A-1 and A-2 are the two highest ratings for commercial paper assigned by Standard & Poor's Ratings Services ("S&P"). Moody's uses the numbers 1, 2, and 3 to denote relative strength within its highest classification of Prime, while S&P uses the numbers 1, 2, and 3 to denote relative strength within its highest classification of A. Issuers rated Prime-1 by Moody's have a superior ability for repayment of senior short-term debt obligations and have many of the following characteristics: leading market positions in well- established industries, high rates of return on funds employed, conservative capitalization structure with moderate reliance on debt and ample asset protection, broad margins in earnings coverage of fixed financial charges and high internal cash generation, and well established access to a range of financial markets and assured sources of alternate liquidity. Issuers rated Prime-2 by Moody's have a strong ability for repayment of senior short-term debt obligations and display many of the same characteristics displayed by issuers rated Prime-1, but to a lesser degree. Issuers rated A-1 by S&P carry a strong degree of safety regarding timely repayment. Those issues determined to possess extremely strong safety characteristics are denoted with a plus (+) designation. Issuers rated A-2 by S&P carry a satisfactory degree of safety regarding timely repayment.

FITCH, INC.

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| | |
|:---|:---|
| **Short-Term Bond Rating** | **Explanation** |
| F-1+ | Exceptionally strong credit quality. Issues assigned this rating are regarded as having the strongest degree of assurance for timely payment. |
| F-1 | Very strong credit quality. Issues assigned this rating reflect an assurance for timely payment only slightly less 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. |

---

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### APPENDIX B
DESCRIPTION OF MUNICIPAL SECURITIES

**Municipal Notes** generally are used to provide for short-term capital needs and usually have maturities of one year or less. They include the following:

1. **Project Notes**, which carry a U.S. Government guarantee, are issued by public bodies (called "local issuing agencies") created under the laws of a state, territory, or U.S. possession. They have maturities that range up to one year from the date of issuance. Project Notes are backed by an agreement between the local issuing agency and the Federal Department of Housing and Urban Development. These Notes provide financing for a wide range of financial assistance programs for housing, redevelopment, and related needs (such as low-income housing programs and renewal programs).

2. **Tax Anticipation Notes** are issued to finance working capital needs of municipalities. Generally, they are issued in anticipation of various seasonal tax revenues, such as income, sales, use and business taxes, and are payable from these specific future taxes.

3. **Revenue Anticipation Notes** are issued in expectation of receipt of other types of revenues, such as federal revenues available under the Federal Revenue Sharing Programs.

4. **Bond Anticipation Notes** are issued to provide interim financing until long-term financing can be arranged. In most cases, the long-term bonds then provide the money for the repayment of the Notes.

5. **Construction Loan Notes** are sold to provide construction financing. After successful completion and acceptance, many projects receive permanent financing through the Federal Housing Administration under Fannie Mae or Ginnie Mae.

6. **Tax-Exempt Commercial Paper** is a short-term obligation with a stated maturity of 365 days or less. It is issued by agencies of state and local governments to finance seasonal working capital needs or as short-term financing in anticipation of longer term financing.

**Municipal Bonds**, which meet longer-term capital needs and generally have maturities of more than one year when issued, have three principal classifications:

1. **General Obligation Bonds** are issued by such entities as states, counties, cities, towns, and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, highways and roads, and water and sewer systems. The basic security behind General Obligation Bonds is the issuer's pledge of its full faith and credit and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments.

2. **Revenue Bonds** in recent years have come to include an increasingly wide variety of types of municipal obligations. As with other kinds of municipal obligations, the issuers of revenue bonds may consist of virtually any form of state or local governmental entity, including states, state agencies, cities, counties, authorities of various kinds such as public housing or redevelopment authorities, and special districts such as water, sewer or sanitary districts. Generally, revenue bonds are secured by the revenues or net revenues derived from a particular facility, group of facilities, or, in some cases, the proceeds of a special excise or other specific revenue source. Revenue bonds are issued to finance a wide variety of capital projects including electric, gas, water and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals. Many of these bonds provide additional security in the form of a debt service reserve fund to be used to make principal and interest payments. Various forms of credit enhancement, such as a bank letter of credit or municipal bond insurance, may also be employed in revenue bond issues. Housing authorities have a wide range of security, including partially or fully insured mortgages, rent subsidized and/or collateralized mortgages, and/or the net revenues from housing or other public projects. Some authorities provide further security in the form of a state's ability (without obligation) to make up deficiencies in the debt service reserve fund.

In recent years, revenue bonds have been issued in large volumes for projects that are privately owned and operated (refer to 3 below).

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3. **Private Activity Bonds** are considered municipal bonds if the interest paid thereon is exempt from federal income tax and are issued by or on behalf of public authorities to raise money to finance various privately operated facilities for business and manufacturing, housing and health. These bonds are also used to finance public facilities such as airports, mass transit systems and ports. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property as security for such payment.

While, at one time, the pertinent provisions of the Internal Revenue Code permitted private activity bonds to bear tax-exempt interest in connection with virtually any type of commercial or industrial project (subject to various restrictions as to authorized costs, size limitations, state per capita volume restrictions, and other matters), the types of qualifying projects under the Internal Revenue Code have become increasingly limited, particularly since the enactment of the Tax Reform Act of 1986. Under current provisions of the Internal Revenue Code, tax-exempt financing remains available, under prescribed conditions, for certain privately owned and operated rental multi-family housing facilities, nonprofit hospital and nursing home projects, airports, docks and wharves, mass commuting facilities, and solid waste disposal projects, among others, and for the refunding (that is, the tax-exempt refinancing) of various kinds of other private commercial projects originally financed with tax-exempt bonds. In future years, the types of projects qualifying under the Internal Revenue Code for tax- exempt financing are expected to become increasingly limited.

Because of terminology formerly used in the Internal Revenue Code, virtually any form of private activity bond may still be referred to as an "industrial development bond," but more and more frequently revenue bonds have become classified according to the particular type of facility being financed, such as hospital revenue bonds, nursing home revenue bonds, multi-family housing revenue bonds, single family housing revenue bonds, industrial development revenue bonds, solid waste resource recovery revenue bonds, and so on.

**Other Municipal Obligations**, incurred for a variety of financing purposes, include: municipal leases, which may take the form of a lease or an installment purchase or conditional sale contract, are issued by state and local governments and authorities to acquire a wide variety of equipment and facilities such as fire and sanitation vehicles, telecommunications equipment and other capital assets. Municipal leases frequently have special risks not normally associated with general obligation or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the government issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt- issuance limitations of many state constitutions and statutes are deemed to be inapplicable because of the inclusion in many leases or contracts of "non-appropriation" clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. To reduce this risk, the Fund will only purchase municipal leases subject to a non-appropriation clause when the payment of principal and accrued interest is backed by an unconditional irrevocable letter of credit, or guarantee of a bank or other entity that meets the criteria described in the Prospectuses.

Tax-exempt bonds are also categorized according to whether the interest is or is not includible in the calculation of alternative minimum taxes imposed on individuals, according to whether the costs of acquiring or carrying the bonds are or are not deductible in part by banks and other financial institutions, and according to other criteria relevant for federal income tax purposes. Due to the increasing complexity of Internal Revenue Code and related requirements governing the issuance of tax- exempt bonds, industry practice has uniformly required, as a condition to the issuance of such bonds, but particularly for revenue bonds, an opinion of nationally recognized bond counsel as to the tax-exempt status of interest on the bonds.

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![LOGO](g144207g71z13.jpg)

![LOGO](g144207g91n98.jpg)

### janushenderson.com
151 Detroit Street

Denver, Colorado 80206-4805

1-877-335-2687

125-22-71277 08-25