Form 497K JANUS INVESTMENT FUND
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E-mailJanus Investment Fund
Janus Henderson Real Return Fund
Supplement dated December 11, 2017
to Currently Effective Prospectuses
The Board of Trustees (the “Trustees”) of Janus Investment Fund (the “Trust”) has approved a plan to liquidate and terminate Janus Henderson Real Return Fund (the “Fund”) with such liquidation effective on or about March 2, 2018 or at such other time as may be authorized by the Trustees (“Liquidation Date”). Termination of the Fund is expected to occur as soon as practicable following liquidation.
Effective January 9, 2018, the Fund will no longer accept investments by new shareholders. The Fund may be required to make a distribution of any income and/or capital gains of the Fund in connection with its liquidation.
Shareholders of the Fund may redeem their shares or exchange their shares for shares of another Janus Henderson fund which they are eligible to purchase at any time prior to the Liquidation Date. Effective January 9, 2018, any applicable contingent deferred sales charges (CDSCs) charged by the Fund will be waived for redemptions or exchanges. Exchanges by Class A shareholders into Class A shares of another Janus Henderson fund are not subject to any applicable initial sales charge. For shareholders holding shares through an intermediary, check with your intermediary regarding other Janus Henderson funds and share classes offered through your intermediary.
If a shareholder has not redeemed their shares as of the Liquidation Date, the shareholder’s account will be automatically redeemed and proceeds will be sent to the shareholder of record.
To prepare for the closing and liquidation of the Fund, the Fund’s portfolio managers may increase the Fund’s assets held in cash and similar instruments in order to pay for Fund expenses and meet redemption requests. As a result, the Fund may deviate from its stated investment strategies and policies and accordingly cease being managed to meet its investment objective during the liquidation of the Fund.
Additionally, any asset reductions and increase in cash and similar instruments could adversely affect the Fund’s short-term performance prior to the Liquidation Date. The Fund will incur transaction costs, such as brokerage commissions, when selling portfolio securities as a result of its plan to liquidate and terminate. These transaction costs may adversely affect performance.
Unless shares of the Fund are held in a tax-qualified account, the liquidation of shares held by a shareholder will generally be considered a taxable event. A shareholder should consult their personal tax adviser concerning their particular tax situation.
A shareholder may obtain additional information by calling their plan sponsor, broker-dealer, or financial institution, or by contacting a Janus Henderson representative at 1-877-335-2687 (or 1-800-525-3713 if you hold Class D Shares).
Please retain this Supplement with your records.
Summary Prospectus dated October
27, 2017
As Supplemented February 5, 2018
As Supplemented February 5, 2018
Janus Henderson Real Return
Fund
| Ticker: | JURAX | Class A Shares | JURSX | Class S Shares | JURTX | Class T Shares |
| JURCX | Class C Shares | JURIX | Class I Shares |
| INVESTMENT OBJECTIVE |
Janus Henderson Real Return Fund seeks real return consistent with preservation of capital.
| FEES AND EXPENSES OF THE FUND |
This table describes the fees and
expenses that you may pay if you buy and hold Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. For Class A Shares, you may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the Fund or in other Janus Henderson mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial
professional and in the “Purchases” section on page 88 of the Fund’s Prospectus and in the “Purchases” section on page 84 of the Fund’s Statement of Additional Information. In addition, please see Appendix A
– Intermediary Sales Charge Waivers and Discounts. You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class N Shares of the Fund that are not reflected in the table or in the example
below.
| SHAREHOLDER
FEES (fees paid directly from your investment) |
Class A | Class C | Class S | Class I | Class T | |||||
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 4.75% | None | None | None | None | |||||
| Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds) | None | 1.00% | None | None | None | |||||
| ANNUAL
FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) |
Class A | Class C | Class S | Class I | Class T | |||||
| Management Fees | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | |||||
| Distribution/Service (12b-1) Fees | 0.25% | 1.00% | 0.25% | None | None | |||||
| Other Expenses | 0.76% | 0.77% | 0.99% | 0.77% | 0.98% | |||||
| Total Annual Fund Operating Expenses(1) | 1.56% | 2.32% | 1.79% | 1.32% | 1.53% | |||||
| Fee Waiver(1) | 0.87% | 0.89% | 0.88% | 0.88% | 0.87% | |||||
| Total Annual Fund Operating Expenses After Fee Waiver(1) | 0.69% | 1.43% | 0.91% | 0.44% | 0.66% |
| (1) | Janus Capital has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class; brokerage commissions; interest; dividends; taxes; acquired fund fees and expenses; and extraordinary expenses) exceed 0.41% until at least November 1, 2018. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. |
EXAMPLE:
The following Example is based on expenses without
waivers. The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
| If Shares are redeemed: | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A Shares | $ 626 | $ 944 | $ 1,285 | $ 2,243 |
| Class C Shares | $ 335 | $ 724 | $ 1,240 | $ 2,656 |
| Class S Shares | $ 182 | $ 563 | $ 970 | $ 2,105 |
| Class I Shares | $ 134 | $ 418 | $ 723 | $ 1,590 |
| Class T Shares | $ 156 | $ 483 | $ 834 | $ 1,824 |
| 1 | Janus Henderson Real Return Fund |
| If Shares are not redeemed: | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A Shares | $ 626 | $ 944 | $ 1,285 | $ 2,243 |
| Class C Shares | $ 235 | $ 724 | $ 1,240 | $ 2,656 |
| Class S Shares | $ 182 | $ 563 | $ 970 | $ 2,105 |
| Class I Shares | $ 134 | $ 418 | $ 723 | $ 1,590 |
| Class T Shares | $ 156 | $ 483 | $ 834 | $ 1,824 |
Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.
| PRINCIPAL INVESTMENT STRATEGIES |
The Fund pursues its investment
objective by primarily investing in U.S. Treasury securities, short-duration high-yield/high-risk debt, commodity-linked investments, and equity securities. The Fund’s investments in U.S. Treasury securities may also include Treasury
Inflation-Protected Securities, also known as TIPS. As utilized by the Fund, each of these types of investments may be considered an “inflation-related investment,” which are those that may provide what is known as “real
return,” or a rate of return above the rate of inflation over a full market cycle. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.
The Fund may invest up to 90% of
its net assets in short-duration high-yield/high-risk debt securities. The Fund’s investments in short-duration high-yield/high-risk securities include debt rated below investment grade, also known as “junk” bonds. Securities rated
below investment grade may include their unrated equivalents or other high-yielding securities the portfolio managers believe offer attractive risk/return characteristics. The Fund may also invest in certain investment grade debt instruments,
including corporate bonds, government bonds, municipal bonds, commercial and residential mortgage-backed securities, zero-coupon bonds, and agency securities. The Fund may invest in foreign debt securities.
To seek exposure to the
commodities markets, the Fund may invest in commodity-linked investments such as commodity-related exchange-traded funds (“ETFs”), commodity index-linked swap agreements, commodity options and futures, and options on futures that provide
exposure to the investment returns of the commodities markets. The Fund may also invest in other commodity-linked derivative instruments, such as commodity-linked notes (“structured notes”).
The Fund’s investments in
equity securities may include common stock, preferred stock, and convertible securities, all of which may include exposure to foreign markets. The Fund may invest in companies of any market capitalization. The Fund’s equity investments may
also include securities of real estate-related companies, including, but not limited to, real estate investment trusts (“REITs”) and similar REIT-like entities, such as foreign entities that have REIT characteristics.
The Fund may also invest in
derivative instruments (by taking long and/or short positions) for various purposes, including hedging by shorting interest rate futures against long positions in TIPS, using inflation index swaps to hedge against unexpected changes in the rate of
inflation, using interest rate swaps to hedge against changes in interest rates, using currency swaps to adjust its currency exposure, to increase or decrease the Fund’s exposure to a particular market, to manage or adjust the risk profile of
the Fund related to an investment, and to earn income and enhance returns.
The Fund may also use reverse
repurchase agreements to generate income as part of its inflation-related strategies. Proceeds from reverse repurchase agreement transactions may be invested in other securities or instruments to attempt to increase the Fund’s investment
return. The Fund may also invest in money market instruments, buy backs or dollar rolls, other securitized debt products, commercial loans, various when-issued securities, exchange-traded notes, and other investment companies.
In addition to considering
economic factors such as the rate of inflation and the effect of interest rates on the Fund’s investments, the portfolio managers apply a “bottom up” approach in choosing investments. This means that the portfolio managers look at
securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund’s investment policies. The portfolio managers additionally consider the expected risk-adjusted return on a
particular investment and the Fund’s overall risk allocations and volatility.
| 2 | Janus Investment Fund |
The Fund may lend portfolio
securities on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.
| PRINCIPAL INVESTMENT RISKS |
Although the Fund may be less
volatile than funds that invest most of their assets in common stocks, the Fund’s returns and yields will vary, and you could lose money.
Fixed-Income Securities Risk. The Fund invests in a variety of fixed-income securities. Typically, the values of fixed-income securities change inversely with
prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that the value of such securities will generally decline as prevailing interest rates rise, which may cause the Fund’s
net asset value to likewise decrease. For example, while securities with longer maturities and durations tend to produce higher yields, they also tend to be more sensitive to changes in prevailing interest rates and are therefore more volatile than
shorter-term securities and are subject to greater market fluctuations as a result of changes in interest rates. Further, during periods of very low or negative interest rates, the Fund may not be able to maintain positive returns. The Fund may be
subject to heightened interest rate risk because the Federal Reserve has ended its monetary stimulus program known as quantitative easing and interest rates are near historically low levels. Since December 2016, the Federal Reserve has begun to
raise the target range for the federal funds rate. To the extent the Federal Reserve continues to raise rates, there is a risk that the fixed-income markets will experience increased volatility and that the liquidity of certain Fund investments may
be reduced. These developments could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. These developments or others also could cause the Fund to face increased shareholder
redemptions, which may lead to increased portfolio turnover and transaction costs, or could force the Fund to liquidate investments at disadvantageous times or prices, therefore adversely affecting the Fund as well as the value of your investment.
The amount of assets deemed illiquid remaining within the Fund may also increase, making it more difficult to meet shareholder redemptions and further adversely affecting the value of the Fund. How specific fixed-income securities may react to
changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, extension
risk, and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal
and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities,
may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such
security’s sale. In times of market instability, valuation may be more difficult. Extension risk is the risk that borrowers may pay off their debt obligations more slowly in times of rising interest rates, which will lengthen the duration of
the portfolio. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the portfolio managers would like or at the price the portfolio managers believe the security is currently worth. Liquidity risk may be increased to the extent that the Fund invests in Rule 144A and restricted securities.
High-Yield/High-Risk Bond Risk. The Fund may invest up to 90% of its net assets in higher-yielding/higher-risk bonds. High-yield/high-risk bonds (also known as “junk” bonds) may be more sensitive than other
types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. High-yield/high-risk bonds are bonds rated below investment grade by the primary
rating agencies such as Standard & Poor’s Ratings Services, Fitch, Inc., and Moody’s Investors Service, Inc. or are unrated bonds of similar quality. The value of lower quality bonds generally is more dependent on credit risk than
investment grade bonds. Issuers of high-yield/high-risk bonds may not be as strong financially as those issuing bonds with higher credit ratings and are more vulnerable to real or perceived economic changes, political changes, or adverse
developments specific to the issuer. In addition, the junk bond market can experience sudden and sharp price swings.
Sovereign Debt Risk. The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk.
However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to
repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by
various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its
economy
| 3 | Janus Henderson Real Return Fund |
as a whole. In the event of default, there may
be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the
Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.
Foreign Exposure Risk. The Fund may have exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S.
markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection
against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more
countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign
debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal
when due. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.
Real Estate Securities Risk. The Fund’s performance may be affected by the risks associated with investments in real estate-related companies. The value of real estate-related companies’ securities is
sensitive to changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, supply and demand, and the management skill and creditworthiness of the company. Investments in REITs involve the same
risks as other real estate investments. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code or fail to maintain its exemption from registration under the Investment Company Act of 1940,
as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund.
Inflation-Related Investment Risk. Inflation index swaps, inflation-linked bonds (including TIPS), and other inflation-linked securities are subject to inflation risk. A swap held long by the Fund can potentially lose value
if the rate of inflation over the life of the swap is less than the fixed rate that the Fund agrees to pay at the initiation of the swap. Except for the Fund’s investments in TIPS, which are guaranteed as to principal by the U.S. Treasury, the
inflation-adjusted principal value of inflation-linked bonds repaid at maturity may be less than the original principal. Because of their inflation-linked adjustment feature, inflation-linked bonds typically have lower yields than conventional
fixed-rate securities. In the event of deflation, where prices decline over time, the principal and income of inflation-linked bonds will likely decline, resulting in losses to the Fund.
Commodity-Linked Investments Risk. The Fund may invest in various commodity-linked investments that provide exposure to the commodities markets. Such exposure may subject the Fund to greater volatility than investments in
traditional securities. The value of a given commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, livestock, or agricultural products), a commodity futures contract or
commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may therefore be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest
rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
Derivatives Risk. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying referenced securities. Gains or losses from a derivative investment can be substantially
greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage. Derivatives can be
complex instruments and may involve analysis that differs from that required for other investment types used by the Fund. If the value of a derivative does not correlate well with the particular market or other asset class to which the derivative is
intended to provide exposure, the derivative may not produce the anticipated result. Derivatives can also reduce the opportunity for gain or result in losses by offsetting positive returns in other investments. Derivatives can be less liquid than other types of investments and entail the risk that the counterparty will default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. To the extent the Fund enters into
short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited.
Counterparty Risk. Certain derivative and “over-the-counter” instruments, such as swaps and forwards, are subject to the risk that the other party to a contract will not fulfill its contractual
obligations.
| 4 | Janus Investment Fund |
Exchange-Traded Funds Risk. The Fund may invest in ETFs to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific
index or be actively managed. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount.
When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF’s expenses. The Fund is also subject to the risks associated with the securities in
which the ETF invests.
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. 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 borrowers
pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s
returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of
fixed-income securities.
Reverse Repurchase Agreement Risk. Reverse repurchase agreements involve leverage risk, counterparty risk, and the risk that the value of securities that the Fund is obligated to repurchase under the agreement may decline
below the repurchase price. When the Fund invests reverse repurchase transaction proceeds, the Fund is at risk for any fluctuations in the value of securities in which the proceeds are invested. To the extent the Fund uses reverse repurchase
agreements, the value of an investment in the Fund may be more volatile, and such transactions may increase the Fund’s overall investment exposure. Additionally, interest expenses related to reverse repurchase transactions could exceed the
rate of return on debt obligations and other investments held by the Fund, thereby reducing returns to shareholders.
Portfolio Turnover Risk. Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the
acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.
Securities Lending Risk. The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions. There is the risk that when portfolio securities are lent,
the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a
security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is
made, resulting in a loss to the Fund.
Management Risk. The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies employed for the Fund may fail to produce the intended results. The
Fund may underperform its benchmark index or other mutual funds with similar investment objectives.
An investment in the Fund is not
a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
| Performance Information |
The following information
provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do
not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund’s average annual
returns for the periods indicated to broad-based securities market indices. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect
of these expense waivers, the performance shown would have been lower.
The Fund’s past performance
(before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/performance or by calling 1-877-335-2687.
| 5 | Janus Henderson Real Return Fund |
| Annual Total Returns for Class I Shares (calendar year-end) |
|
| Best Quarter: 1st Quarter 2012 5.52% | Worst Quarter: 2nd Quarter 2012 – 3.72% |
The Fund’s year-to-date
return as of the calendar quarter ended September 30, 2017 was 2.73%.
| Average Annual Total Returns (periods ended 12/31/16) | |||
| 1 Year | 5 Years | Since
Inception (5/13/11) | |
| Class I Shares | |||
| Return Before Taxes | 4.75% | 3.04% | 1.79% |
| Return After Taxes on Distributions | 3.09% | 1.84% | 0.69% |
| Return After Taxes on Distributions and Sale of Fund Shares(1) | 2.67% | 1.82% | 0.91% |
| Bloomberg
Barclays U.S. 1-5 Year TIPS Index (reflects no deduction for expenses, fees, or taxes) |
3.14% | 0.49% | 0.67% |
| Consumer
Price Index +2% (reflects no deduction for expenses, fees, or taxes) |
4.07% | 3.36% | 3.19% |
| Class A Shares | |||
| Return Before Taxes(2) | – 0.50% | 1.58% | 0.48% |
| Bloomberg
Barclays U.S. 1-5 Year TIPS Index (reflects no deduction for expenses, fees, or taxes) |
3.14% | 0.49% | 0.67% |
| Consumer
Price Index +2% (reflects no deduction for expenses, fees, or taxes) |
4.07% | 3.36% | 3.19% |
| Class C Shares | |||
| Return Before Taxes(3) | 2.72% | 2.02% | 0.78% |
| Bloomberg
Barclays U.S. 1-5 Year TIPS Index (reflects no deduction for expenses, fees, or taxes) |
3.14% | 0.49% | 0.67% |
| Consumer
Price Index +2% (reflects no deduction for expenses, fees, or taxes) |
4.07% | 3.36% | 3.19% |
| Class S Shares | |||
| Return Before Taxes | 4.43% | 2.77% | 1.48% |
| Bloomberg
Barclays U.S. 1-5 Year TIPS Index (reflects no deduction for expenses, fees, or taxes) |
3.14% | 0.49% | 0.67% |
| Consumer
Price Index +2% (reflects no deduction for expenses, fees, or taxes) |
4.07% | 3.36% | 3.19% |
| 6 | Janus Investment Fund |
| Average Annual Total Returns (periods ended 12/31/16) | |||
| 1 Year | 5 Years | Since
Inception (5/13/11) | |
| Class T Shares | |||
| Return Before Taxes | 4.64% | 2.94% | 1.68% |
| Bloomberg
Barclays U.S. 1-5 Year TIPS Index (reflects no deduction for expenses, fees, or taxes) |
3.14% | 0.49% | 0.67% |
| Consumer
Price Index +2% (reflects no deduction for expenses, fees, or taxes) |
4.07% | 3.36% | 3.19% |
| (1) | If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. |
| (2) | Calculated assuming maximum permitted sales loads. |
| (3) | The one year return is calculated to include the contingent deferred sales charge. |
The Fund’s primary
benchmark index is the Bloomberg Barclays U.S. 1-5 Year TIPS Index. The Fund also compares its performance to the Consumer Price Index +2%. The indices are described below.
| • | The Bloomberg Barclays U.S. 1-5 Year TIPS Index (also known as Bloomberg Barclays 1-5 Year U.S. Inflation-Linked Treasury Index) measures the performance of U.S. Treasury Inflation Protected Securities (TIPS) with maturity between one and five years. |
| • | The Consumer Price Index +2% is a measure of the average change over time in the prices paid by urban consumers for the market basket of consumer goods and services plus 200 basis points. |
After-tax returns are calculated
using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding
table. The after-tax return information shown above does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA.
After-tax returns are only shown
for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.
| MANAGEMENT |
Investment Adviser: Janus Capital Management LLC
Portfolio Managers: Mayur Saigal is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since October 2013. Darrell
Watters is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since October 2012.
| PURCHASE AND SALE OF FUND SHARES |
Minimum Investment Requirements*
| Class A Shares, Class C Shares**, Class S Shares, and Class T Shares | |
| Non-retirement accounts | $ 2,500 |
| Certain tax-deferred accounts or UGMA/UTMA accounts | $ 500 |
| Class I Shares | |
| Institutional investors (investing directly with the Fund) | $1,000,000 |
| Through an intermediary institution | |
| • non-retirement accounts | $ 2,500 |
| • certain tax-deferred accounts or UGMA/UTMA accounts | $ 500 |
| * | Exceptions to these minimums may apply for certain tax-deferred, tax-qualified and retirement plans, and accounts held through certain wrap programs. |
| ** | The maximum purchase in Class C Shares is $500,000 for any single purchase. |
| 7 | Janus Henderson Real Return Fund |
Purchases, exchanges, and
redemptions can generally be made only through institutional channels, such as financial intermediaries and retirement platforms. Class I Shares may be purchased directly by certain institutional investors. You should contact your financial
intermediary or refer to your plan documents for information on how to invest in the Fund. Requests must be received in good order by the Fund or its agents (financial intermediary or plan sponsor, if applicable) prior to the close of the regular
trading session of the New York Stock Exchange in order to receive that day’s net asset value. For additional information, refer to “Purchases,” “Exchanges,” and/or “Redemptions” in the Prospectus.
| Tax Information |
The Fund’s distributions
are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
| Payments to Broker-Dealers and Other Financial Intermediaries |
If you purchase Class A Shares,
Class C Shares, Class S Shares, Class I Shares, or Class T Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment or to recommend one share class over another. Ask your
salesperson or visit your financial intermediary’s website for more information.
| 8 | Janus Investment Fund |
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