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2019-01-01 2019-12-31 0000277751 jif:ClassDSharesMember jif:S000010479Member jif:C000083525Member 2020-01-01 2020-12-31 0000277751 jif:ClassDSharesMember jif:S000010479Member jif:C000083525Member 2021-01-01 2021-12-31 0000277751 jif:ClassDSharesMember jif:S000010479Member jif:C000083525Member 2022-01-01 2022-12-31 0000277751 jif:ClassDSharesMember jif:S000010479Member jif:C000083525Member 2023-01-01 2023-12-31 0000277751 jif:ClassDSharesMember jif:S000010479Member jif:C000083525Member 2024-01-01 2024-12-31 0000277751 jif:ClassDSharesMember jif:S000010479Member jif:C000083525Member 2025-01-01 2025-12-31 pure iso4217:USD Annual Total Returns for Class D Shares (calendar year-end) Annual Total Returns for Class T Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class T Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) Annual Total Returns for Class T Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class T Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class I Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed 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. Annual Total Returns for Class T Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class T Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) Annual Total Returns for Class L Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class T Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed 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. Annual Total Returns for Class T Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class I Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class I Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed 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. Annual Total Returns for Class T Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class I Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class A Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class I Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) If Shares are redeemed If Shares are not redeemed Annual Total Returns for Class T Shares (calendar year-end) Annual Total Returns for Class D Shares (calendar year-end) 2026-06-30 0000277751 false 485BPOS 0.0000 0.0032 0.0131 0.0164 0.0024 0.0000 0.0116 0.0456 0.0477 0.0399 0.0000 0.0030 0.0129 0.0162 0.0024 0.0000 0.0115 0.0454 0.0473 0.0386 0.1875 0.1388 -0.1331 0.3016 -0.0150 0.1938 -0.0510 0.1126 0.1311 0.0670 0.1882 0.1407 -0.1327 0.3027 -0.0135 0.1954 -0.0509 0.1142 0.1323 0.0677 0.0001 0.0048 0.0142 0.0173 0.0028 0.0000 0.0121 0.0463 0.0483 0.0401 0.0001 0.0034 0.0140 0.0171 0.0027 0.0000 0.0120 0.0460 0.0479 0.0390 0.1282 0.0609 -0.0306 0.1534 0.0549 0.0556 -0.1499 0.1148 0.0835 0.0898 0.1292 0.0618 -0.0297 0.1544 0.0547 0.0579 -0.1491 0.1159 0.0847 0.0911 0.0526 0.0243 -0.0388 0.0337 0.0356 -0.0043 -0.0146 0.0701 0.0611 0.0666 0.0491 0.0220 -0.0404 0.0338 0.0349 -0.0048 -0.0150 0.0685 0.0609 0.0664 0.0348 0.1967 -0.0830 0.1981 0.1444 0.1030 -0.1797 0.1364 0.1117 0.1861 0.0353 0.1972 -0.0822 0.1996 0.1450 0.1038 -0.1787 0.1371 0.1124 0.1867 0.2632 0.1261 -0.1318 0.2603 -0.0683 0.2257 -0.0990 0.1316 0.0616 0.0763 0.2642 0.1272 -0.1308 0.2609 -0.0674 0.2267 -0.0983 0.1325 0.0629 0.0772 0.2660 0.1288 -0.1299 0.2630 -0.0663 0.2287 -0.0970 0.1344 0.0641 0.0785 0.0242 0.0357 -0.0115 0.0950 0.1070 -0.0096 -0.1386 0.0553 0.0186 0.0737 0.0261 0.0355 -0.0096 0.0948 0.1080 -0.0086 -0.1376 0.0577 0.0188 0.0761 0.0233 0.1280 -0.0517 0.1202 0.1406 0.0388 -0.1697 0.0951 0.0656 0.1266 0.0240 0.1287 -0.0506 0.1208 0.1414 0.0404 -0.1691 0.0953 0.0662 0.1282 0.0445 0.1778 -0.0907 0.1884 0.0520 0.1172 -0.0867 0.1805 0.0888 0.2925 0.0434 0.1762 -0.0913 0.1871 0.0515 0.1165 -0.0864 0.1796 0.0877 0.2924 0.0808 0.2057 -0.0354 0.2349 0.1283 0.1962 -0.1412 0.1535 0.2369 0.1344 0.0795 0.2035 -0.0360 0.2360 0.1280 0.1971 -0.1410 0.1519 0.2369 0.1333 0.0297 0.1622 -0.0674 0.1560 0.1439 0.0710 -0.1748 0.1166 0.0892 0.1559 0.0306 0.1626 -0.0658 0.1563 0.1443 0.0724 -0.1741 0.1171 0.0889 0.1572 0.0786 0.0670 0.0063 0.1119 0.0546 0.0324 -0.1193 0.1033 0.0696 0.0959 0.0784 0.0669 0.0045 0.1113 0.0550 0.0309 -0.1198 0.1028 0.0692 0.0955 0.0592 0.0575 0.0037 0.0950 0.0916 -0.0078 -0.1674 0.0634 0.0099 0.0629 0.0592 0.0575 0.0055 0.0958 0.0945 -0.0074 -0.1653 0.0630 0.0116 0.0642 0.1952 0.1405 -0.0712 0.2689 -0.0309 0.1631 -0.0886 0.1525 0.1633 0.0446 0.1936 0.1403 -0.0718 0.2692 -0.0315 0.1632 -0.0897 0.1529 0.1626 0.0443 0.0148 0.0118 0.0079 0.0407 0.0470 -0.0022 -0.0541 0.0538 0.0550 0.0574 0.0158 0.0128 0.0090 0.0418 0.0482 -0.0011 -0.0531 0.0549 0.0562 0.0586 N-1A JANUS INVESTMENT FUND 2026-10-28 <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Conservative</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Conservative</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks total return through a primary emphasis on income with a secondary emphasis on growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 59 of the Fund’s Statement of Additional Information. In addition, please see Appendix B – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 59 of the Fund’s Statement of Additional Information. In addition, please see Appendix B – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0575 0 0 0 0 0 0.0100 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0.0005 0.0005 0.0005 0.0005 0.0025 0.0100 0.0025 0 0 0.0021 0.0020 0.0038 0.0022 0.0036 0.0044 0.0044 0.0044 0.0044 0.0044 0.0095 0.0169 0.0112 0.0071 0.0085 -0.0003 -0.0003 -0.0004 -0.0002 -0.0002 0.0092 0.0166 0.0108 0.0069 0.0083 <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any expenses of an underlying fund (acquired fund fees and expenses), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.14% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses (including the operating expenses of the underlying funds) are equal to the Total Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 663 857 1068 1672 269 530 915 1799 110 352 613 1360 70 225 393 881 85 269 469 1047 663 857 1068 1672 169 530 915 1799 110 352 613 1360 70 225 393 881 85 269 469 1047 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">38</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.38 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund invests in a diversified portfolio of underlying funds and will normally allocate 50%-70% of its investments to underlying funds that provide varying exposure to fixed-income and money market instruments, 30%-50% of its investments to underlying funds that provide varying exposure to common stocks of U.S.-based companies and international companies, and 0%-20% of its investments to underlying funds that provide exposure to alternative investments and alternative investment strategies. The underlying fixed-income funds encompass a wide range of fixed-income sectors, including corporate bonds, government securities, mortgage- and asset-backed securities, bank loans, securities that are rated below investment grade, and commercial paper, with varying maturities and duration, credit exposure, and regional exposure. The underlying equity funds may invest across a wide range of market capitalizations and segments, including emerging markets, and employ various investment strategies and styles such as growth and value. The underlying alternative funds may invest in various alternative strategies, including, but not limited to, commodities, currencies, and hedge fund strategies. Because it invests in other funds, the Fund is considered a “fund of funds.” </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Through its investments in underlying funds, the Fund invests in issuers from several different countries. As a result, the Fund normally will have approximately 40% to 65% of its net assets allocated to non-U.S. investments. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Fund may also have significant exposure to emerging markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition to investing in the underlying funds, the Fund may use forward foreign currency contracts to hedge risks associated with currency exposure. The Fund’s use of forward foreign currency contracts will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment policies. As a result, the Fund may not achieve its investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Refer to Appendix A of the Prospectus for a brief description of the investment strategies of each of the currently available Janus Henderson underlying funds. The underlying funds, and the Fund’s investment in any underlying fund, may change at any time without prior notice.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Affiliated Underlying Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Adviser has the authority to select and substitute the underlying funds. The Adviser is subject to conflicts of interest in allocating the Fund’s assets among certain Janus Henderson underlying funds both because the fees payable to it by the Janus Henderson underlying funds differ and because the Adviser is also responsible for managing the Janus Henderson underlying funds. In addition, the Adviser’s authority to allocate investments among the Janus Henderson underlying funds and underlying funds that are not sponsored by the Adviser creates conflicts of interest. For example, investing in Janus Henderson underlying funds could cause the Fund to incur higher fees and may cause the Adviser to receive greater compensation, increase assets under management, or support particular investment strategies. The Adviser, however, is a fiduciary to the Fund and is legally obligated to act in its best interest when selecting underlying funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Underlying ETF Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Underlying funds that are ETFs (“underlying 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 underlying ETF trades at a premium or discount to its net asset value. Underlying ETFs also involve the risk that an active trading market for an underlying ETF’s shares may not develop or be maintained. Similarly, because the value of underlying ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an underlying ETF at the most optimal time, which could adversely affect the Fund’s performance. As with any listed security, trading of an underlying ETF’s shares may be halted by the activation of individual or market-wide “circuit breakers” (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of an underlying ETF’s shares may also be halted if (i) the shares are delisted from an exchange without first being listed on another exchange or (ii) exchange officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s ability to achieve its investment objective depends largely upon portfolio management’s allocation of assets among the underlying funds and other securities using Janus Henderson’s proprietary strategic asset allocation and dynamic asset allocation methodologies. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund, that fund’s portfolio turnover, and any investments in which that fund focuses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Investment Process Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">No assurance can be given that the Fund’s investment strategy will be successful under all or any market conditions. Although the proprietary strategic asset allocation and dynamic asset allocation methodologies are designed to achieve the Fund’s investment objective, there is no guarantee that they will achieve the desired results, and there is a risk that they may not be successful in identifying how the Fund’s allocations and security exposures should be adjusted in order to reduce the risk of loss while participating in the upside growth of capital markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Forward Foreign Currency Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may engage in forward foreign currency transactions for hedging purposes. Portfolio management may purchase or sell foreign currencies through the use of forward contracts based on their judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, portfolio management seeks to benefit from unanticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be volatile and a variance in degree of volatility of the market or in the direction of the market from portfolio management’s expectations may produce significant losses to the Fund. Some of the transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.975pt;font-weight:bold;">Risks Through Investing in the Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The ability of the Fund to realize its investment objective will depend, in large part, on the extent to which the underlying funds realize their respective investment objectives. Similarly, the Fund’s investment performance is directly related to the investment performance of the underlying funds it holds. The Fund is subject to the risk factors associated with the investments of the underlying funds, and will be affected by such risks in direct proportion to the allocation of its assets among the underlying funds. Therefore, to the extent that the Fund invests significantly in a particular underlying fund, the Fund’s performance would be significantly impacted by the performance of such underlying fund. What follows are the main risks associated with the underlying funds, which, in turn, may be considered to be principal risks of the Fund. These risks are subject to change based on the allocation of the Fund’s assets among the underlying funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of an underlying fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, an underlying fund’s net asset value may fluctuate and it may be more difficult to value or sell an underlying fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of an underlying fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of an underlying fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the underlying fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause an underlying fund to reinvest its assets in securities with lower yields, resulting in a decline in an underlying fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund’s portfolio management would like or at the price the underlying fund’s portfolio management believes the security is currently worth. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on an underlying fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Passive Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are not actively managed and therefore an underlying fund might not sell shares of a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the underlying fund’s specific benchmark index or the selling of shares is otherwise required upon a rebalancing of the specific benchmark index. Maintaining investments in securities without attempting to take defensive positions, regardless of market conditions or the performance of individual securities, could cause an underlying fund’s return to be lower than if it had employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, an underlying fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for an underlying 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 an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If an underlying fund’s portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing an underlying fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on an underlying fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. In addition, an underlying fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of an underlying fund’s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of emerging markets issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying fund’s investments in securities issued by small- and mid-sized companies, which can include smaller, start-up companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. For example, small- and mid-sized companies may also suffer more significant losses as a result of their narrow product lines, limited operating history, greater exposure to competitive threats, limited financial resources, limited trading markets, and the potential lack of management depth. Securities issued by small- and mid-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holding are also subject to wider price fluctuations and tend to be less liquid that stock of larger or more established companies, which could have a significant adverse effect on an underlying fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. 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 an underlying fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent an underlying fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are actively managed investment portfolios and are therefore subject to the risk that the investment strategies and/or research process employed for those underlying funds may fail to produce the intended results. Accordingly, such underlying funds may underperform their respective benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Volatility Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is no guarantee that Janus Henderson Adaptive Risk Managed U.S. Equity Fund’s, an underlying fund, strategy to minimize volatility will be successful. Securities in the underlying fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the underlying fund’s strategy to minimize volatility could limit the underlying fund’s gains in rising markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause an underlying fund to be more volatile than if it had not used leverage.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Alternative Investments Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is a risk that the returns provided by alternative investments may be subject to high volatility and that an underlying fund’s portfolio management’s beliefs about the expected returns, risk and correlation properties of one or more of an underlying fund’s investments may be incorrect. There is also a risk that an underlying fund’s investments will correlate with the performance of stocks and bonds to a greater degree than anticipated. All of these factors may negatively affect your investment in the Fund and you could lose money. Investment in the underlying funds also involves derivatives, counterparty, leverage, real estate-related, and commodity-linked investment risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Without the effect of these expense waivers, the performance shown would have been lower. Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">9.71%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-11.41%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">3.36%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0971 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.1141 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0336 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.1266 0.0255 0.0472 0.1175 0.0144 0.0361 0.0760 0.0165 0.0344 0.0601 0.0121 0.0397 0.1072 0.0168 0.0389 0.1229 0.0221 0.0440 0.1270 0.0265 0.0484 0.0486 0.0034 0.0239 0.1165 0.0471 0.0626 0.1197 0.0578 0.0610 0.0817 -0.0215 0.0126 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">Effective January 1, 2026, the Fund changed its broad-based benchmark index from the Bloomberg Global Aggregate Bond Index (Unhedged) to the Bloomberg Global Aggregate Bond Index (Hedged) as it has investment characteristics similar to the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund’s additional benchmark </span><span style="font-family:Times New Roman;font-size:9.50pt;">indices are the Global Conservative Allocation Index (Hedged) and the Global Conservative Allocation Index (Unhedged). The indices are described below.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Bloomberg Global Aggregate Bond Index (Hedged) is a broad-based measure of the global investment grade fixed-rate debt markets. The Bloomberg Global Aggregate Bond Index (Hedged) represents a close estimation of the performance that can be achieved by hedging the currency exposure to USD.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Conservative Allocation Index (Hedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Bloomberg Global Aggregate Bond Index (Hedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(60%) and the MSCI All Country World Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;"> (Unhedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(40%). </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Conservative Allocation Index (Unhedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Bloomberg Global Aggregate Bond Index (Unhedged) (60%) and the MSCI All Country World Index (Unhedged) (40%).</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Bloomberg Global Aggregate Bond Index (Unhedged) is a broad-based measure of the global investment grade fixed-rate debt markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">Effective January 1, 2026, the Fund changed its broad-based benchmark index from the Bloomberg Global Aggregate Bond Index (Unhedged) to the Bloomberg Global Aggregate Bond Index (Hedged) as it has investment characteristics similar to the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Moderate</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Moderate</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks total return through growth of capital and income.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 59 of the Fund’s Statement of Additional Information. In addition, please see Appendix B – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 59 of the Fund’s Statement of Additional Information. In addition, please see Appendix B – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0575 0 0 0 0 0 0.0100 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0.0005 0.0005 0.0005 0.0005 0.0025 0.0100 0.0025 0 0 0.0013 0.0017 0.0034 0.0017 0.0033 0.0047 0.0047 0.0047 0.0047 0.0047 0.0090 0.0169 0.0111 0.0069 0.0085 -0.0001 -0.0002 -0.0002 -0.0001 -0.0001 0.0089 0.0167 0.0109 0.0068 0.0084 <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any expenses of an underlying fund (acquired fund fees and expenses), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.12% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses (including the operating expenses of the underlying funds) 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 661 845 1044 1618 270 531 916 1786 111 351 610 1350 69 220 383 858 86 270 470 1048 661 845 1044 1618 170 531 916 1786 111 351 610 1350 69 220 383 858 86 270 470 1048 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">38</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.38 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund invests in a diversified portfolio of underlying funds and will normally allocate 45%-70% of its investments to underlying funds that provide varying exposure to common stocks of U.S.-based companies and international companies, 30%-50% of its investments to underlying funds that provide varying exposure to fixed-income and money market instruments, and 0%-20% of its investments to underlying funds that provide exposure to alternative investments and alternative investment strategies. The underlying equity funds may invest across a wide range of market capitalizations and segments, including emerging markets, and employ various investment strategies and styles such as growth and value. The underlying fixed-income funds encompass a wide range of fixed-income sectors, including corporate bonds, government securities, mortgage- and asset-backed securities, bank loans, securities that are rated below investment grade, and commercial paper, with varying maturities and duration, credit exposure, and regional exposure. The underlying alternative funds may invest in various alternative strategies, including, but not limited to, commodities, currencies, and hedge fund strategies. Because it invests in other funds, the Fund is considered a “fund of funds.” </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Through its investments in underlying funds, the Fund invests in issuers from several different countries. As a result, the Fund normally will have approximately 40% to 65% of its net assets allocated to non-U.S. investments. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Fund may also have significant exposure to emerging markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition to investing in the underlying funds, the Fund may use forward foreign currency contracts to hedge risks associated with currency exposure. The Fund’s use of forward foreign currency contracts will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment policies. As a result, the Fund may not achieve its investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Refer to Appendix A of the Prospectus for a brief description of the investment strategies of each of the currently available Janus Henderson underlying funds. The underlying funds, and the Fund’s investment in any underlying fund, may change at any time without prior notice.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Affiliated Underlying Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Adviser has the authority to select and substitute the underlying funds. The Adviser is subject to conflicts of interest in allocating the Fund’s assets among certain Janus Henderson underlying funds both because the fees payable to it by the Janus Henderson underlying funds differ and because the Adviser is also responsible for managing the Janus Henderson underlying funds. In addition, the Adviser’s authority to allocate investments among the Janus Henderson underlying funds and underlying funds that are not sponsored by the Adviser creates conflicts of interest. For example, investing in Janus Henderson underlying funds could cause the Fund to incur higher fees and may cause the Adviser to receive greater compensation, increase assets under management, or support particular investment strategies. The Adviser, however, is a fiduciary to the Fund and is legally obligated to act in its best interest when selecting underlying funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Underlying ETF Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Underlying funds that are ETFs (“underlying 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 underlying ETF trades at a premium or discount to its net asset value. Underlying ETFs also involve the risk that an active trading market for an underlying ETF’s shares may not develop or be maintained. Similarly, because the value of underlying ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an underlying ETF at the most optimal time, which could adversely affect the Fund’s performance. As with any listed security, trading of an underlying ETF’s shares may be halted by the activation of individual or market-wide “circuit breakers” (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of an underlying ETF’s shares may also be halted if (i) the shares are delisted from an exchange without first being listed on another exchange or (ii) exchange officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s ability to achieve its investment objective depends largely upon portfolio management’s allocation of assets among the underlying funds and other securities using Janus Henderson’s proprietary strategic asset allocation and dynamic asset allocation methodologies. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund, that fund’s portfolio turnover, and any investments in which that fund focuses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Investment Process Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">No assurance can be given that the Fund’s investment strategy will be successful under all or any market conditions. Although the proprietary strategic asset allocation and dynamic asset allocation methodologies are designed to achieve the Fund’s investment objective, there is no guarantee that they will achieve the desired results, and there is a risk that they may not be successful in identifying how the Fund’s allocations and security exposures should be adjusted in order to reduce the risk of loss while participating in the upside growth of capital markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Forward Foreign Currency Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may engage in forward foreign currency transactions for hedging purposes. Portfolio management may purchase or sell foreign currencies through the use of forward contracts based on their </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, portfolio management seeks to benefit from unanticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be volatile and a variance in degree of volatility of the market or in the direction of the market from portfolio management’s expectations may produce significant losses to the Fund. Some of the transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.975pt;font-weight:bold;">Risks Through Investing in the Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The ability of the Fund to realize its investment objective will depend, in large part, on the extent to which the underlying funds realize their respective investment objectives. Similarly, the Fund’s investment performance is directly related to the investment performance of the underlying funds it holds. The Fund is subject to the risk factors associated with the investments of the underlying funds, and will be affected by such risks in direct proportion to the allocation of its assets among the underlying funds. Therefore, to the extent that the Fund invests significantly in a particular underlying fund, the Fund’s performance would be significantly impacted by the performance of such underlying fund. What follows are the main risks associated with the underlying funds, which, in turn, may be considered to be principal risks of the Fund. These risks are subject to change based on the allocation of the Fund’s assets among the underlying funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of an underlying fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, an underlying fund’s net asset value may fluctuate and it may be more difficult to value or sell an underlying fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of an underlying fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of an underlying fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the underlying fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause an underlying fund to reinvest its assets in securities with lower yields, resulting in a decline in an underlying fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund’s portfolio management would like or at the price the underlying fund’s portfolio management believes the security is currently worth. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on an underlying fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Passive Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are not actively managed and therefore an underlying fund might not sell shares of a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the underlying fund’s specific benchmark index or the selling of shares is otherwise required upon a rebalancing of the specific benchmark index. Maintaining investments in securities without attempting to take defensive positions, regardless of market conditions or the performance of individual securities, could cause an underlying fund’s return to be lower than if it had employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, an underlying fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for an underlying 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 an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If an underlying fund’s portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing an underlying fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on an underlying fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. In addition, an underlying fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of an underlying fund’s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of emerging markets issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying fund’s investments in securities issued by small- and mid-sized companies, which can include smaller, start-up companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. For example, small- and mid-sized companies may also suffer more significant losses as a result of their narrow product lines, limited operating history, greater exposure to competitive threats, limited financial resources, limited trading markets, and the potential lack of management depth. Securities issued by small- and mid-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holding are also subject to wider price fluctuations and tend to be less liquid that stock of larger or more established companies, which could have a significant adverse effect on an underlying fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. 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 an underlying fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent an underlying fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are actively managed investment portfolios and are therefore subject to the risk that the investment strategies and/or research process employed for those underlying funds may fail to produce the intended results. Accordingly, such underlying funds may underperform their respective benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Volatility Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is no guarantee that Janus Henderson Adaptive Risk Managed U.S. Equity Fund’s, an underlying fund, strategy to minimize volatility will be successful. Securities in the underlying fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the underlying fund’s strategy to minimize volatility could limit the underlying fund’s gains in rising markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause an underlying fund to be more volatile than if it had not used leverage.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Alternative Investments Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is a risk that the returns provided by alternative investments may be subject to high volatility and that an underlying fund’s portfolio management’s beliefs about the expected returns, risk and correlation properties of one or more of an underlying fund’s investments may be incorrect. There is also a risk that an underlying fund’s investments will correlate with the performance of stocks and bonds to a greater degree than anticipated. All of these factors may negatively affect your investment in the Fund and you could lose money. Investment in the underlying funds also involves derivatives, counterparty, leverage, real estate-related, and commodity-linked investment risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Without the effect of these expense waivers, the performance shown would have been lower. Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">12.54%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-14.30%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">5.84%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.1254 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1430 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0584 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.1559 0.0444 0.0625 0.1385 0.0294 0.0488 0.1009 0.0310 0.0466 0.0894 0.0311 0.0552 0.1361 0.0357 0.0539 0.1524 0.0411 0.0593 0.1577 0.0456 0.0638 0.2234 0.1119 0.1172 0.1515 0.0688 0.0813 0.1660 0.0579 0.0762 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the MSCI All Country World Index. The Fund’s additional benchmark indices are the Global Moderate Allocation Index (Hedged), effective January 1, 2026, and the Global Moderate Allocation Index (Unhedged). The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country World Index is designed to measure equity market performance in global developed and emerging markets.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Moderate Allocation Index (Hedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (Unhedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(60%) and the Bloomberg Global Aggregate Bond Index (Hedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(40%). </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Moderate Allocation Index (Unhedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (Unhedged) (60%) and the Bloomberg Global Aggregate Bond Index (Unhedged) (40%).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Growth</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Growth</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks total return through a primary emphasis on growth of capital with a secondary emphasis on income.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 59 of the Fund’s Statement of Additional Information. In addition, please see Appendix B – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 59 of the Fund’s Statement of Additional Information. In addition, please see Appendix B – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0575 0 0 0 0 0 0.0100 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0.0005 0.0005 0.0005 0.0005 0.0025 0.0100 0.0025 0 0 0.0013 0.0016 0.0032 0.0016 0.0032 0.0051 0.0051 0.0051 0.0051 0.0051 0.0094 0.0172 0.0113 0.0072 0.0088 <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses (including the operating expenses of the underlying funds) remain the same. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 665 857 1065 1663 275 542 933 1823 115 359 622 1375 74 230 401 894 90 281 488 1084 665 857 1065 1663 175 542 933 1823 115 359 622 1375 74 230 401 894 90 281 488 1084 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">43</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.43 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund invests in a diversified portfolio of underlying funds and will normally allocate 70%-90% of its investments to underlying funds that provide varying exposure to common stocks of U.S.-based companies and international companies, 10%-30% of its investments to underlying funds that provide varying exposure to fixed-income and money market instruments, and 0%-20% of its investments to underlying funds that provide exposure to alternative investments and alternative investment strategies. The underlying equity funds may invest across a wide range of market capitalizations and segments, including emerging markets, and employ various investment strategies and styles such as growth and value. The underlying fixed-income funds encompass a wide range of fixed-income sectors, including corporate bonds, government securities, mortgage- and asset-backed securities, bank loans, securities that are rated below investment grade, and commercial paper, with varying maturities and duration, credit exposure, and regional exposure. The underlying alternative funds may invest in various alternative strategies, including, but not limited to, commodities, currencies, and hedge fund strategies. Because it invests in other funds, the Fund is considered a “fund of funds.” </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Through its investments in underlying funds, the Fund invests in issuers from several different countries. As a result, the Fund normally will have approximately 40% to 65% of its net assets allocated to non-U.S. investments. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Fund may also have significant exposure to emerging markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition to investing in the underlying funds, the Fund may use forward foreign currency contracts to hedge risks associated with currency exposure. The Fund’s use of forward foreign currency contracts will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment policies. As a result, the Fund may not achieve its investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Refer to Appendix A of the Prospectus for a brief description of the investment strategies of each of the currently available Janus Henderson underlying funds. The underlying funds, and the Fund’s investment in any underlying fund, may change at any time without prior notice.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Affiliated Underlying Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Adviser has the authority to select and substitute the underlying funds. The Adviser is subject to conflicts of interest in allocating the Fund’s assets among certain Janus Henderson underlying funds both because the fees payable to it by the Janus Henderson underlying funds differ and because the Adviser is also responsible for managing the Janus Henderson underlying funds. In addition, the Adviser’s authority to allocate investments among the Janus Henderson underlying funds and underlying funds that are not sponsored by the Adviser creates conflicts of interest. For example, investing in Janus Henderson underlying funds could cause the Fund to incur higher fees and may cause the Adviser to receive greater compensation, increase assets under management, or support particular investment strategies. The Adviser, however, is a fiduciary to the Fund and is legally obligated to act in its best interest when selecting underlying funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Underlying ETF Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Underlying funds that are ETFs (“underlying 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 underlying ETF trades at a premium or discount to its net asset value. Underlying ETFs also involve the risk that an active trading market for an underlying ETF’s shares may not develop or be maintained. Similarly, because the value of underlying ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an underlying ETF at the most optimal time, which could adversely affect the Fund’s performance. As with any listed security, trading of an underlying ETF’s shares may be halted by the activation of individual or market-wide “circuit breakers” (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of an underlying ETF’s shares may also be halted if (i) the shares are delisted from an exchange without first being listed on another exchange or (ii) exchange officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s ability to achieve its investment objective depends largely upon portfolio management’s allocation of assets among the underlying funds and other securities using Janus Henderson’s proprietary strategic asset allocation and dynamic asset allocation methodologies. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund, that fund’s portfolio turnover, and any investments in which that fund focuses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Investment Process Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">No assurance can be given that the Fund’s investment strategy will be successful under all or any market conditions. Although the proprietary strategic asset allocation and dynamic asset allocation methodologies are designed to achieve the Fund’s investment objective, there is no guarantee that they will achieve the desired results, and there is a risk that they may not be successful in identifying how the Fund’s allocations and security exposures should be adjusted in order to reduce the risk of loss while participating in the upside growth of capital markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Forward Foreign Currency Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may engage in forward foreign currency transactions for hedging purposes. Portfolio management may purchase or sell foreign currencies through the use of forward contracts based on their judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, portfolio management seeks to benefit from unanticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be volatile and a variance in degree of volatility of the market or in the direction of the market from portfolio management’s expectations may produce significant losses to the Fund. Some of the transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.975pt;font-weight:bold;">Risks Through Investing in the Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The ability of the Fund to realize its investment objective will depend, in large part, on the extent to which the underlying funds realize their respective investment objectives. Similarly, the Fund’s investment performance is directly related to the investment performance of the underlying funds it holds. The Fund is subject to the risk factors associated with the investments of the underlying funds, and will be affected by such risks in direct proportion to the allocation of its assets among the underlying funds. Therefore, to the extent that the Fund invests significantly in a particular underlying fund, the Fund’s performance would be significantly impacted by the performance of such underlying fund. What follows are the main risks associated with the underlying funds, which, in turn, may be considered to be principal risks of the Fund. These risks are subject to change based on the allocation of the Fund’s assets among the underlying funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of an underlying fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, an underlying fund’s net asset value may fluctuate and it may be more difficult to value or sell an underlying fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of an underlying fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of an underlying fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the underlying fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause an underlying fund to reinvest its assets in securities with lower yields, resulting in a decline in an underlying fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund’s portfolio management would like or at the price the underlying fund’s portfolio management believes the security is currently worth. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on an underlying fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Passive Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are not actively managed and therefore an underlying fund might not sell shares of a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the underlying fund’s specific benchmark index or the selling of shares is otherwise required upon a rebalancing of the specific benchmark index. Maintaining investments in securities without attempting to take defensive positions, regardless of market conditions or the performance of individual securities, could cause an underlying fund’s return to be lower than if it had employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, an underlying fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for an underlying 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 an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If an underlying fund’s portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing an underlying fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on an underlying fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. In addition, an underlying fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of an underlying fund’s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of emerging markets issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying fund’s investments in securities issued by small- and mid-sized companies, which can include smaller, start-up companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. For example, small- and mid-sized companies may also suffer more significant losses as a result of their narrow product lines, limited operating history, greater exposure to competitive threats, limited financial resources, limited trading markets, and the potential lack of management depth. Securities issued by small- and mid-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holding are also subject to wider price fluctuations and tend to be less liquid that stock of larger or more established companies, which could have a significant adverse effect on an underlying fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 an underlying fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent an underlying fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are actively managed investment portfolios and are therefore subject to the risk that the investment strategies and/or research process employed for those underlying funds may fail to produce the intended results. Accordingly, such underlying funds may underperform their respective benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Volatility Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is no guarantee that Janus Henderson Adaptive Risk Managed U.S. Equity Fund’s, an underlying fund, strategy to minimize volatility will be successful. Securities in the underlying fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the underlying fund’s strategy to minimize volatility could limit the underlying fund’s gains in rising markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause an underlying fund to be more volatile than if it had not used leverage.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Alternative Investments Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is a risk that the returns provided by alternative investments may be subject to high volatility and that an underlying fund’s portfolio management’s beliefs about the expected returns, risk and correlation properties of one or more of an underlying fund’s investments may be incorrect. There is also a risk that an underlying fund’s investments will correlate with the performance of stocks and bonds to a greater degree than anticipated. All of these factors may negatively affect your investment in the Fund and you could lose money. Investment in the underlying funds also involves derivatives, counterparty, leverage, real estate-related, and commodity-linked investment risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Without the effect of these expense waivers, the performance shown would have been lower. Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">15.73%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-19.41%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">8.27%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1573 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1941 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0827 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.1861 0.0627 0.0776 0.1676 0.0438 0.0615 0.1216 0.0454 0.0590 0.1166 0.0491 0.0700 0.1658 0.0539 0.0689 0.1823 0.0598 0.0746 0.1866 0.0639 0.0789 0.2234 0.1119 0.1172 0.1871 0.0904 0.0995 0.1946 0.0848 0.0969 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the MSCI All Country World Index. The Fund’s additional benchmark indices are the Global Growth Allocation Index (Hedged), effective January 1, 2026, and the Global Growth Allocation Index (Unhedged). The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country World Index is designed to measure equity market performance in global developed and emerging markets.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Growth Allocation Index (Hedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (Unhedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(80%) and the Bloomberg Global Aggregate Bond Index (Hedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(20%). </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Growth Allocation Index (Unhedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (Unhedged) (80%) and the Bloomberg Global Aggregate Bond Index (Unhedged) (20%).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Conservative</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Conservative</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks total return through a primary emphasis on income with a secondary emphasis on growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0.0024 0.0044 0.0073 -0.0004 0.0069 <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any expenses of an underlying fund (acquired fund fees and expenses), shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.14% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, 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 (including the operating expenses of the underlying funds) are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 70 229 402 903 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">38</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.38 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund invests in a diversified portfolio of underlying funds and will normally allocate 50%-70% of its investments to underlying funds that provide varying exposure to fixed-income and money market instruments, 30%-50% of its investments to underlying funds that provide varying exposure to common stocks of U.S.-based companies and international companies, and 0%-20% of its investments to underlying funds that provide exposure to alternative investments and alternative investment strategies. The underlying fixed-income funds encompass a wide range of fixed-income sectors, including corporate bonds, government securities, mortgage- and asset-backed securities, bank loans, securities that are rated below investment grade, and commercial paper, with varying maturities and duration, credit exposure, and regional exposure. The underlying equity funds may invest across a wide range of market capitalizations and segments, including emerging markets, and employ various investment strategies and styles such as growth and value. The underlying alternative funds may invest in various alternative strategies, including, but not limited to, commodities, currencies, and hedge fund strategies. Because it invests in other funds, the Fund is considered a “fund of funds.” </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Through its investments in underlying funds, the Fund invests in issuers from several different countries. As a result, the Fund normally will have approximately 40% to 65% of its net assets allocated to non-U.S. investments. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Fund may also have significant exposure to emerging markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition to investing in the underlying funds, the Fund may use forward foreign currency contracts to hedge risks associated with currency exposure. The Fund’s use of forward foreign currency contracts will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment policies. As a result, the Fund may not achieve its investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Refer to Appendix A of the Prospectus for a brief description of the investment strategies of each of the currently available Janus Henderson underlying funds. The underlying funds, and the Fund’s investment in any underlying fund, may change at any time without prior notice.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Affiliated Underlying Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Adviser has the authority to select and substitute the underlying funds. The Adviser is subject to conflicts of interest in allocating the Fund’s assets among certain Janus Henderson underlying funds both because the fees payable to it by the Janus Henderson underlying funds differ and because the Adviser is also responsible for managing the Janus Henderson underlying funds. In addition, the Adviser’s authority to allocate investments among the Janus Henderson underlying funds and underlying funds that are not sponsored by the Adviser creates conflicts of interest. For example, investing in Janus Henderson underlying funds could cause the Fund to incur higher fees and may cause the Adviser to receive greater compensation, increase assets under management, or support particular investment strategies. The Adviser, however, is a fiduciary to the Fund and is legally obligated to act in its best interest when selecting underlying funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Underlying ETF Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Underlying funds that are ETFs (“underlying 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 underlying ETF trades at a premium or discount to its net asset value. Underlying ETFs also involve the risk that an active trading market for an underlying ETF’s shares may not develop or be maintained. Similarly, because the value of underlying ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an underlying ETF at the most optimal time, which could adversely affect the Fund’s performance. As with any listed security, trading of an underlying ETF’s shares may be halted by the activation of individual or market-wide “circuit breakers” (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of an underlying ETF’s shares may also be halted if (i) the shares are delisted from an exchange without first being listed on another exchange or (ii) exchange officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s ability to achieve its investment objective depends largely upon portfolio management’s allocation of assets among the underlying funds and other securities using Janus Henderson’s proprietary strategic asset allocation and dynamic asset allocation methodologies. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund, that fund’s portfolio turnover, and any investments in which that fund focuses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Investment Process Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">No assurance can be given that the Fund’s investment strategy will be successful under all or any market conditions. Although the proprietary strategic asset allocation and dynamic asset allocation methodologies are designed to achieve the Fund’s investment objective, there is no guarantee that they will achieve the desired results, and there is a risk that they may not be successful in identifying how the Fund’s allocations and security exposures should be adjusted in order to reduce the risk of loss while participating in the upside growth of capital markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Forward Foreign Currency Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may engage in forward foreign currency transactions for hedging purposes. Portfolio management may purchase or sell foreign currencies through the use of forward contracts based on their judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, portfolio management seeks to benefit from unanticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be volatile and a variance in degree of volatility of the market or in the direction of the market from portfolio management’s expectations may produce significant losses to the Fund. Some of the transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.975pt;font-weight:bold;">Risks Through Investing in the Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The ability of the Fund to realize its investment objective will depend, in large part, on the extent to which the underlying funds realize their respective investment objectives. Similarly, the Fund’s investment performance is directly related to the investment performance of the underlying funds it holds. The Fund is subject to the risk factors associated with the investments of the underlying funds, and will be affected by such risks in direct proportion to the allocation of its assets among the underlying funds. Therefore, to the extent that the Fund invests significantly in a particular underlying fund, the Fund’s performance would be significantly impacted by the performance of such underlying fund. What follows are the main risks associated with the underlying funds, which, in turn, may be considered to be principal risks of the Fund. These risks are subject to change based on the allocation of the Fund’s assets among the underlying funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of an underlying fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, an underlying fund’s net asset value may fluctuate and it may be more difficult to value or sell an underlying fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of an underlying fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">securities perform, the value of an underlying fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the underlying fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause an underlying fund to reinvest its assets in securities with lower yields, resulting in a decline in an underlying fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund’s portfolio management would like or at the price the underlying fund’s portfolio management believes the security is currently worth. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on an underlying fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Passive Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are not actively managed and therefore an underlying fund might not sell shares of a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the underlying fund’s specific benchmark index or the selling of shares is otherwise required upon a rebalancing of the specific benchmark index. Maintaining investments in securities without attempting to take defensive positions, regardless of market conditions or the performance of individual securities, could cause an underlying fund’s return to be lower than if it had employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, an underlying fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for an underlying 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 an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If an underlying fund’s portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing an underlying fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on an underlying fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. In addition, an underlying fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of an underlying fund’s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of emerging markets issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying fund’s investments in securities issued by small- and mid-sized companies, which can include smaller, start-up companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. For example, small- and mid-sized companies may also suffer more significant losses as a result of their narrow product lines, limited operating history, greater exposure to competitive threats, limited financial resources, limited trading markets, and the potential lack of management depth. Securities issued by small- and mid-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holding are also subject to wider price fluctuations and tend to be less liquid that stock of larger or more established companies, which could have a significant adverse effect on an underlying fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. 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 an underlying fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent an underlying fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are actively managed investment portfolios and are therefore subject to the risk that the investment strategies and/or research process employed for those underlying funds may fail to produce the intended results. Accordingly, such underlying funds may underperform their respective benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Volatility Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is no guarantee that Janus Henderson Adaptive Risk Managed U.S. Equity Fund’s, an underlying fund, strategy to minimize volatility will be successful. Securities in the underlying fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the underlying fund’s strategy to minimize volatility could limit the underlying fund’s gains in rising markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause an underlying fund to be more volatile than if it had not used leverage.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Alternative Investments Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is a risk that the returns provided by alternative investments may be subject to high volatility and that an underlying fund’s portfolio management’s beliefs about the expected returns, risk and correlation properties of one or more of an underlying fund’s investments may be incorrect. There is also a risk that an underlying fund’s investments will correlate with the performance of stocks and bonds to a greater degree than anticipated. All of these factors may negatively affect your investment in the Fund and you could lose money. Investment in the underlying funds also involves derivatives, counterparty, leverage, real estate-related, and commodity-linked investment risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower. Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">9.69%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-11.31%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">3.44%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0969 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.1131 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0344 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.1282 0.0264 0.0481 0.1188 0.0150 0.0366 0.0770 0.0171 0.0349 0.0486 0.0034 0.0239 0.1165 0.0471 0.0626 0.1197 0.0578 0.0610 0.0817 -0.0215 0.0126 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">Effective January 1, 2026, the Fund changed its broad-based benchmark index from the Bloomberg Global Aggregate Bond Index (Unhedged) to the Bloomberg Global Aggregate Bond Index (Hedged) as it has investment characteristics similar to the Fund.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund’s additional benchmark </span><span style="font-family:Times New Roman;font-size:9.50pt;">indices are the Global Conservative Allocation Index (Hedged) and the Global Conservative Allocation Index (Unhedged). The indices are described below.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Bloomberg Global Aggregate Bond Index (Hedged) is a broad-based measure of the global investment grade fixed-rate debt markets. The Bloomberg Global Aggregate Bond Index (Hedged) represents a close estimation of the performance that can be achieved by hedging the currency exposure to USD.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Conservative Allocation Index (Hedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Bloomberg Global Aggregate Bond Index (Hedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(60%) and the MSCI All Country World Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;"> (Unhedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(40%). </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Conservative Allocation Index (Unhedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Bloomberg Global Aggregate Bond Index (Unhedged) (60%) and the MSCI All Country World Index (Unhedged) (40%).</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Bloomberg Global Aggregate Bond Index (Unhedged) is a broad-based measure of the global investment grade fixed-rate debt markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">Effective January 1, 2026, the Fund changed its broad-based benchmark index from the Bloomberg Global Aggregate Bond Index (Unhedged) to the Bloomberg Global Aggregate Bond Index (Hedged) as it has investment characteristics similar to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Moderate</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Moderate</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks total return through growth of capital and income.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0.0021 0.0047 0.0073 -0.0003 0.0070 <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any expenses of an underlying fund (acquired fund fees and expenses), shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.12% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, 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 (including the operating expenses of the underlying funds) are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 72 230 403 904 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">38</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.38 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund invests in a diversified portfolio of underlying funds and will normally allocate 45%-70% of its investments to underlying funds that provide varying exposure to common stocks of U.S.-based companies and international companies, 30%-50% of its investments to underlying funds that provide varying exposure to fixed-income and money market instruments, and 0%-20% of its investments to underlying funds that provide exposure to alternative investments and alternative investment strategies. The underlying equity funds may invest across a wide range of market capitalizations and segments, including emerging markets, and employ various investment strategies and styles such as growth and value. The underlying fixed-income funds encompass a wide range of fixed-income sectors, including corporate bonds, government securities, mortgage- and asset-backed securities, bank loans, securities that are rated below investment grade, and commercial paper, with varying maturities and duration, credit exposure, and regional exposure. The underlying alternative funds may invest in various alternative strategies, including, but not limited to, commodities, currencies, and hedge fund strategies. Because it invests in other funds, the Fund is considered a “fund of funds.” </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Through its investments in underlying funds, the Fund invests in issuers from several different countries. As a result, the Fund normally will have approximately 40% to 65% of its net assets allocated to non-U.S. investments. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Fund may also have significant exposure to emerging markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition to investing in the underlying funds, the Fund may use forward foreign currency contracts to hedge risks associated with currency exposure. The Fund’s use of forward foreign currency contracts will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment policies. As a result, the Fund may not achieve its investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Refer to Appendix A of the Prospectus for a brief description of the investment strategies of each of the currently available Janus Henderson underlying funds. The underlying funds, and the Fund’s investment in any underlying fund, may change at any time without prior notice.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Affiliated Underlying Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Adviser has the authority to select and substitute the underlying funds. The Adviser is subject to conflicts of interest in allocating the Fund’s assets among certain Janus Henderson underlying funds both because the fees payable to it by the Janus Henderson underlying funds differ and because the Adviser is also responsible for managing the Janus Henderson underlying funds. In addition, the Adviser’s authority to allocate investments among the Janus Henderson underlying funds and underlying funds that are not sponsored by the Adviser creates conflicts of interest. For example, investing in Janus Henderson underlying funds could cause the Fund to incur higher fees and may cause the Adviser to receive greater compensation, increase assets under management, or support particular investment strategies. The Adviser, however, is a fiduciary to the Fund and is legally obligated to act in its best interest when selecting underlying funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Underlying ETF Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Underlying funds that are ETFs (“underlying 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 underlying ETF trades at a premium or discount to its net asset value. Underlying ETFs also involve the risk that an active trading market for an underlying ETF’s shares may not develop or be maintained. Similarly, because the value of underlying ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an underlying ETF at the most optimal time, which could adversely affect the Fund’s performance. As with any listed security, trading of an underlying ETF’s shares may be halted by the activation of individual or market-wide “circuit breakers” (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of an underlying ETF’s shares may also be halted if (i) the shares are delisted from an exchange without first being listed on another exchange or (ii) exchange officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s ability to achieve its investment objective depends largely upon portfolio management’s allocation of assets among the underlying funds and other securities using Janus Henderson’s proprietary strategic asset allocation and dynamic asset allocation methodologies. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund, that fund’s portfolio turnover, and any investments in which that fund focuses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Investment Process Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">No assurance can be given that the Fund’s investment strategy will be successful under all or any market conditions. Although the proprietary strategic asset allocation and dynamic asset allocation methodologies are designed to achieve the Fund’s investment objective, there is no guarantee that they will achieve the desired results, and there is a risk that they may not be successful in identifying how the Fund’s allocations and security exposures should be adjusted in order to reduce the risk of loss while participating in the upside growth of capital markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Forward Foreign Currency Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may engage in forward foreign currency transactions for hedging purposes. Portfolio management may purchase or sell foreign currencies through the use of forward contracts based on their judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, portfolio management seeks to benefit from unanticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be volatile and a variance in degree of volatility of the market or in the direction of the market from portfolio management’s expectations may produce significant losses to the Fund. Some of the transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.975pt;font-weight:bold;">Risks Through Investing in the Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The ability of the Fund to realize its investment objective will depend, in large part, on the extent to which the underlying funds realize their respective investment objectives. Similarly, the Fund’s investment performance is directly related to the investment performance of the underlying funds it holds. The Fund is subject to the risk factors associated with the investments of the underlying funds, and will be affected by such risks in direct proportion to the allocation of its assets among the underlying funds. Therefore, to the extent that the Fund invests significantly in a particular underlying fund, the Fund’s performance would be significantly impacted by the performance of such underlying fund. What follows are the main risks associated with the underlying funds, which, in turn, may be considered to be principal risks of the Fund. These risks are subject to change based on the allocation of the Fund’s assets among the underlying funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of an underlying fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, an underlying fund’s net asset value may fluctuate and it may be more difficult to value or sell an underlying fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of an underlying fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">securities perform, the value of an underlying fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the underlying fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause an underlying fund to reinvest its assets in securities with lower yields, resulting in a decline in an underlying fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund’s portfolio management would like or at the price the underlying fund’s portfolio management believes the security is currently worth. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on an underlying fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Passive Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are not actively managed and therefore an underlying fund might not sell shares of a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the underlying fund’s specific benchmark index or the selling of shares is otherwise required upon a rebalancing of the specific benchmark index. Maintaining investments in securities without attempting to take defensive positions, regardless of market conditions or the performance of individual securities, could cause an underlying fund’s return to be lower than if it had employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, an underlying fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for an underlying 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 an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If an underlying fund’s portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing an underlying fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on an underlying fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. In addition, an underlying fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of an underlying fund’s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of emerging markets issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying fund’s investments in securities issued by small- and mid-sized companies, which can include smaller, start-up companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. For example, small- and mid-sized companies may also suffer more significant losses as a result of their narrow product lines, limited operating history, greater exposure to competitive threats, limited financial resources, limited trading markets, and the potential lack of management depth. Securities issued by small- and mid-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holding are also subject to wider price fluctuations and tend to be less liquid that stock of larger or more established companies, which could have a significant adverse effect on an underlying fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. 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 an underlying fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent an underlying fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are actively managed investment portfolios and are therefore subject to the risk that the investment strategies and/or research process employed for those underlying funds may fail to produce the intended results. Accordingly, such underlying funds may underperform their respective benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Volatility Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is no guarantee that Janus Henderson Adaptive Risk Managed U.S. Equity Fund’s, an underlying fund, strategy to minimize volatility will be successful. Securities in the underlying fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the underlying fund’s strategy to minimize volatility could limit the underlying fund’s gains in rising markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause an underlying fund to be more volatile than if it had not used leverage.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Alternative Investments Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is a risk that the returns provided by alternative investments may be subject to high volatility and that an underlying fund’s portfolio management’s beliefs about the expected returns, risk and correlation properties of one or more of an underlying fund’s investments may be incorrect. There is also a risk that an underlying fund’s investments will correlate with the performance of stocks and bonds to a greater degree than anticipated. All of these factors may negatively affect your investment in the Fund and you could lose money. Investment in the underlying funds also involves derivatives, counterparty, leverage, real estate-related, and commodity-linked investment risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower. Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">12.55%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-14.33%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">5.97%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1255 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1433 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0597 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.1572 0.0451 0.0633 0.1395 0.0299 0.0493 0.1017 0.0314 0.0471 0.2234 0.1119 0.1172 0.1515 0.0688 0.0813 0.1660 0.0579 0.0762 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the MSCI All Country World Index. The Fund’s additional benchmark indices are the Global Moderate Allocation Index (Hedged), effective January 1, 2026, and the Global Moderate Allocation Index (Unhedged). The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country World Index is designed to measure equity market performance in global developed and emerging markets.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Moderate Allocation Index (Hedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (Unhedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(60%) and the Bloomberg Global Aggregate Bond Index (Hedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(40%). </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Moderate Allocation Index (Unhedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (Unhedged) (60%) and the Bloomberg Global Aggregate Bond Index (Unhedged) (40%).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Growth</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Allocation Fund – Growth</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks total return through a primary emphasis on growth of capital with a secondary emphasis on income.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0.0020 0.0051 0.0076 <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and 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 (including the operating expenses of the underlying funds) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 78 243 422 942 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">43</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.43 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund invests in a diversified portfolio of underlying funds and will normally allocate 70%-90% of its investments to underlying funds that provide varying exposure to common stocks of U.S.-based companies and international companies, 10%-30% of its investments to underlying funds that provide varying exposure to fixed-income and money market instruments, and 0%-20% of its investments to underlying funds that provide exposure to alternative investments and alternative investment strategies. The underlying equity funds may invest across a wide range of market capitalizations and segments, including emerging markets, and employ various investment strategies and styles such as growth and value. The </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">underlying fixed-income funds encompass a wide range of fixed-income sectors, including corporate bonds, government securities, mortgage- and asset-backed securities, bank loans, securities that are rated below investment grade, and commercial paper, with varying maturities and duration, credit exposure, and regional exposure. The underlying alternative funds may invest in various alternative strategies, including, but not limited to, commodities, currencies, and hedge fund strategies. Because it invests in other funds, the Fund is considered a “fund of funds.” </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Through its investments in underlying funds, the Fund invests in issuers from several different countries. As a result, the Fund normally will have approximately 40% to 65% of its net assets allocated to non-U.S. investments. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Fund may also have significant exposure to emerging markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition to investing in the underlying funds, the Fund may use forward foreign currency contracts to hedge risks associated with currency exposure. The Fund’s use of forward foreign currency contracts will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">When market conditions dictate a more defensive strategy, the Fund or an underlying fund may temporarily hold cash or invest its assets in temporary investments. In that case, the Fund may take positions that are inconsistent with its investment policies. As a result, the Fund may not achieve its investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Refer to Appendix A of the Prospectus for a brief description of the investment strategies of each of the currently available Janus Henderson underlying funds. The underlying funds, and the Fund’s investment in any underlying fund, may change at any time without prior notice.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund seeks to achieve its investment objective by investing in other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that represent a variety of asset classes and investment styles and provide exposure to issuers that are economically tied to countries throughout the world. Under normal market conditions, the Fund will primarily invest its assets in Janus Henderson underlying funds. The Fund may also invest up to 35% of its assets in underlying funds that are not sponsored by the Adviser, which portfolio management expects will predominantly pursue passively-managed investment strategies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In managing the Fund, portfolio management employs a proprietary methodology that combines strategic asset allocation and dynamic asset allocation. The strategic asset allocation process is based on an assessment of long-term return, risk, and correlation expectations of various asset classes and is normally applied on an annual basis. The dynamic asset allocation process gives portfolio management the ability to express shorter-term market views and to react to market changes by adjusting the Fund’s exposure to the underlying funds and is normally applied on a quarterly basis.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Affiliated Underlying Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Adviser has the authority to select and substitute the underlying funds. The Adviser is subject to conflicts of interest in allocating the Fund’s assets among certain Janus Henderson underlying funds both because the fees payable to it by the Janus Henderson underlying funds differ and because the Adviser is also responsible for managing the Janus Henderson underlying funds. In addition, the Adviser’s authority to allocate investments among the Janus Henderson underlying funds and underlying funds that are not sponsored by the Adviser creates conflicts of interest. For example, investing in Janus Henderson underlying funds could cause the Fund to incur higher fees and may cause the Adviser to receive greater compensation, increase assets under management, or support particular investment strategies. The Adviser, however, is a fiduciary to the Fund and is legally obligated to act in its best interest when selecting underlying funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Underlying ETF Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Underlying funds that are ETFs (“underlying 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 underlying ETF trades at a premium or discount to its net asset value. Underlying ETFs also involve the risk that an active trading market for an underlying ETF’s shares may not develop or be maintained. Similarly, because the value of underlying ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an underlying ETF at the most optimal time, which could adversely affect the Fund’s performance. As with any listed security, trading of an underlying ETF’s shares may be halted by the activation of individual or market-wide “circuit breakers” (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of an underlying ETF’s shares may also be halted if (i) the shares are delisted from an exchange without first being listed on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">another exchange or (ii) exchange officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s ability to achieve its investment objective depends largely upon portfolio management’s allocation of assets among the underlying funds and other securities using Janus Henderson’s proprietary strategic asset allocation and dynamic asset allocation methodologies. You could lose money on your investment in the Fund as a result of these allocations. The Fund will typically invest in a number of different underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund, it will be more sensitive to the risks associated with that fund, that fund’s portfolio turnover, and any investments in which that fund focuses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Investment Process Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">No assurance can be given that the Fund’s investment strategy will be successful under all or any market conditions. Although the proprietary strategic asset allocation and dynamic asset allocation methodologies are designed to achieve the Fund’s investment objective, there is no guarantee that they will achieve the desired results, and there is a risk that they may not be successful in identifying how the Fund’s allocations and security exposures should be adjusted in order to reduce the risk of loss while participating in the upside growth of capital markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Forward Foreign Currency Contract Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may engage in forward foreign currency transactions for hedging purposes. Portfolio management may purchase or sell foreign currencies through the use of forward contracts based on their judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, portfolio management seeks to benefit from unanticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be volatile and a variance in degree of volatility of the market or in the direction of the market from portfolio management’s expectations may produce significant losses to the Fund. Some of the transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.975pt;font-weight:bold;">Risks Through Investing in the Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The ability of the Fund to realize its investment objective will depend, in large part, on the extent to which the underlying funds realize their respective investment objectives. Similarly, the Fund’s investment performance is directly related to the investment performance of the underlying funds it holds. The Fund is subject to the risk factors associated with the investments of the underlying funds, and will be affected by such risks in direct proportion to the allocation of its assets among the underlying funds. Therefore, to the extent that the Fund invests significantly in a particular underlying fund, the Fund’s performance would be significantly impacted by the performance of such underlying fund. What follows are the main risks associated with the underlying funds, which, in turn, may be considered to be principal risks of the Fund. These risks are subject to change based on the allocation of the Fund’s assets among the underlying funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of an underlying fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, an underlying fund’s net asset value may fluctuate and it may be more difficult to value or sell an underlying fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of an underlying fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of an underlying fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the underlying fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause an underlying fund to reinvest its assets in securities with lower yields, resulting in a decline in an underlying fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which an underlying fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that an underlying fund’s portfolio management would like or at the price the underlying fund’s portfolio management believes the security is currently worth. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on an underlying fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Passive Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are not actively managed and therefore an underlying fund might not sell shares of a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the underlying fund’s specific benchmark index or the selling of shares is otherwise required upon a rebalancing of the specific benchmark index. Maintaining investments in securities without attempting to take defensive positions, regardless of market conditions or the performance of individual securities, could cause an underlying fund’s return to be lower than if it had employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, an underlying fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for an underlying 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 an underlying fund has invested a significant amount of its assets may have a greater effect on an underlying fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If an underlying fund’s portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing an underlying fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on an underlying fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. In addition, an underlying fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of an underlying fund’s investments. To the extent that an underlying fund invests a significant portion of its assets in the securities of emerging markets issuers in or companies of a single country or region, it is more likely to be </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying fund’s investments in securities issued by small- and mid-sized companies, which can include smaller, start-up companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. For example, small- and mid-sized companies may also suffer more significant losses as a result of their narrow product lines, limited operating history, greater exposure to competitive threats, limited financial resources, limited trading markets, and the potential lack of management depth. Securities issued by small- and mid-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holding are also subject to wider price fluctuations and tend to be less liquid that stock of larger or more established companies, which could have a significant adverse effect on an underlying fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. 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 an underlying fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent an underlying fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Certain of the underlying funds are actively managed investment portfolios and are therefore subject to the risk that the investment strategies and/or research process employed for those underlying funds may fail to produce the intended results. Accordingly, such underlying funds may underperform their respective benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Volatility Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is no guarantee that Janus Henderson Adaptive Risk Managed U.S. Equity Fund’s, an underlying fund, strategy to minimize volatility will be successful. Securities in the underlying fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the underlying fund’s strategy to minimize volatility could limit the underlying fund’s gains in rising markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause an underlying fund to be more volatile than if it had not used leverage.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Alternative Investments Allocation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is a risk that the returns provided by alternative investments may be subject to high volatility and that an underlying fund’s portfolio management’s beliefs about the expected returns, risk and correlation properties of one or more of an underlying fund’s investments may be incorrect. There is also a risk that an underlying fund’s investments will correlate with the performance of stocks and bonds to a greater degree than anticipated. All of these factors may negatively affect your investment in the Fund and you could lose money. Investment in the underlying funds also involves derivatives, counterparty, leverage, real estate-related, and commodity-linked investment risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower. Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. Performance information for each underlying fund is available in its prospectus and/or the most recent annual or semiannual report. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">15.71%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-19.38%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">8.33%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1571 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1938 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0833 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.1867 0.0636 0.0784 0.1680 0.0443 0.0620 0.1221 0.0460 0.0596 0.2234 0.1119 0.1172 0.1871 0.0904 0.0995 0.1946 0.0848 0.0969 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the MSCI All Country World Index. The Fund’s additional benchmark indices are the Global Growth Allocation Index (Hedged), effective January 1, 2026, and the Global Growth Allocation Index (Unhedged). The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country World Index is designed to measure equity market performance in global developed and emerging markets.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Growth Allocation Index (Hedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (Unhedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(80%) and the Bloomberg Global Aggregate Bond Index (Hedged)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(20%). </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Global Growth Allocation Index (Unhedged) is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (Unhedged) (80%) and the Bloomberg Global Aggregate Bond Index (Unhedged) (20%).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Developed World Bond Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Developed World Bond Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks total return through current income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0055 0.0055 0.0055 0.0055 0.0055 0.0025 0.0100 0.0025 0 0 0 0.0042 0.0028 0.0430 0.0028 0.0014 0.0042 0.0122 0.0183 0.0510 0.0083 0.0069 0.0097 -0.0040 -0.0026 -0.0403 -0.0026 -0.0012 -0.0015 0.0082 0.0157 0.0107 0.0057 0.0057 0.0082 <span style="font-family:Times New Roman;font-size:7.60pt;">The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows:</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees (but excluding out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees), acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.57%;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(ii)</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;"> the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 555 806 1077 1848 260 550 966 1967 109 1168 2225 4858 58 239 435 1001 58 209 372 847 84 294 522 1176 555 806 1077 1848 160 550 966 1967 109 1168 2225 4858 58 239 435 1001 58 209 372 847 84 294 522 1176 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">78</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.78 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments from developed countries.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments </span><span style="font-family:Times New Roman;font-size:9.50pt;">that provide investment exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bonds and other debt instruments are used by issuers to borrow money. The issuer usually pays interest at a fixed, variable, or floating rate, and must repay the amount borrowed, normally at the maturity of the security. Bonds and other debt instruments include, but are not limited to, debentures, mortgage-related and other asset-backed securities, investment grade debt securities (including corporate debt, developed market government bonds, and U.S. Government securities), below investment grade debt securities (also known as “junk” bonds), foreign bonds, subordinated bank debt, collective investment schemes, collateralized loan obligations, domestic or foreign floating rate senior secured syndicated bank loans, floating rate unsecured loans, and other floating rate bonds, loans and notes. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund considers “developed countries” to include, but not be limited to, those countries characterized as developed by the MSCI World Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;">, including the United States, United Kingdom, Canada, Australia, Sweden, Denmark, Japan, Austria, Belgium, Finland, France, Germany, New Zealand, Ireland, the Netherlands, and Switzerland.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Under normal circumstances, portfolio management intends to invest at least 40% of the Fund’s net assets outside of the United States and in at least three different countries. An issuer is deemed to originate in a country if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country, (ii) </span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">more than 50% of the issuer’s assets are located in the country, or (iii) </span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">more than 50% of the issuer’s revenues are derived from the country. The Fund may also invest up to 20% of its net assets in equity and equity-related securities. While the Fund has no policy limiting the currency in which foreign securities may be denominated, the Fund seeks to hedge its non-dollar investments back to the U.S. dollar. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management uses a process that combines a bottom-up approach to individual security selection rooted in thorough, independent research with a macro-economic overlay that determines appropriate country, asset sector, currency and industry exposure. In their bottom-up approach, portfolio management uses both qualitative and quantitative credit analysis to consider a variety of factors, including the issuer’s experience, managerial strength, debt service capability, operating outlook, </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">sensitivity to economic conditions, current financial condition, liquidity and access to capital, asset protection, structural issues, covenant protection, and equity sponsorship. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management meets with prospective and purchased debt issuers. They also work closely with a team of analysts to search for the most appropriate securities to include in the Fund’s portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Sector, regional and industry allocations are evaluated within a broader economic and market context and involve: (i) evaluation of the economic and interest rate environment that determines asset sector allocation and quality mix; (ii) evaluation of country and regional economic environment to support country allocation decisions; and (iii) analysis of industry weightings, including stability and growth of industries, cash flows and/or positive equity momentum. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include corporate governance, company culture, exposure to climate change, and human capital management.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> To assess ESG Factors, portfolio management uses issuer reports, third-party data, </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management seeks to: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">avoid corporate issuers that are significantly engaged in business activities that they believe may be environmentally and/or socially harmful, as discussed below; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">invest in a portfolio of corporate issuers that, in the aggregate, has a lower carbon intensity and/or footprint than the ICE BofA Global Corporate &amp; High Yield Index on a monthly basis; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">with respect to sovereign bond issuers: (i) avoid sovereign bond issuers that have been sanctioned by the European Union or United Nations or have insufficient rankings with respect to political rights and civil liberties, as measured by third-party inputs; or (ii) seek to invest in sovereign bond issuers that are rated B or higher using the Adviser’s proprietary ESG framework, which incorporates metrics across ESG Factors to produce country-level ESG ratings ranging from AAA to CCC. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To identify the universe of investible securities for the Fund, portfolio management applies broad-based negative screens, which incorporate third-party inputs, to seek to avoid securities of issuers that derive more than de minimis revenue from certain activities considered by portfolio management to be environmentally and/or socially harmful. A current list of such business activities, which may evolve over time, follows: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">oil and gas generation and production; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">oil sands extraction; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shale energy extraction; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">thermal coal extraction and power generation; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Arctic oil and gas extraction; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">tobacco; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">fur; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">adult entertainment; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">gambling or controversial weapons; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">United Nations Global Compact violators. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund does not apply the avoidance criteria noted above in managing the Fund’s exposure to cash and cash equivalents, U.S. Treasuries, and credit default swaps on indices. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a security when, in portfolio management’s opinion, there is significant deterioration in company fundamentals, an inability to maintain open communication with management, a change in business strategy, a change in issuer-specific business outlook, realization of anticipated gains, or a failure by the issuer to meet operating/ financial targets. The Fund will also consider selling a security if, in portfolio management’s opinion, it no longer meets the environmental or social criteria noted above, or a superior investment opportunity arises. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s average portfolio duration normally may range from zero to plus nine years. Portfolio management may lengthen or shorten the Fund’s duration based on their outlook on interest rates and inflation. The Fund may invest in issuers of any </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">credit quality. The Fund may also invest in securities that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may engage in exchange-traded or over-the-counter derivative transactions to seek return, to generate income, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of the portfolio, to manage certain investment risks, or as a substitute for the purchase or sale of securities or currencies. To the extent derivatives are used, the Fund expects to use them principally when seeking to hedge currency exposure using forward foreign currency contracts, to obtain net long or net negative (short) exposures to selected interest rate, duration or credit risks using a combination of bond or interest rate futures contracts, options on bond or interest rate futures contracts, and interest rate, inflation rate and credit default swap agreements. The Fund may invest in credit default swaps to gain issuer exposure or to gain sector exposure. The Fund may take short positions on derivatives instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments from developed countries.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund considers “developed countries” to include, but not be limited to, those countries characterized as developed by the MSCI World Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;">, including the United States, United Kingdom, Canada, Australia, Sweden, Denmark, Japan, Austria, Belgium, Finland, France, Germany, New Zealand, Ireland, the Netherlands, and Switzerland.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include corporate governance, company culture, exposure to climate change, and human capital management.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">European Investments Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The economies and markets of European countries are often closely connected and interdependent. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of European currencies, default or threat of a default by a European country on its sovereign debt, and budget deficits and recessions among European countries may have a significant adverse effect on the economies of other European countries and major trading partners outside Europe. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. High-yield bonds are bonds rated below investment grade by Nationally Recognized Statistical Rating Organizations (“NRSROs”) or are unrated bonds considered by the Adviser to be of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Financial Services Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Financial services companies may be adversely affected by changes in regulatory framework or interest rates that may negatively affect financial services businesses; exposure of a financial institution to a nondiversified or concentrated loan portfolio; exposure to financial leverage and/or investments or agreements that, under certain circumstances, may lead to losses; and the risk that a market shock or other unexpected market, economic, political, regulatory, or other event, including a banking crisis or financial emergency, might lead to a sudden decline in the values of most or all financial services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Investment Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund considers ESG Factors in selecting securities, the Fund may perform differently than funds that do not consider ESG Factors. Due to the ESG considerations and exclusionary criteria employed by the Fund, the Fund may not be invested in certain industries or sectors, and therefore may have lower performance than portfolios that do not apply similar criteria. ESG-related information provided by issuers and third parties, which portfolio management may utilize, continues to develop, and may be incomplete, inaccurate, use different or inconsistent methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing companies to consider their environmental or social practices may fall out of favor, which could potentially limit the Fund’s investment universe. There is also a risk that the issuers identified through the investment process employed by the Fund may fail to adhere to positive environmental or social practices, which may result in selling a security when it might otherwise be disadvantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The risks of investing in collateralized loan obligations (“CLO”) include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. Higher rated tranches (such as AAA rated tranches) do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Fund’s portfolio management may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">CLO Manager Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CLOs are managed by investment advisers independent of the Adviser. CLO managers are responsible for selecting, managing and replacing the underlying bank loans or other assets within a CLO. As such, each CLO is subject to the risk that its manager may not effectively exercise its responsibilities. Adverse security selection by a CLO manager may cause a CLO to experience difficulty in making its stipulated distribution payments to investors because of the poor performance of the underlying bank loans: (i) entering into bankruptcy proceedings; and/or (ii) are in default as to the repayment of their loan balances. Generally, CLO managers mitigate these risks by maintaining a pool of underlying bank loans in excess of the minimum necessary to finance a CLO’s stipulated distribution payments. </span><span style="font-family:Times New Roman;font-size:9.50pt;">In addition, CLO managers may have limited operating histories, may be subject to conflicts of interest, including managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLO securities in which the Fund invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. Returns shown for periods prior to June 5, 2017, are those of Henderson Strategic Income Fund (the “Predecessor Fund”). The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund on June 2, 2017. Class A Shares and Class C Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on September 30, 2003. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on April 29, 2011 and November 30, 2015, respectively. Class S Shares and Class T Shares of the Fund commenced operations on June 5, 2017. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class A Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund and is calculated using the fees and expenses of Class A Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class C Shares for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund and is calculated using the fees and expenses of Class C Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class I Shares for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund and is calculated using the fees and expenses of Class I Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to April 29, 2011, performance shown for Class I Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class N Shares for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund and is calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance shown for Class N Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class S Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class T Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Returns of the Fund will be different from the Predecessor Fund as they have different expenses. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s (and the Predecessor Fund’s) past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s (and the Predecessor Fund’s) past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">8.50%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-6.78%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class A Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">-2.20%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0850 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.0678 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class A Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 -0.0220 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 2003-09-30 0.0130 -0.0212 0.0190 0.0366 -0.0006 -0.0332 0.0061 0.0203 0.0075 -0.0211 0.0091 0.0217 0.0461 -0.0189 0.0164 0.0310 0.0612 -0.0141 0.0220 0.0379 0.0648 -0.0096 0.0263 0.0405 0.0656 -0.0095 0.0266 0.0401 0.0629 -0.0119 0.0242 0.0390 0.0817 -0.0215 0.0126 0.0262 0.0680 0.0041 0.0315 0.0392 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg Global Aggregate Bond Index, due to regulatory requirements. The Fund’s additional benchmark index is the Bloomberg Global Aggregate Credit Index (USD Hedged), which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg Global Aggregate Credit Index (USD Hedged) is the credit component of the Bloomberg Global Aggregate Index, which provides a broad-based measure of the global investment grade fixed income markets. The credit component excludes government bonds and securitized debt.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Predecessor Fund’s Class A Shares for the period prior to June 5, 2017. If Class A Shares of the Fund had been available during periods prior to June 5, 2017, the distributions used to calculate the after-tax returns may have been different.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class A Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class A Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class A Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class A Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Flexible Bond Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Flexible Bond Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks to obtain maximum total return, consistent with preservation of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">of your investment)</span> 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0025 0.0100 0.0025 0 0 0.0050 0 0.0019 0.0013 0.0031 0.0013 0.0005 0.0032 0.0029 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0086 0.0155 0.0098 0.0055 0.0047 0.0124 0.0071 -0.0007 -0.0008 -0.0008 -0.0007 -0.0007 -0.0009 -0.0006 0.0079 0.0147 0.0090 0.0048 0.0040 0.0115 0.0065 <span style="font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows:</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.40%;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(ii)</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated </span><span style="font-family:Times New Roman;font-size:7.60pt;">listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 552 730 923 1479 250 482 837 1653 92 304 534 1194 49 169 300 683 41 144 256 585 117 385 672 1492 66 221 389 877 552 730 923 1479 150 482 837 1653 92 304 534 1194 49 169 300 683 41 144 256 585 117 385 672 1492 66 221 389 877 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">205</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 2.05 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments that provide investment </span><span style="font-family:Times New Roman;font-size:9.50pt;">exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bonds and other debt instruments are used by issuers to</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">borrow money.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The issuer usually pays interest at a fixed, variable, or floating</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">rate,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">and must repay</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">the amount borrowed,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">normally at the</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">maturity of the security. Bonds and other debt instruments include, but are not limited to, government notes and bonds, corporate bonds, commercial and residential mortgage-backed securities, asset-backed securities, credit risk transfer securities (“CRTs”), money market instruments,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">fixed and floating rate obligations with varying durations,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">and debt instruments</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">that have contractual</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">restrictions</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">that</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">prohibit or limit their public resale,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">may include Rule 144A debt securities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s average portfolio duration typically ranges between three and seven years. As of June 30, 2026, the Fund’s average portfolio duration was 5.75 years. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will invest at least 65% of its net assets in investment grade debt instruments. The Fund will limit its investment in below investment grade debt instruments (also known as “junk” bonds) to 35% or less of its net assets. The Fund generates total return from a combination of current income and capital appreciation, but income is usually the dominant portion. The </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Fund may also invest in foreign securities. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use futures, including Treasury bond futures, to manage interest rate risk, yield curve positioning, and country exposure. The Fund may also use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure, or market conditions), to increase or decrease the Fund’s exposure to a particular market, to manage or adjust the risk profile of the Fund relative to its benchmark index, and to earn income, enhance returns, or preserve capital. The Fund’s exposure to derivatives will vary. The Fund may take short positions on derivatives instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Credit Risk Transfer Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CRTs are unguaranteed and unsecured fixed or floating rate general obligations that are commonly issued by government sponsored enterprises. CRTs are not directly linked to or backed by the underlying mortgage loans, so investors such as the Fund have no direct recourse to the underlying mortgage loans in the event of a default. The risks associated with CRTs are different from the risks associated with investments in mortgage-backed securities issued by government sponsored enterprises or private issuers because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. These risks are in addition to the risks described under “Fixed-Income Securities Risk.”</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders in a taxable account.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">TBA Commitments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s investments in interest rate futures in particular entail the risk that portfolio management’s prediction of the direction of interest rates is wrong, and the Fund could incur a loss.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">7.37%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-6.28%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">-3.01%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0737 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2022-03-31 -0.0628 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 -0.0301 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0737 -0.0031 0.0227 0.0536 -0.0174 0.0095 0.0433 -0.0085 0.0116 0.0206 -0.0134 0.0163 0.0563 -0.0104 0.0146 0.0720 -0.0055 0.0200 0.0765 -0.0009 0.0246 0.0762 -0.0005 0.0251 0.0683 -0.0079 0.0176 0.0730 -0.0036 0.0201 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson High-Yield Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson High-Yield Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks to obtain high current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Capital appreciation is a secondary investment objective when consistent with its primary investment objective.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">of your investment)</span> 0.0059 0.0059 0.0059 0.0059 0.0059 0.0059 0.0059 0.0025 0.0100 0.0025 0 0 0.0050 0 0.0014 0.0027 0.0072 0.0022 0.0009 0.0049 0.0033 0.0098 0.0186 0.0156 0.0081 0.0068 0.0158 0.0092 -0.0005 -0.0016 -0.0043 -0.0005 -0.0005 -0.0020 -0.0004 0.0093 0.0170 0.0113 0.0076 0.0063 0.0138 0.0088 <span style="font-family:Times New Roman;font-size:7.60pt;">The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows:</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.63%;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(ii)</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 565 768 986 1615 273 569 991 1936 115 451 809 1820 78 254 445 997 64 213 374 842 140 479 842 1861 90 289 505 1128 565 768 986 1615 173 569 991 1936 115 451 809 1820 78 254 445 997 64 213 374 842 140 479 842 1861 90 289 505 1128 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">159</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.59 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objectives by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in high-yield debt instruments (also known as “junk” bonds).</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments </span><span style="font-family:Times New Roman;font-size:9.50pt;">that provide investment exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield debt instruments are debt instruments rated below investment grade by Nationally Recognized Statistical Rating Organizations (“NRSROs”) or are unrated bonds considered by the Adviser to be of similar quality.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may at times invest all of its assets in such securities. The Fund may also invest in money market instruments and foreign debt securities. The Fund may also invest in floating rate obligations, such as floating rate senior secured syndicated bank loans, floating rate unsecured loans, and other floating rate bonds, loans and notes. The Fund may also invest in securities that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A securities. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Additionally, the Fund may invest its assets in derivatives. In particular, the Fund may invest in swaps, including index credit default swaps, to increase or decrease the Fund’s exposure to a particular market. The Fund may also invest in futures to manage or hedge duration. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. The Fund’s exposure to derivatives will vary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objectives by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in high-yield debt instruments (also known as “junk” bonds).</span> <span style="font-family:Times New Roman;font-size:9.50pt;">High-yield debt instruments are debt instruments rated below investment grade by Nationally Recognized Statistical Rating Organizations (“NRSROs”) or are unrated bonds considered by the Adviser to be of similar quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s investments in index credit default swaps in particular, bear the risk that the Fund will not be able to meet its obligation to the counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders in a taxable account.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">9.84%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-14.51%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">0.92%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0984 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1451 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0092 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0898 0.0339 0.0525 0.0610 0.0094 0.0280 0.0524 0.0148 0.0293 0.0368 0.0232 0.0461 0.0714 0.0258 0.0441 0.0871 0.0312 0.0496 0.0913 0.0352 0.0540 0.0924 0.0368 0.0551 0.0844 0.0286 0.0469 0.0730 -0.0036 0.0201 0.0862 0.0451 0.0653 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index, due to regulatory requirements. The Fund’s additional benchmark index is the Bloomberg U.S. Corporate High-Yield Bond Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Corporate High-Yield Bond Index is composed of fixed-rate, publicly issued, non-investment grade debt.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Low Duration Multi-Sector Income Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Low Duration Multi-Sector Income Fund</span><span style="font-family:Times New Roman;font-size:9.50pt;"> seeks to maximize total return and current income, consistent with preservation of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">of your investment)</span> 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0025 0.0100 0.0025 0 0 0.0050 0 0.0085 0.0106 0.0159 0.0069 0.0127 0.0176 0.0101 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0146 0.0242 0.0220 0.0105 0.0163 0.0262 0.0137 -0.0076 -0.0097 -0.0131 -0.0060 -0.0124 -0.0148 -0.0073 0.0070 0.0145 0.0089 0.0045 0.0039 0.0114 0.0064 <span style="font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser shall 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, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.39%; (ii) the Adviser shall waive and/or reimburse out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees, payable by any share class so that such fees, in the aggregate, do not exceed 0.06% of a share class’s average daily net assets; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee </span><span style="font-family:Times New Roman;font-size:7.60pt;">in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (v) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated 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 are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 543 844 1166 2076 248 662 1203 2442 91 562 1060 2431 46 274 521 1228 40 393 769 1828 116 673 1258 2844 65 362 680 1583 543 844 1166 2076 148 662 1203 2442 91 562 1060 2431 46 274 521 1228 40 393 769 1828 116 673 1258 2844 65 362 680 1583 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">114</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.14 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments that provide investment </span><span style="font-family:Times New Roman;font-size:9.50pt;">exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bonds and other debt instruments are used by issuers to borrow money. The issuer usually pays interest at a fixed, variable, or floating rate, and must repay the amount borrowed, normally at the maturity of the security. Bonds and other debt instruments in which the Fund may invest include, but are not limited to, bank loans, commercial loans, commercial paper, floating rate obligations, including collateralized loan obligations (and investments that provide exposure to collateralized loan obligations), floating rate senior secured syndicated bank loans, floating rate unsecured loans, debt instruments that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A debt securities, and other floating rate bonds, loans and notes, and fixed-rate notes. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s investment sectors include, but are not limited to: (i) government notes and bonds; (ii) corporate bonds, including below investment grade debt instruments (also known as “junk” bonds); (iii) commercial loans; (iv) agency and </span><span style="font-family:Times New Roman;font-size:9.50pt;">non-agency commercial and residential mortgage-backed securities; (v) asset-backed securities; (vi) convertible securities and preferred stock; and (vii) emerging market debt. Portfolio management believes that by investing in multiple sectors that potentially have low correlation to each other, the Fund’s overall volatility may be reduced. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector will vary over time. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in U.S. and non-U.S. debt securities of varying maturities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s average portfolio duration typically ranges from zero to three years. While the Fund primarily invests in investment-grade debt securities, it may invest up to 35% of its net assets in below investment grade securities. The Fund may invest up to 15% of its net assets in emerging market debt. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use swaps, including interest rate, total return and credit-default swaps, options, forward contracts, and interest rate or bond futures. The Fund may use derivatives for various investment purposes including for hedging purposes, such as to manage portfolio risk or currency risk, to enhance returns, or manage duration. The Fund’s exposure to derivatives will vary. The Fund may engage in short sales of derivatives instruments. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management seeks to invest in issuers they believe have high income potential relative to other fixed-income instruments available at a given point in time. </span><span style="font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. High-yield bonds are bonds rated below investment grade by Nationally Recognized Statistical Rating Organizations (“NRSROs”) or are unrated bonds considered by the Adviser to be of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Loan Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bank loans are obligations of companies or other entities sometimes entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. The bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged. Loans are subject to credit risk, interest rate risk, and liquidity risk. Investments in certain commercial loans, such as bridge loans, debtor-in-possession (“DIP”) loans, and mezzanine loans subject the Fund to other risks. Bridge loans involve certain risks in addition to those associated with bank loans, including the risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower’s perceived creditworthiness. DIP loans are subject to the risk that the entity will not emerge from bankruptcy and will be forced to liquidate its assets. Mezzanine loans generally are rated below investment grade, and frequently are unrated. Because mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure, they are subject to the additional risk that the cash flow of the related borrower and any property securing the loan may be insufficient to repay the loan after the related borrower pays off any senior obligations.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligation Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The risks of investing in collateralized loan obligations (“CLO”) include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. Higher rated tranches (such as AAA rated tranches) do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Fund’s portfolio management may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will </span><span style="font-family:Times New Roman;font-size:9.50pt;">react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">CLO Manager Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CLOs are managed by investment advisers independent of the Adviser. CLO managers are responsible for selecting, managing and replacing the underlying bank loans or other assets within a CLO. As such, each CLO is subject to the risk that its manager may not effectively exercise its responsibilities. Adverse security selection by a CLO manager may cause a CLO to experience difficulty in making its stipulated distribution payments to investors because of the poor performance of the underlying bank loans: (i) entering into bankruptcy proceedings; and/or (ii) are in default as to the repayment of their loan balances. Generally, CLO managers mitigate these risks by maintaining a pool of underlying bank loans in excess of the minimum necessary to finance a CLO’s stipulated distribution payments. </span><span style="font-family:Times New Roman;font-size:9.50pt;">In addition, CLO managers may have limited operating histories, may be subject to conflicts of interest, including managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLO securities in which the Fund invests.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">TBA Commitments Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industrials Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Convertible Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in securities that are convertible into preferred and common stocks, and thus, is subject to the risks of investments in both debt and equity securities. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying preferred and common stocks and, therefore, also will react to variations in the general market for equity securities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the </span><span style="font-family:Times New Roman;font-size:9.50pt;">federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Commercial Paper Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Commercial paper is a debt obligation usually issued by corporations in order to finance their current operations. 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 that the issuer cannot issue enough new 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Effective March 4, 2026, the Fund changed its investment strategy. Performance prior to March 4, 2026 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">2.85%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2018</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-5.76%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class I Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">1.43%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0285 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2018-06-30 -0.0576 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class I Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0143 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0666 0.0351 0.0280 0.0455 0.0209 0.0150 0.0390 0.0207 0.0157 0.0133 0.0226 0.0205 0.0470 0.0252 0.0182 0.0624 0.0307 0.0236 0.0677 0.0357 0.0286 0.0597 0.0282 0.0211 0.0641 0.0335 0.0263 0.0730 -0.0036 0.0201 0.0539 0.0198 0.0208 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index, due to regulatory requirements. In connection with the change to its investment strategy, effective March 4, 2026, the Fund changed its additional benchmark index to the Bloomberg U.S. Aggregate Bond 1-3 Year Index as it has investment characteristics similar to those of the Fund.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The indices are described below.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond 1-3 Year Index is a subset of the Bloomberg U.S. Aggregate Index, and tracks investment grade, fixed-rate bonds, including treasuries, government-related, corporate and securitized issues, with a maturity between one and up to, but not including three years.</span><span style="font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index, due to regulatory requirements. In connection with the change to its investment strategy, effective March 4, 2026, the Fund changed its additional benchmark index to the Bloomberg U.S. Aggregate Bond 1-3 Year Index as it has investment characteristics similar to those of the Fund.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Multi-Sector Income Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Multi-Sector Income Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks high current income with a secondary focus on capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">of your investment)</span> 0.0051 0.0051 0.0051 0.0051 0.0051 0.0051 0.0025 0.0100 0.0025 0 0 0 0.0010 0.0012 0.0032 0.0014 0.0005 0.0030 0.0002 0.0002 0.0002 0.0002 0.0002 0.0002 0.0088 0.0165 0.0110 0.0067 0.0058 0.0083 -0.0002 -0.0002 -0.0002 -0.0002 -0.0002 -0.0002 0.0086 0.0163 0.0108 0.0065 0.0056 0.0081 <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows:</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.64%;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(ii)</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated </span><span style="font-family:Times New Roman;font-size:7.60pt;">listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 559 740 938 1506 266 518 895 1747 110 348 604 1338 66 212 371 833 57 184 322 724 83 263 459 1023 559 740 938 1506 166 518 895 1747 110 348 604 1338 66 212 371 833 57 184 322 724 83 263 459 1023 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">92</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.92 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments that provide investment </span><span style="font-family:Times New Roman;font-size:9.50pt;">exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bonds and other debt instruments are used by issuers to borrow money. The issuer usually pays interest at a fixed, variable, or floating rate, and must repay the amount borrowed, normally at the maturity of the security. Bonds and other debt instruments in which the Fund may invest include, but are not limited to, bank loans, commercial loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans, floating rate obligations, including collateralized loan obligations, floating rate senior secured syndicated bank loans, floating rate unsecured loans, and debt instruments that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A debt securities, and other floating rate bonds, loans, and notes. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s investment sectors include, but are not limited to: (i) government notes and bonds; (ii) corporate bonds, including below investment grade debt instruments (also known as “junk” bonds); (iii) commercial loans; (iv) agency and non-agency commercial and residential mortgage-backed securities; (v) asset-backed securities; (vi) </span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">preferred stock; and (vii) emerging market debt. Portfolio management believes that by investing in multiple sectors that potentially have low </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">correlation to each other, the Fund’s overall volatility may be reduced. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector will vary over time. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in U.S. and non-U.S. debt securities of varying maturities. The Fund’s investments in below investment grade debt securities are limited to 65% of its net assets, but under unusual circumstances, such as when new issue allocations are higher than expected, this limit may be exceeded on a temporary basis. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest up to 50% of its total assets in the commercial loans sector. Normally, the Fund’s exposure to the commercial loans sector will be approximately 15% of the Fund’s total assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use swaps, including interest rate, total return and credit-default swaps, and interest rate or bond futures. The Fund may use derivatives for various investment purposes including for hedging purposes, such as to manage portfolio risk or currency risk, to enhance returns, or manage duration. The Fund’s exposure to derivatives will vary. The Fund may engage in short sales of derivatives instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management seeks to invest in issuers they believe have high income potential relative to other fixed-income instruments available at a given point in time, and may also consider the capital appreciation potential of certain investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. High-yield bonds are bonds rated below investment grade by Nationally Recognized Statistical Rating Organizations (“NRSROs”) or are unrated bonds considered by the Adviser to be of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Loan Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bank loans are obligations of companies or other entities sometimes entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. The bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged. Loans are subject to credit risk, interest rate risk, and liquidity risk. Investments in certain commercial loans, such as bridge loans, DIP loans, and mezzanine loans subject the Fund to other risks. Bridge loans involve certain risks in addition to those associated with bank loans, including the risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower’s perceived creditworthiness. DIP loans are subject to the risk that the entity will not emerge from bankruptcy and will be forced to liquidate its assets. Mezzanine loans generally are rated below investment grade, and frequently are unrated. Because mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure, they are subject to the additional risk that the cash flow of the related borrower and any property securing the loan may be insufficient to repay the loan after the related borrower pays off any senior obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The risks of investing in collateralized loan obligations (“CLO”) include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. Higher rated tranches (such as AAA rated tranches) do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Fund’s portfolio management may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">CLO Manager Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CLOs are managed by investment advisers independent of the Adviser. CLO managers are responsible for selecting,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">managing and replacing the underlying bank loans or other assets within a CLO. As such, each CLO is subject to the risk that its manager may not effectively exercise its responsibilities. Adverse security selection by a CLO manager may cause a CLO to experience difficulty in making its stipulated distribution payments to investors because of the poor performance of the underlying bank loans:</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(i)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">entering into bankruptcy proceedings;</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">and/or</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;"> (ii)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">are in default as to the repayment of their loan balances. Generally,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CLO managers mitigate these risks by maintaining a pool of underlying bank loans in excess of the minimum necessary to</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">finance a CLO’s stipulated distribution payments. </span><span style="font-family:Times New Roman;font-size:9.50pt;">In addition, CLO managers may have limited operating histories, may be subject to conflicts of interest, including managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLO securities in which the Fund invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">TBA Commitments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">9.58%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-11.27%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class I Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">-0.57%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0958 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1127 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class I Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 -0.0057 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0959 0.0329 0.0479 0.0667 0.0086 0.0247 0.0561 0.0142 0.0264 0.0414 0.0208 0.0405 0.0757 0.0230 0.0378 0.0911 0.0283 0.0443 0.0969 0.0339 0.0487 0.0956 0.0315 0.0462 0.0730 -0.0036 0.0201 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Short Duration Flexible Bond Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Short Duration Flexible Bond Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks as high a level of current income as is consistent with preservation of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 95 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0250 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">of your investment)</span> 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0100 0.0025 0 0 0 0.0011 0.0020 0.0115 0.0023 0.0012 0.0034 0.0061 0.0145 0.0165 0.0048 0.0037 0.0059 -0.0001 -0.0007 -0.0082 -0.0010 -0.0005 -0.0002 0.0060 0.0138 0.0083 0.0038 0.0032 0.0057 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.32%. In addition, the Adviser shall reimburse or waive out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees, payable by any share class so that such fees, in the aggregate, do not exceed 0.06% of a share class’s average daily net assets. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. These fee waivers and/or reimbursements may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 310 439 581 992 240 452 786 1500 85 440 820 1886 39 144 259 594 33 114 203 463 58 187 327 736 310 439 581 992 140 452 786 1500 85 440 820 1886 39 144 259 594 33 114 203 463 58 187 327 736 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">123</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.23 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments that provide investment </span><span style="font-family:Times New Roman;font-size:9.50pt;">exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bonds and other debt instruments are used by issuers to borrow money. The issuer usually pays interest at a fixed, variable, or floating rate, and must repay the amount borrowed, normally at the maturity of the security. Bonds and other debt instruments include, but are not limited to, corporate bonds or notes or government securities, including agency securities, commercial and residential mortgage-backed securities, asset-backed securities, fixed and floating rate obligations with varying durations, credit risk transfer securities (“CRTs”), and debt instruments that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A debt securities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will invest at least 65% of its net assets in investment grade debt securities. The Fund may invest up to 35% of its net assets in below investment grade debt securities (also known as “junk” bonds). The Fund’s investments in short-term securities may include money market instruments. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Fund may also invest in foreign securities. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s average portfolio duration typically ranges between one and three years. As of June 30, 2026, the Fund’s average portfolio duration was 1.6 years. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use futures, including Treasury bond futures, to manage interest rate risk, yield curve positioning, and country exposure. The Fund may also use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure, or market conditions), to increase or decrease the Fund’s exposure to a particular market, and to earn income, enhance returns, or preserve capital. The Fund’s exposure to derivatives will vary. The Fund may engage in short sales of derivatives instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Credit Risk Transfer Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CRTs are unguaranteed and unsecured fixed or floating rate general obligations that are commonly issued by government sponsored enterprises. CRTs are not directly linked to or backed by the underlying mortgage loans, so investors such as the Fund have no direct recourse to the underlying mortgage loans in the event of a default. The risks associated with CRTs are different from the risks associated with investments in mortgage-backed securities issued by government sponsored enterprises or private issuers because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. These risks are in addition to the risks described under “Fixed-Income Securities Risk.”</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">TBA Commitments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s investments in interest rate futures in particular entail the risk that portfolio management’s prediction of the direction of interest rates is wrong, and the Fund could incur a loss.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders in a taxable account.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">4.66%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-3.32%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">0.76%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0466 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2022-03-31 -0.0332 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0076 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0574 0.0210 0.0226 0.0380 0.0072 0.0119 0.0337 0.0100 0.0126 0.0351 0.0158 0.0194 0.0393 0.0134 0.0145 0.0548 0.0184 0.0199 0.0593 0.0227 0.0239 0.0600 0.0227 0.0244 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index, due to regulatory requirements. The Fund’s additional benchmark index is the Bloomberg 1-3 Year U.S. Government/Credit Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg 1-3 Year U.S. Government/Credit Index is composed of all bonds of investment grade with a maturity between one and three years.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Developed World Bond Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Developed World Bond Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks total return through current income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0028 0.0083 -0.0015 0.0068 <span style="font-family:Times New Roman;font-size:7.60pt;">The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows:</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees (but excluding out-of-pocket transfer agency/shareholder servicing costs), acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.57%;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(ii)</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;"> the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 69 250 446 1011 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">78</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.78 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments from developed countries.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments </span><span style="font-family:Times New Roman;font-size:9.50pt;">that provide investment exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bonds and other debt instruments are used by issuers to borrow money. The issuer usually pays interest at a fixed, variable, or floating rate, and must repay the amount borrowed, normally at the maturity of the security. Bonds and other debt </span><span style="font-family:Times New Roman;font-size:9.50pt;">instruments include, but are not limited to, debentures, mortgage-related and other asset-backed securities, investment grade debt securities (including corporate debt, developed market government bonds, and U.S. Government securities), below investment grade debt securities (also known as “junk” bonds), foreign bonds, subordinated bank debt, collective investment schemes, collateralized loan obligations, domestic or foreign floating rate senior secured syndicated bank loans, floating rate unsecured loans, and other floating rate bonds, loans and notes. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund considers “developed countries” to include, but not be limited to, those countries characterized as developed by the MSCI World Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;">, including the United States, United Kingdom, Canada, Australia, Sweden, Denmark, Japan, Austria, Belgium, Finland, France, Germany, New Zealand, Ireland, the Netherlands, and Switzerland.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Under normal circumstances, portfolio management intends to invest at least 40% of the Fund’s net assets outside of the United States and in at least three different countries. An issuer is deemed to originate in a country if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country, (ii) </span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">more than 50% of the issuer’s assets are located in the country, or (iii) </span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">more than 50% of the issuer’s revenues are derived from the country. The Fund may also invest up to 20% of its net assets in equity and equity-related securities. While the Fund has no policy limiting the currency in which foreign securities may be denominated, the Fund seeks to hedge its non-dollar investments back to the U.S. dollar. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management uses a process that combines a bottom-up approach to individual security selection rooted in thorough, independent research with a macro-economic overlay that determines appropriate country, asset sector, currency and industry exposure. In their bottom-up approach, portfolio management uses both qualitative and quantitative credit analysis to consider a variety of factors, including the issuer’s experience, managerial strength, debt service capability, operating outlook, sensitivity to economic conditions, current financial condition, liquidity and access to capital, asset protection, structural issues, covenant protection, and equity sponsorship. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management meets with prospective and purchased debt issuers. They also work closely with a team of analysts to search for the most appropriate securities to include in the Fund’s portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Sector, regional and industry allocations are evaluated within a broader economic and market context and involve: (i) evaluation of the economic and interest rate environment that determines asset sector allocation and quality mix; (ii) evaluation of country and regional economic environment to support country allocation decisions; and (iii) analysis of industry weightings, including stability and growth of industries, cash flows and/or positive equity momentum. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include corporate governance, company culture, exposure to climate change, and human capital management.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> To assess ESG Factors, portfolio management uses issuer reports, third-party data, </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management seeks to: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">avoid corporate issuers that are significantly engaged in business activities that they believe may be environmentally and/or socially harmful, as discussed below; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">invest in a portfolio of corporate issuers that, in the aggregate, has a lower carbon intensity and/or footprint than the ICE BofA Global Corporate &amp; High Yield Index on a monthly basis; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">with respect to sovereign bond issuers: (i) avoid sovereign bond issuers that have been sanctioned by the European Union or United Nations or have insufficient rankings with respect to political rights and civil liberties, as measured by third-party inputs; or (ii) seek to invest in sovereign bond issuers that are rated B or higher using the Adviser’s proprietary ESG framework, which incorporates metrics across ESG Factors to produce country-level ESG ratings ranging from AAA to CCC. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To identify the universe of investible securities for the Fund, portfolio management applies broad-based negative screens, which incorporate third-party inputs, to seek to avoid securities of issuers that derive more than de minimis revenue from certain activities considered by portfolio management to be environmentally and/or socially harmful. A current list of such business activities, which may evolve over time, follows: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">oil and gas generation and production; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">oil sands extraction; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shale energy extraction; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">thermal coal extraction and power generation; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Arctic oil and gas extraction; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">tobacco; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">fur; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">adult entertainment; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">gambling or controversial weapons; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">United Nations Global Compact violators. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund does not apply the avoidance criteria noted above in managing the Fund’s exposure to cash and cash equivalents, U.S. Treasuries, and credit default swaps on indices. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a security when, in portfolio management’s opinion, there is significant deterioration in company fundamentals, an inability to maintain open communication with management, a change in business strategy, a change in issuer-specific business outlook, realization of anticipated gains, or a failure by the issuer to meet operating/ financial targets. The Fund will also consider selling a security if, in portfolio management’s opinion, it no longer meets the environmental or social criteria noted above, or a superior investment opportunity arises. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s average portfolio duration normally may range from zero to plus nine years. Portfolio management may lengthen or shorten the Fund’s duration based on their outlook on interest rates and inflation. The Fund may invest in issuers of any credit quality. The Fund may also invest in securities that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may engage in exchange-traded or over-the-counter derivative transactions to seek return, to generate income, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of the portfolio, to manage certain investment risks, or as a substitute for the purchase or sale of securities or currencies. To the extent derivatives are used, the Fund expects to use them principally when seeking to hedge currency exposure using forward foreign currency contracts, to obtain net long or net negative (short) exposures to selected interest rate, duration or credit risks using a combination of bond or interest rate futures contracts, options on bond or interest rate futures contracts, and interest rate, inflation rate and credit default swap agreements. The Fund may invest in credit default swaps to gain issuer exposure or to gain sector exposure. The Fund may take short positions on derivatives instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments from developed countries.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund considers “developed countries” to include, but not be limited to, those countries characterized as developed by the MSCI World Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;">, including the United States, United Kingdom, Canada, Australia, Sweden, Denmark, Japan, Austria, Belgium, Finland, France, Germany, New Zealand, Ireland, the Netherlands, and Switzerland.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include corporate governance, company culture, exposure to climate change, and human capital management.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">European Investments Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The economies and markets of European countries are often closely connected and interdependent. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of European currencies, default or threat of a default by a European country on its sovereign debt, and budget deficits and recessions among European countries may have a significant adverse effect on the economies of other European countries and major trading partners outside Europe. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. High-yield bonds are bonds rated below investment grade by Nationally Recognized Statistical Rating Organizations (“NRSROs”) or are unrated bonds considered by the Adviser to be of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Financial Services Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Financial services companies may be adversely affected by changes in regulatory framework or interest rates that may negatively affect financial services businesses; exposure of a financial institution to a nondiversified or concentrated loan portfolio; exposure to financial leverage and/or investments or agreements that, under certain circumstances, may lead to losses; and the risk that a market shock or other unexpected market, economic, political, regulatory, or other event, including a banking crisis or financial emergency, might lead to a sudden decline in the values of most or all financial services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Investment Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund considers ESG Factors in selecting securities, the Fund may perform differently than funds that do not consider ESG Factors. Due to the ESG considerations and exclusionary criteria employed by the Fund, the Fund may not be invested in certain industries or sectors, and therefore may have lower performance than portfolios that do not apply similar criteria. ESG-related information provided by issuers and third parties, which portfolio management may utilize, continues to develop, and may be incomplete, inaccurate, use different or inconsistent methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing companies to consider their environmental or social practices may fall out of favor, which could potentially limit the Fund’s investment universe. There is also a risk that the issuers identified through the investment process employed by the Fund may fail to adhere to positive environmental or social practices, which may result in selling a security when it might otherwise be disadvantageous to do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The risks of investing in collateralized loan obligations (“CLO”) include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. Higher rated tranches (such as AAA rated tranches) do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Fund’s portfolio management may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">CLO Manager Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CLOs are managed by investment advisers independent of the Adviser. CLO managers are responsible for selecting, managing and replacing the underlying bank loans or other assets within a CLO. As such, each CLO is subject to the risk that its manager may not effectively exercise its responsibilities. Adverse security selection by a CLO manager may cause a CLO to experience difficulty in making its stipulated distribution payments to investors because of the poor performance of the underlying bank loans: (i) entering into bankruptcy proceedings; and/or (ii) are in default as to the repayment of their loan balances. Generally, CLO managers mitigate these risks by maintaining a pool of underlying bank loans in excess of the minimum necessary to finance a CLO’s stipulated distribution payments. </span><span style="font-family:Times New Roman;font-size:9.50pt;">In addition, CLO managers may have limited operating histories, may be subject to conflicts of interest, including managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLO securities in which the Fund invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. Class D Shares of the Fund commenced operations on June 5, 2017. The performance </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown for Class D Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of Henderson Strategic Income Fund (the “Predecessor Fund”), calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund on June 2, 2017. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the merger automatically exchanged for Class D Shares of the Fund following the merger. If Class D Shares of the Fund had been available during periods prior to June 5, 2017, the performance shown may have been different because the Fund and the Predecessor Fund have different expenses. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">effect of these expense waivers, the performance shown would have been lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s (and the Predecessor Fund’s) past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s (and the Predecessor Fund’s) past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">8.53%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-6.75%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">-2.10%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0853 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.0675 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 -0.0210 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 2003-09-30 0.0642 -0.0106 0.0252 0.0395 0.0489 -0.0232 0.0113 0.0226 0.0377 -0.0135 0.0135 0.0238 0.0817 -0.0215 0.0126 0.0262 0.0680 0.0041 0.0315 0.0392 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg Global Aggregate Bond Index, due to regulatory requirements. The Fund’s additional benchmark index is the Bloomberg Global Aggregate Credit Index (USD Hedged), which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg Global Aggregate Credit Index (USD Hedged) is the credit component of the Bloomberg Global Aggregate Index, which provides a broad-based measure of the global investment grade fixed income markets. The credit component excludes government bonds and securitized debt.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Predecessor Fund’s Class A Shares for the period prior to June 5, 2017. If Class D Shares of the Fund had been available during periods prior to June 5, 2017, the distributions used to calculate the after-tax returns may have been different.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Flexible Bond Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Flexible Bond Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks to obtain maximum total return, consistent with preservation of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0041 0.0018 0.0001 0.0060 -0.0009 0.0051 <span style="font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows:</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.40%;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(ii)</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 52 183 326 741 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">205</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 2.05 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments that provide investment </span><span style="font-family:Times New Roman;font-size:9.50pt;">exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bonds and other debt instruments are used by issuers to</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">borrow money.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The issuer usually pays interest at a fixed, variable, or floating</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">rate,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">and must repay</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">the amount borrowed,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">normally at the</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">maturity of the security. Bonds and other debt instruments include, but are not limited to, government notes and bonds, corporate bonds, commercial and residential mortgage-backed securities, asset-backed securities, credit risk transfer securities (“CRTs”), money market instruments,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">fixed and floating rate obligations with varying durations,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">and debt instruments</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">that have contractual</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">restrictions</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">that</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">prohibit or limit their public resale,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">may include Rule 144A debt securities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s average portfolio duration typically ranges between three and seven years. As of June 30, 2026, the Fund’s average portfolio duration was 5.75 years. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will invest at least 65% of its net assets in investment grade debt instruments. The Fund will limit its investment in below investment grade debt instruments (also known as “junk” bonds) to 35% or less of its net assets. The Fund generates total return from a combination of current income and capital appreciation, but income is usually the dominant portion. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Fund may also invest in foreign securities. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use futures, including Treasury bond futures, to manage interest rate risk, yield curve positioning, and country exposure. The Fund may also use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure, or market conditions), to increase or decrease the Fund’s exposure to a particular market, to manage or adjust the risk profile of the Fund relative to its benchmark index, and to earn income, enhance returns, or preserve capital. The Fund’s exposure to derivatives will vary. The Fund may take short positions on derivatives instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">or part of the sovereign debt that a governmental entity has not repaid.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Credit Risk Transfer Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CRTs are unguaranteed and unsecured fixed or floating rate general obligations that are commonly issued by government sponsored enterprises. CRTs are not directly linked to or backed by the underlying mortgage loans, so investors such as the Fund have no direct recourse to the underlying mortgage loans in the event of a default. The risks associated with CRTs are different from the risks associated with investments in mortgage-backed securities issued by government sponsored enterprises or private issuers because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. These risks are in addition to the risks described under “Fixed-Income Securities Risk.”</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders in a taxable account.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">TBA Commitments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s investments in interest rate futures in particular entail the risk that portfolio management’s prediction of the direction of interest rates is wrong, and the Fund could incur a loss.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">7.51%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-6.26%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">-3.03%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0751 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2022-03-31 -0.0626 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 -0.0303 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0761 -0.0017 0.0238 0.0554 -0.0165 0.0102 0.0447 -0.0077 0.0123 0.0730 -0.0036 0.0201 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson High-Yield Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson High-Yield Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks to obtain high current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Capital appreciation is a secondary investment objective when consistent with its primary investment objective.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0059 0.0021 0.0080 -0.0006 0.0074 <span style="font-family:Times New Roman;font-size:7.60pt;">The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows:</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.63%;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(ii)</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 76 249 438 984 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">159</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.59 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objectives by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in high-yield debt instruments (also known as “junk” bonds).</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments </span><span style="font-family:Times New Roman;font-size:9.50pt;">that provide investment exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield debt instruments are debt instruments rated below investment grade by Nationally Recognized Statistical Rating Organizations (“NRSROs”) or are unrated bonds considered by the Adviser to be of similar quality.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may at times invest all of its assets in such securities. The Fund may also invest in money market instruments and foreign debt securities. The Fund may also invest in floating rate obligations, such as floating rate senior secured syndicated bank loans, floating rate unsecured loans, and other floating rate bonds, loans and notes. The Fund may also invest in securities that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A securities. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Additionally, the Fund may invest its assets in derivatives. In particular, the Fund may invest in swaps, including index credit default swaps, to increase or decrease the Fund’s exposure to a particular market. The Fund may also invest in futures to manage or hedge duration. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. The Fund’s exposure to derivatives will vary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objectives by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in high-yield debt instruments (also known as “junk” bonds).</span> <span style="font-family:Times New Roman;font-size:9.50pt;">High-yield debt instruments are debt instruments rated below investment grade by Nationally Recognized Statistical Rating Organizations (“NRSROs”) or are unrated bonds considered by the Adviser to be of similar quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s investments in index credit default swaps in particular, bear the risk that the Fund will not be able to meet its obligation to the counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders in a taxable account.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">9.87%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-14.50%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">1.01%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0987 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1450 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0101 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0911 0.0352 0.0535 0.0618 0.0103 0.0286 0.0532 0.0156 0.0299 0.0730 -0.0036 0.0201 0.0862 0.0451 0.0653 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index, due to regulatory requirements. The Fund’s additional benchmark index is the Bloomberg U.S. Corporate High-Yield Bond Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Corporate High-Yield Bond Index is composed of fixed-rate, publicly issued, non-investment grade debt.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Low Duration Multi-Sector Income Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Low Duration Multi-Sector Income Fund</span><span style="font-family:Times New Roman;font-size:9.50pt;"> seeks to maximize total return and current income, consistent with preservation of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0035 0.0088 0.0001 0.0124 -0.0072 0.0052 <span style="font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser shall waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.39%; (ii) the Adviser shall waive and/or reimburse out-of-pocket transfer agency/shareholder servicing costs, payable by any share class so that such fees do not exceed 0.06% of a share class’s average daily net assets; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (v) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 53 322 612 1436 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">114</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.14 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments that provide investment </span><span style="font-family:Times New Roman;font-size:9.50pt;">exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bonds and other debt instruments are used by issuers to borrow money. The issuer usually pays interest at a fixed, variable, or floating rate, and must repay the amount borrowed, normally at the maturity of the security. Bonds and other debt instruments in which the Fund may invest include, but are not limited to, bank loans, commercial loans, commercial paper, floating rate obligations, including collateralized loan obligations (and investments that provide exposure to collateralized loan obligations), floating rate senior secured syndicated bank loans, floating rate unsecured loans, debt instruments that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A debt securities, and other floating rate bonds, loans and notes, and fixed-rate notes. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s investment sectors include, but are not limited to: (i) government notes and bonds; (ii) corporate bonds, including below investment grade debt instruments (also known as “junk” bonds); (iii) commercial loans; (iv) agency and non-agency commercial and residential mortgage-backed securities; (v) asset-backed securities; (vi) convertible securities and preferred stock; and (vii) emerging market debt. Portfolio management believes that by investing in multiple sectors that potentially have low correlation to each other, the Fund’s overall volatility may be reduced. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector will vary over time. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in U.S. and non-U.S. debt securities of varying maturities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s average portfolio duration typically ranges from zero to three years. While the Fund primarily invests in investment-grade debt securities, it may invest up to 35% of its net assets in below investment grade securities. The Fund may invest up to 15% of its net assets in emerging market debt. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use swaps, including interest rate, total return and credit-default swaps, options, forward contracts, and interest rate or bond futures. The Fund may use derivatives for various investment purposes including for hedging purposes, such as to manage portfolio risk or currency risk, to enhance returns, or manage duration. The Fund’s exposure to derivatives will vary. The Fund may engage in short sales of derivatives instruments. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management seeks to invest in issuers they believe have high income potential relative to other fixed-income instruments available at a given point in time. </span><span style="font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. High-yield bonds are bonds rated below investment grade by Nationally Recognized Statistical Rating Organizations (“NRSROs”) or are unrated bonds considered by the Adviser to be of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Loan Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bank loans are obligations of companies or other entities sometimes entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. The bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged. Loans are subject to credit risk, interest rate risk, and liquidity risk. Investments in certain commercial loans, such as bridge loans, debtor-in-possession (“DIP”) loans, and mezzanine loans subject the Fund to other risks. Bridge loans involve certain risks in addition to those associated with bank loans, including the risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower’s perceived creditworthiness. DIP loans are subject to the risk that the entity will not emerge from bankruptcy and will be forced to liquidate its assets. Mezzanine loans </span><span style="font-family:Times New Roman;font-size:9.50pt;">generally are rated below investment grade, and frequently are unrated. Because mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure, they are subject to the additional risk that the cash flow of the related borrower and any property securing the loan may be insufficient to repay the loan after the related borrower pays off any senior obligations.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligation Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The risks of investing in collateralized loan obligations (“CLO”) include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. Higher rated tranches (such as AAA rated tranches) do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Fund’s portfolio management may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">CLO Manager Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CLOs are managed by investment advisers independent of the Adviser. CLO managers are responsible for selecting, managing and replacing the underlying bank loans or other assets within a CLO. As such, each CLO is subject to the risk that its manager may not effectively exercise its responsibilities. Adverse security selection by a CLO manager may cause a CLO to experience difficulty in making its stipulated distribution payments to investors because of the poor performance of the underlying bank loans: (i) entering into bankruptcy proceedings; and/or (ii) are in default as to the repayment of their loan balances. Generally, CLO managers mitigate these risks by maintaining a pool of underlying bank loans in excess of the minimum necessary to finance a CLO’s stipulated distribution payments. </span><span style="font-family:Times New Roman;font-size:9.50pt;">In addition, CLO managers may have limited operating histories, may be subject to conflicts of interest, including managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLO securities in which the Fund invests.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">TBA Commitments Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same </span><span style="font-family:Times New Roman;font-size:9.50pt;">economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industrials Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Convertible Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in securities that are convertible into preferred and common stocks, and thus, is subject to the risks of investments in both debt and equity securities. The market value of convertible securities tends </span><span style="font-family:Times New Roman;font-size:9.50pt;">to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying preferred and common stocks and, therefore, also will react to variations in the general market for equity securities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Commercial Paper Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Commercial paper is a debt obligation usually issued by corporations in order to finance their current operations. 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 that the issuer cannot issue enough new 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Effective March 4, 2026, the Fund changed its investment strategy. Performance prior to March 4, 2026 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">2.72%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2018</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-5.70%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">1.38%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0272 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2018-06-30 -0.0570 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0138 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0664 0.0345 0.0269 0.0454 0.0205 0.0143 0.0389 0.0203 0.0150 0.0730 -0.0036 0.0201 0.0539 0.0198 0.0208 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index, due to regulatory requirements. In connection with the change to its investment strategy, effective March 4, 2026, the Fund changed its additional benchmark index to the Bloomberg U.S. Aggregate Bond 1-3 Year Index as it has investment characteristics similar to those of the Fund.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The indices are described below.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond 1-3 Year Index is a subset of the Bloomberg U.S. Aggregate Index, and tracks investment grade, fixed-rate bonds, including treasuries, government-related, corporate and securitized issues, with a maturity between one and up to, but not including three years.</span><span style="font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index, due to regulatory requirements. In connection with the change to its investment strategy, effective March 4, 2026, the Fund changed its additional benchmark index to the Bloomberg U.S. Aggregate Bond 1-3 Year Index as it has investment characteristics similar to those of the Fund.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Multi-Sector Income Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Multi-Sector Income Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks high current income with a secondary focus on capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0051 0.0018 0.0002 0.0071 -0.0002 0.0069 <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">“Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows:</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.64%;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(ii)</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses;</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">(iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 70 225 393 881 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">92</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.92 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments that provide investment </span><span style="font-family:Times New Roman;font-size:9.50pt;">exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bonds and other debt instruments are used by issuers to borrow money. The issuer usually pays interest at a fixed, variable, or floating rate, and must repay the amount borrowed, normally at the maturity of the security. Bonds and other debt instruments in which the Fund may invest include, but are not limited to, bank loans, commercial loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans, floating rate obligations, including collateralized loan obligations, floating rate senior secured syndicated bank loans, floating rate unsecured loans, and debt instruments that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A debt securities, and other floating rate bonds, loans, and notes. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s investment sectors include, but are not limited to: (i) government notes and bonds; (ii) corporate bonds, including below investment grade debt instruments (also known as “junk” bonds); (iii) commercial loans; (iv) agency and non-agency commercial and residential mortgage-backed securities; (v) asset-backed securities; (vi) </span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">preferred stock; and (vii) emerging market debt. Portfolio management believes that by investing in multiple sectors that potentially have low correlation to each other, the Fund’s overall volatility may be reduced. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector will vary over time. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in U.S. and non-U.S. debt securities of varying maturities. The Fund’s investments in below investment grade debt securities are limited to 65% of its net assets, but under unusual circumstances, such as when new issue allocations are higher than expected, this limit may be exceeded on a temporary basis. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest up to 50% of its total assets in the commercial loans sector. Normally, the Fund’s exposure to the commercial loans sector will be approximately 15% of the Fund’s total assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use swaps, including interest rate, total return and credit-default swaps, and interest rate or bond futures. The Fund may use derivatives for various investment purposes including for hedging purposes, such as to manage portfolio risk or currency risk, to enhance returns, or manage duration. The Fund’s exposure to derivatives will vary. The Fund may engage in short sales of derivatives instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management seeks to invest in issuers they believe have high income potential relative to other fixed-income instruments available at a given point in time, and may also consider the capital appreciation potential of certain investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. High-yield bonds are bonds rated below investment grade by Nationally Recognized Statistical Rating Organizations (“NRSROs”) or are unrated bonds considered by the Adviser to be of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Loan Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bank loans are obligations of companies or other entities sometimes entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. The bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged. Loans are subject to credit risk, interest rate risk, and liquidity risk. Investments in certain commercial loans, such as bridge loans, DIP loans, and mezzanine loans subject the Fund to other risks. Bridge loans involve certain risks in addition to those associated with bank loans, including the risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower’s perceived creditworthiness. DIP loans are subject to the risk that the entity will not emerge from bankruptcy and will be forced to liquidate its assets. Mezzanine loans generally are rated </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">below investment grade, and frequently are unrated. Because mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure, they are subject to the additional risk that the cash flow of the related borrower and any property securing the loan may be insufficient to repay the loan after the related borrower pays off any senior obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The risks of investing in collateralized loan obligations (“CLO”) include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. Higher rated tranches (such as AAA rated tranches) do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Fund’s portfolio management may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">CLO Manager Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CLOs are managed by investment advisers independent of the Adviser. CLO managers are responsible for selecting,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">managing and replacing the underlying bank loans or other assets within a CLO. As such, each CLO is subject to the risk that its manager may not effectively exercise its responsibilities. Adverse security selection by a CLO manager may cause a CLO to experience difficulty in making its stipulated distribution payments to investors because of the poor performance of the underlying bank loans:</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(i)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">entering into bankruptcy proceedings;</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">and/or</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;"> (ii)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">are in default as to the repayment of their loan balances. Generally,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CLO managers mitigate these risks by maintaining a pool of underlying bank loans in excess of the minimum necessary to</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">finance a CLO’s stipulated distribution payments. </span><span style="font-family:Times New Roman;font-size:9.50pt;">In addition, CLO managers may have limited operating histories, may be subject to conflicts of interest, including managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLO securities in which the Fund invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">TBA Commitments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">9.56%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-11.29%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">-0.60%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0956 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1129 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 -0.0060 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0955 0.0323 0.0474 0.0665 0.0081 0.0245 0.0559 0.0138 0.0261 0.0730 -0.0036 0.0201 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Short Duration Flexible Bond Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Short Duration Flexible Bond Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks as high a level of current income as is consistent with preservation of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0025 0.0023 0.0048 -0.0003 0.0045 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.32%. In addition, the Adviser shall reimburse or waive out-of-pocket transfer agency/shareholder servicing costs, payable by any share class so that such fees do not exceed 0.06% of a share class’s average daily net assets. These contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. These fee waivers and/or reimbursements may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, 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:</span> 46 151 266 601 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">123</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.23 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Derivative instruments that provide investment </span><span style="font-family:Times New Roman;font-size:9.50pt;">exposure to investments in the Fund’s 80% investment policy, or to one or more of the market risk factors associated with such investments, may be counted toward compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Bonds and other debt instruments are used by issuers to borrow money. The issuer usually pays interest at a fixed, variable, or floating rate, and must repay the amount borrowed, normally at the maturity of the security. Bonds and other debt instruments include, but are not limited to, corporate bonds or notes or government securities, including agency securities, commercial and residential mortgage-backed securities, asset-backed securities, fixed and floating rate obligations with varying </span><span style="font-family:Times New Roman;font-size:9.50pt;">durations, credit risk transfer securities (“CRTs”), and debt instruments that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A debt securities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will invest at least 65% of its net assets in investment grade debt securities. The Fund may invest up to 35% of its net assets in below investment grade debt securities (also known as “junk” bonds). The Fund’s investments in short-term securities may include money market instruments. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Fund may also invest in foreign securities. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s average portfolio duration typically ranges between one and three years. As of June 30, 2026, the Fund’s average portfolio duration was 1.6 years. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use futures, including Treasury bond futures, to manage interest rate risk, yield curve positioning, and country exposure. The Fund may also use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure, or market conditions), to increase or decrease the Fund’s exposure to a particular market, and to earn income, enhance returns, or preserve capital. The Fund’s exposure to derivatives will vary. The Fund may engage in short sales of derivatives instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns and yields will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Valuation risk, which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Credit Risk Transfer Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">CRTs are unguaranteed and unsecured fixed or floating rate general obligations that are commonly issued by government sponsored enterprises. CRTs are not directly linked to or backed by the underlying mortgage loans, so investors such as the Fund have no direct recourse to the underlying mortgage loans in the event of a default. The risks associated with CRTs are different from the risks associated with investments in mortgage-backed securities issued by government sponsored enterprises or private issuers because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. These risks are in addition to the risks described under “Fixed-Income Securities Risk.”</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">TBA Commitments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s investments in interest rate futures in particular entail the risk that portfolio management’s prediction of the direction of interest rates is wrong, and the Fund could incur a loss.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders in a taxable account.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule 144A Securities and Other Exempt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">4.69%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-3.30%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">0.85%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0469 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2022-03-31 -0.0330 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0085 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0586 0.0221 0.0238 0.0387 0.0079 0.0125 0.0344 0.0106 0.0133 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index, due to regulatory requirements. The Fund’s additional benchmark index is the Bloomberg 1-3 Year U.S. Government/Credit Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg 1-3 Year U.S. Government/Credit Index is composed of all bonds of investment grade with a maturity between one and three years.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Government Money Market Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Government Money Market Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital preservation and liquidity with current income as a secondary objective.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0020 0.0021 0.0041 -0.0008 0.0033 <span style="font-family:Times New Roman;font-size:7.60pt;">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 commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, 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:</span> 34 124 222 510 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objectives by 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> The Fund’s investments in </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund will: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">invest in high-quality, short-term money market instruments that present minimal credit risks, as determined by the Adviser </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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) </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Money Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">You could lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Accordingly, if the value of Fund Shares were to fall below </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Credit Quality Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The value of the 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Collateral Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Variable and Floating Rate Demand Notes Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. The table shows how the Fund’s returns over different periods average out. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. The table shows how the Fund’s returns over different periods average out. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">1.22%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2016</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">2.54%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0122 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2016-03-31 0.0000 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0254 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0399 0.0288 0.0178 <span style="font-family:Times New Roman;font-size:9.50pt;">The 7-day yield on December 31, 2025 was </span><span style="font-family:Times New Roman;font-size:9.50pt;">3.46</span><span style="font-family:Times New Roman;font-size:9.50pt;">% for Janus Henderson Government Money Market Fund.</span> 0.0346 <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Government Money Market Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Government Money Market Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital preservation and liquidity with current income as a secondary objective.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Information about these and other discounts, as well </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 21 of the Fund’s Prospectus and in the “Purchases” section on page 19 of the Fund’s Statement of Additional Information. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying American Cancer Society Support – Class I Shares or American Cancer Society Support – Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Information about these and other discounts, as well </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 21 of the Fund’s Prospectus and in the “Purchases” section on page 19 of the Fund’s Statement of Additional Information. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying American Cancer Society Support – Class I Shares or American Cancer Society Support – Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0020 0.0020 0.0020 0.0020 0.0004 0.0029 0.0040 0.0024 0.0049 -0.0020 -0.0004 -0.0003 0.0020 0.0020 0.0046 <span style="font-family:Times New Roman;font-size:7.60pt;">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 Class I Shares, 0.20% for Class N Shares, and 0.46% for Class T Shares, for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, 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:</span> 20 108 204 486 20 73 131 302 47 154 271 613 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objectives by 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> The Fund’s investments in </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund will: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">invest in high-quality, short-term money market instruments that present minimal credit risks, as determined by the Adviser </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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) </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Money Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">You could lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Accordingly, if the value of Fund Shares were to fall below </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Credit Quality Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The value of the 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Collateral Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Variable and Floating Rate Demand Notes Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. The table shows how the Fund’s returns over different periods average out. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. The table shows how the Fund’s returns over different periods average out. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">1.22%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2016</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">2.44%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0122 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0413 0.0221 2024-12-09 0.0413 0.0221 2024-10-18 0.0386 0.0284 0.0176 <span style="font-family:Times New Roman;font-size:9.50pt;">The 7-day yield on December 31, 2025 was </span><span style="font-family:Times New Roman;font-size:9.50pt;">3.59</span><span style="font-family:Times New Roman;font-size:9.50pt;">% for Janus Henderson Government Money Market Fund.</span> 0.0359 <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Money Market Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Money Market Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital preservation and liquidity with current income as a secondary objective.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0020 0.0019 0.0039 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 40 125 219 493 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objectives by investing primarily in high quality debt obligations and obligations of financial institutions. Debt obligations may include commercial paper, notes, and bonds. Obligations of financial institutions include certificates of deposit and time deposits.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> The Fund also intends to invest in repurchase agreements including those secured by </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">U.S. Government agencies. Some government agencies 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund will: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">invest in high-quality, short-term money market instruments that present minimal credit risks, as determined by the Adviser </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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) </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objectives by investing primarily in high quality debt obligations and obligations of financial institutions. Debt obligations may include commercial paper, notes, and bonds. Obligations of financial institutions include certificates of deposit and time deposits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Money Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">You could lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may impose a fee upon the sale of your Shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Credit Quality Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Retail Money Market Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is classified as a “retail money market fund,” as such term is defined in or interpreted under the rules governing money market funds. A retail money market fund is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. The Fund may impose a discretionary liquidity fee of up to 2% on Fund redemptions if the Fund’s Board of Trustees, or its delegate, determines that a liquidity fee is in the best interests of the Fund. The Board of Trustees has delegated liquidity fee determinations to the Adviser, subject to Board guidelines and oversight.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Collateral Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">With respect to collateral received in repurchase transactions or other investments, the Fund may have significant exposure to financial services, mortgage markets, and 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Commercial Paper Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Commercial paper is a debt obligation usually issued by corporations in order to finance their current operations. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new </span><span style="font-family:Times New Roman;font-size:9.50pt;">commercial paper. As a result, investments in commercial paper are subject to the risk that the issuer cannot issue enough new 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Variable and Floating Rate Demand Notes Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. The table shows how the Fund’s returns over different periods average out. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. The table shows how the Fund’s returns over different periods average out. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">1.24%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2016</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">2.55%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0124 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2016-03-31 0.0000 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0255 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0401 0.0292 0.0184 <span style="font-family:Times New Roman;font-size:9.50pt;">The 7-day yield on December 31, 2025 was </span><span style="font-family:Times New Roman;font-size:9.50pt;">3.52</span><span style="font-family:Times New Roman;font-size:9.50pt;">% for Janus Henderson Money Market Fund.</span> 0.0352 <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Money Market Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Money Market Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital preservation and liquidity with current income as a secondary objective.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0020 0.0029 0.0049 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 50 157 274 616 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objectives by investing primarily in high quality debt obligations and obligations of financial institutions. Debt obligations may include commercial paper, notes, and bonds. Obligations of financial institutions include certificates of deposit and time deposits.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> The Fund also intends to invest in repurchase agreements including those secured by </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">U.S. Government agencies. Some government agencies 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund will: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">invest in high-quality, short-term money market instruments that present minimal credit risks, as determined by the Adviser </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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) </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objectives by investing primarily in high quality debt obligations and obligations of financial institutions. Debt obligations may include commercial paper, notes, and bonds. Obligations of financial institutions include certificates of deposit and time deposits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Money Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">You could lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may impose a fee upon the sale of your Shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Credit Quality Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Retail Money Market Fund Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is classified as a “retail money market fund,” as such term is defined in or interpreted under the rules governing money market funds. A retail money market fund is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. The Fund may impose a discretionary liquidity fee of up to 2% on Fund redemptions if the Fund’s Board of Trustees, or its delegate, determines that a liquidity fee is in the best interests of the Fund. The Board of Trustees has delegated liquidity fee determinations to the Adviser, subject to Board guidelines and oversight.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Collateral Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">With respect to collateral received in repurchase transactions or other investments, the Fund may have significant exposure to financial services, mortgage markets, and 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Counterparty Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Commercial Paper Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Commercial paper is a debt obligation usually issued by corporations in order to finance their current operations. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new </span><span style="font-family:Times New Roman;font-size:9.50pt;">commercial paper. As a result, investments in commercial paper are subject to the risk that the issuer cannot issue enough new 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Variable and Floating Rate Demand Notes Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. The table shows how the Fund’s returns over different periods average out. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. The table shows how the Fund’s returns over different periods average out. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">1.23%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2016</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">2.47%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0123 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2016-03-31 0.0000 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0247 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0390 0.0288 0.0181 <span style="font-family:Times New Roman;font-size:9.50pt;">The 7-day yield on December 31, 2025 was </span><span style="font-family:Times New Roman;font-size:9.50pt;">3.42</span><span style="font-family:Times New Roman;font-size:9.50pt;">% for Janus Henderson Money Market Fund.</span> 0.0342 <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Adaptive Risk Managed U.S. Equity Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Adaptive Risk Managed U.S. Equity Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 30 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 30 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0575 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">of your investment)</span> 0.0050 0.0050 0.0050 0.0050 0.0050 0.0050 0.0025 0.0100 0.0025 0 0 0 0.0013 0.0022 0.0036 0.0016 0.0007 0.0031 0.0088 0.0172 0.0111 0.0066 0.0057 0.0081 0.0000 -0.0004 -0.0002 0.0000 0.0000 0.0000 0.0088 0.0168 0.0109 0.0066 0.0057 0.0081 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.59% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 660 840 1035 1597 271 538 930 1804 111 351 610 1350 67 211 368 822 58 183 318 714 83 259 450 1002 660 840 1035 1597 171 538 930 1804 111 351 610 1350 67 211 368 822 58 183 318 714 83 259 450 1002 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">67</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.67 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies.</span><span style="font-family:Times New Roman;font-size:9.50pt;">An issuer is deemed to be economically tied to the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the United States; (ii) more than 50% of the issuer’s revenues are derived from the United States; or (iii) more than 50% of the issuer’s assets are located in the United States. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Equity securities represent shares of ownership, or the right to acquire an ownership interest, in a company. Equity securities in which the Fund may invest include, but are not limited to, common stocks and depositary receipts. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Under normal circumstances, the Fund seeks to achieve returns with lower volatility over a full market cycle than the Russell 1000</span><span style="font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">® </span><span style="font-family:Times New Roman;font-size:9.50pt;">Index (the Fund’s broad-based benchmark index). The Fund seeks to generate such returns with volatility that can range from approximately 0% to 40% lower than the Russell 1000 Index. In this context, volatility refers to the variation in the returns of the Fund and the broad-based benchmark index as measured by the standard deviation of monthly returns. The market capitalization of issuers within the broad-based benchmark index, from which the Fund’s investment universe is derived, will vary, but as of June 30, 2026, it ranged from approximately $484.44 billion to $4.65 trillion.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by applying a proprietary methodology to construct an investment portfolio of equity securities from a universe of the 750 largest U.S. issuers in the Russell 1000 Index by market capitalization whose securities are also characterized by broad options market liquidity.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Portfolio management applies a systematic investment </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">process that monitors day-to-day movements in options prices on individual U.S. issuers for indicators of upside (or good) and downside (or bad) volatility to forecast their risk and reward. In applying this investment process, portfolio management seeks to avoid issuers whose upside volatilities are perceived to be lower and whose downside volatilities are perceived to be higher, resulting in a portfolio that is expected to generate returns with lower volatility over a full market cycle. Although the Fund is generally expected to underperform the Russell 1000 Index in sharply rising markets, this strategy seeks to minimize losses in down markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may engage in active and frequent trading to achieve its investment objective.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">Under normal circumstances, the Fund seeks to achieve returns with lower volatility over a full market cycle than the Russell 1000</span><span style="font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">® </span><span style="font-family:Times New Roman;font-size:9.50pt;">Index (the Fund’s broad-based benchmark index). The Fund seeks to generate such returns with volatility that can range from approximately 0% to 40% lower than the Russell 1000 Index. In this context, volatility refers to the variation in the returns of the Fund and the broad-based benchmark index as measured by the standard deviation of monthly returns. The market capitalization of issuers within the broad-based benchmark index, from which the Fund’s investment universe is derived, will vary, but as of June 30, 2026, it ranged from approximately $484.44 billion to $4.65 trillion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by applying a proprietary methodology to construct an investment portfolio of equity securities from a universe of the 750 largest U.S. issuers in the Russell 1000 Index by market capitalization whose securities are also characterized by broad options market liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Technology Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Fund may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. These risks are further exacerbated by the rapid emergence of new technologies, such as artificial intelligence and machine learning, which may accelerate product obsolescence, intensify competition, require significant research and development expenditures with uncertain returns, and subject companies to evolving regulatory scrutiny.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Large-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund 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. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Increased portfolio turnover may result in higher costs, which may offset gains or increase losses in 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, market risk, and foreign exposure risk, because their values depend on the performance of a foreign security denominated in its home currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Volatility Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is no guarantee that the Fund’s strategy to minimize volatility will be successful. Securities in the Fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the Fund’s strategy to minimize volatility could limit the Fund’s gains in rising markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Effective June 10, 2022, the Fund changed its investment strategy. Performance prior to June 10, 2022 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">22.92%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-20.74%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class I Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">6.23%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2292 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2074 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class I Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0623 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.1344 0.1070 0.1128 0.1070 0.0787 0.0891 0.0945 0.0754 0.0839 0.0667 0.0913 0.1036 0.1132 0.0973 0.1026 0.1294 0.1028 0.1086 0.1360 0.1083 0.1141 0.1328 0.1057 0.1114 0.1737 0.1359 0.1459 0.1174 0.1027 0.1156 <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Russell 1000 Index. The Fund’s additional benchmark index is the S&amp;P 500 Minimum Volatility Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;P 500 Minimum Volatility Index is designed to reflect a managed-volatility equity strategy that seeks to achieve lower total risk, measured by standard deviation, than the S&amp;P 500 while maintaining similar characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Adaptive Risk Managed U.S. Equity Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Adaptive Risk Managed U.S. Equity Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0.0019 0.0069 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 70 221 384 859 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">67</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.67 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies.</span><span style="font-family:Times New Roman;font-size:9.50pt;">An issuer is deemed to be economically tied to the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the United States; (ii) more than 50% of the issuer’s revenues are derived from the United States; or (iii) more than 50% of the issuer’s assets are located in the United States. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Equity securities represent shares of ownership, or the right to acquire an ownership interest, in a company. Equity securities in which the Fund may invest include, but are not limited to, common stocks and depositary receipts. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Under normal circumstances, the Fund seeks to achieve returns with lower volatility over a full market cycle than the Russell 1000</span><span style="font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">® </span><span style="font-family:Times New Roman;font-size:9.50pt;">Index (the Fund’s broad-based benchmark index). The Fund seeks to generate such returns with volatility that can range from approximately 0% to 40% lower than the Russell 1000 Index. In this context, volatility refers to the variation in the returns of the Fund and the broad-based benchmark index as measured by the standard deviation of monthly returns. The market capitalization of issuers within the broad-based benchmark index, from which the Fund’s investment universe is derived, will vary, but as of June 30, 2026, it ranged from approximately $484.44 billion to $4.65 trillion.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by applying a proprietary methodology to construct an investment portfolio of equity securities from a universe of the 750 largest U.S. issuers in the Russell 1000 Index by market capitalization whose </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">securities are also characterized by broad options market liquidity.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Portfolio management applies a systematic investment </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">process that monitors day-to-day movements in options prices on individual U.S. issuers for indicators of upside (or good) and downside (or bad) volatility to forecast their risk and reward. In applying this investment process, portfolio management seeks to avoid issuers whose upside volatilities are perceived to be lower and whose downside volatilities are perceived to be higher, resulting in a portfolio that is expected to generate returns with lower volatility over a full market cycle. Although the Fund is generally expected to underperform the Russell 1000 Index in sharply rising markets, this strategy seeks to minimize losses in down markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may engage in active and frequent trading to achieve its investment objective.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">Under normal circumstances, the Fund seeks to achieve returns with lower volatility over a full market cycle than the Russell 1000</span><span style="font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">® </span><span style="font-family:Times New Roman;font-size:9.50pt;">Index (the Fund’s broad-based benchmark index). The Fund seeks to generate such returns with volatility that can range from approximately 0% to 40% lower than the Russell 1000 Index. In this context, volatility refers to the variation in the returns of the Fund and the broad-based benchmark index as measured by the standard deviation of monthly returns. The market capitalization of issuers within the broad-based benchmark index, from which the Fund’s investment universe is derived, will vary, but as of June 30, 2026, it ranged from approximately $484.44 billion to $4.65 trillion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by applying a proprietary methodology to construct an investment portfolio of equity securities from a universe of the 750 largest U.S. issuers in the Russell 1000 Index by market capitalization whose </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">securities are also characterized by broad options market liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Technology Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Fund may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. These risks are further exacerbated by the rapid emergence of new technologies, such as artificial intelligence and machine learning, which may accelerate product obsolescence, intensify competition, require significant research and development expenditures with uncertain returns, and subject companies to evolving regulatory scrutiny.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Large-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund 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. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Increased portfolio turnover may result in higher costs, which may offset gains or increase losses in 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, market risk, and foreign exposure risk, because their values depend on the performance of a foreign security denominated in its home currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Volatility Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is no guarantee that the Fund’s strategy to minimize volatility will be successful. Securities in the Fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the Fund’s strategy to minimize volatility could limit the Fund’s gains in rising markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Effective June 10, 2022, the Fund changed its investment strategy. Performance prior to June 10, 2022 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">23.00%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-20.75%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">6.23%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2300 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2075 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0623 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.1333 0.1067 0.1123 0.1052 0.0778 0.0882 0.0942 0.0750 0.0834 0.1737 0.1359 0.1459 0.1174 0.1027 0.1156 <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Russell 1000 Index. The Fund’s additional benchmark index is the S&amp;P 500 Minimum Volatility Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;P 500 Minimum Volatility Index is designed to reflect a managed-volatility equity strategy that seeks to achieve lower total risk, measured by standard deviation, than the S&amp;P 500 while maintaining similar characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson International Dividend Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson International Dividend Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks income with the potential for capital growth over the long-term.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0575 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0025 0.0100 0.0025 0 0 0 0.0023 0.0031 0.0145 0.0025 0.0023 0.0042 0.0123 0.0206 0.0245 0.0100 0.0098 0.0117 -0.0014 -0.0021 -0.0118 -0.0013 -0.0021 -0.0015 0.0109 0.0185 0.0127 0.0087 0.0077 0.0102 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.77% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 680 930 1199 1966 288 625 1089 2160 129 651 1199 2697 89 305 540 1213 79 291 521 1182 104 357 629 1407 680 930 1199 1966 188 625 1089 2160 129 651 1199 2697 89 305 540 1213 79 291 521 1182 104 357 629 1407 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">63</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.63 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of dividend-producing equity securities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivative instruments that provide investment exposure to investments in the Fund’s 80%</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">investment policy, or to one or more of the market risk factors associated with such investments, may be</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">counted toward</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Equity securities represent shares of ownership, or the right to acquire an ownership interest, in a company. Dividend-producing equity securities are common and preferred stocks that currently pay, or have a historical record of paying, dividends.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund generally invests in a core group of 40-60 equity securities, including common stocks, preferred stocks, </span><span style="font-family:Times New Roman;font-size:9.50pt;">depositary receipts, and other equity-related securities. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund primarily invests in equity securities of companies that are economically tied to countries outside of the United States, including investments in emerging markets. A security is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) </span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">more than 50% of the issuer’s revenues are derived from one or more countries outside of the United States; or (iii) </span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">more than 50% of the issuer’s assets are located in one or more countries outside of the United States. The Fund’s investments may be in non-U.S. currency or U.S. dollar-denominated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In selecting investments for the Fund, portfolio management seeks to identify equity securities of companies with attractive long-term business prospects that generate profits and produce attractive levels of dividend income.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Although the Fund does </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">not have a specific policy regarding the growth/value orientation or market capitalization of the companies in which it invests, portfolio management believes that focusing on dividend-producing equity securities will tend to lead to investments in mid-to-large capitalization “value” stocks (stocks of well-established, undervalued companies that portfolio management believes offer the potential for income and long-term capital appreciation). Portfolio management may, however, invest in smaller and less seasoned issuers and in stocks that are considered “growth” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a security when, in portfolio management’s opinion, there is a risk of significant deterioration in the company’s fundamentals, there is a change in business strategy or issuer-specific business outlook that affects the original investment case, or if a superior investment opportunity arises. The Fund will also consider selling a security if, in portfolio management’s opinion, the company’s business model no longer meets the investment criteria employed in managing the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest its assets in derivatives, which are instruments that have a value derived from, or directly linked to, an underlying asset, such as equity securities, fixed-income securities, commodities, currencies, interest rates, or market indices, as substitutes for securities in which the Fund invests or to hedge portfolio risk. In particular, the Fund may invest in derivatives such as forward foreign currency contracts to offset risks associated with currency exposure.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of dividend-producing equity securities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">Equity securities represent shares of ownership, or the right to acquire an ownership interest, in a company. Dividend-producing equity securities are common and preferred stocks that currently pay, or have a historical record of paying, dividends.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In selecting investments for the Fund, portfolio management seeks to identify equity securities of companies with attractive long-term business prospects that generate profits and produce attractive levels of dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Dividend-Oriented Stocks Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">European Investments Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The economies and markets of European countries are often closely connected and interdependent. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of European currencies, default or threat of a default by a European country on its sovereign debt, and budget deficits and recessions among European countries may have a significant adverse effect on the economies of other European countries and major trading partners outside Europe.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Large-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, market risk, and foreign exposure risk, because their values depend on the performance of a foreign security denominated in its home currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund 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. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Financial Services Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Financial services companies may be adversely affected by changes in regulatory framework or interest rates that may negatively affect financial services businesses; exposure of a financial institution to a nondiversified or concentrated loan portfolio; exposure to financial leverage and/or investments or agreements that, under certain circumstances, may lead to losses; and the risk that a market shock or other unexpected market, economic, political, regulatory, or other event, including a banking crisis or financial emergency, might lead to a sudden decline in the values of most or all financial services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent that the Fund uses forward foreign currency contracts, there is a risk that unanticipated changes in currency prices may negatively impact the Fund’s performance, among other things.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. Returns shown for periods prior to June 5, 2017, are those of Henderson Dividend &amp; Income Builder Fund (the “Predecessor Fund”). The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund on June 2, 2017. Class A Shares, Class C Shares, and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on August 1, 2012. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015. Class S Shares and Class T Shares of the Fund commenced operations on June 5, 2017. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class A Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund and is calculated using the fees and expenses of Class A Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class C Shares for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund and is calculated using the fees and expenses of Class C Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class I Shares for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund and is calculated using the fees and expenses of Class I Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class N Shares for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund and is calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance shown for Class N Shares reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class S Shares for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class T Shares for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Returns of the Fund will be different from the Predecessor Fund as they have different expenses. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">expense waivers, the performance shown would have been lower. The Fund changed its investment strategy on October 28, 2022, and again changed its investment strategy on June 24, 2025. Performance prior to June 24, 2025, reflects the Fund’s former investment strategies, and its performance may have differed if the Fund’s current investment strategy had been in place. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s (and the Predecessor Fund’s) past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s (and the Predecessor Fund’s) past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">16.57%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-17.83%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class I Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">18.03%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2022-12-31 0.1657 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1783 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class I Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.1803 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 2012-08-01 0.2925 0.1113 0.0902 0.0893 0.2653 0.0987 0.0805 0.0798 0.1839 0.0869 0.0722 0.0722 0.2151 0.0958 0.0822 0.0827 0.2709 0.1009 0.0796 0.0788 0.2900 0.1103 0.0883 0.0867 0.2935 0.1122 0.0907 0.0894 0.2901 0.1095 0.0882 0.0874 0.3185 0.0946 0.0855 0.0816 <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the MSCI World ex-USA Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI World ex-USA Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region, excluding the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Predecessor Fund’s Class I Shares for the period prior to June 5, 2017. If Class I Shares of the Fund had been available during periods prior to June 5, 2017, the distributions used to calculate the after-tax returns may have been different.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Mid Cap Value Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Mid Cap Value Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0575 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">of your investment)</span> 0.0052 0.0052 0.0052 0.0052 0.0052 0.0052 0.0052 0.0025 0.0100 0.0025 0 0 0.0050 0 0.0015 0.0017 0.0028 0.0014 0.0003 0.0029 0.0028 0.0092 0.0169 0.0105 0.0066 0.0055 0.0131 0.0080 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 663 851 1055 1641 272 533 918 1793 107 334 579 1283 67 211 368 822 56 176 307 689 133 415 718 1579 82 255 444 990 663 851 1055 1641 172 533 918 1793 107 334 579 1283 67 211 368 822 56 176 307 689 133 415 718 1579 82 255 444 990 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">31</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.31 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of mid-cap companies with value characteristics.</span><span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, mid-cap companies are those whose market capitalization falls, at the time of purchase, within the 12-month capitalization range of the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Value Index.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The market capitalizations within the index will vary, </span><span style="font-family:Times New Roman;font-size:9.50pt;">but as of June 30, 2026, they ranged from approximately $480 million to $79.64 billion. For purposes of the Fund’s 80% investment policy, the Fund considers a company to have value characteristics if the company’s securities are (i) represented in appropriate third-party value-oriented indices or (ii) exhibit characteristics of a value company, considering historical or projected price to earnings ratios and projected sales relative to the equity market.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, as well as in real estate investment trusts (“REITs”) and similar REIT-like entities.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">From time to time, the Fund may invest in shares of companies through initial public offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund focuses on companies whose stock prices are believed to be undervalued by the Fund’s portfolio management or that have fallen out of favor with the market. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As defensive value managers, portfolio management generally looks for companies with: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong management teams; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong and stable balance sheets and solid recurring free cash flows; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">attractive relative and absolute valuation ratios or that have underperformed recently; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">favorable reward to risk characteristics; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">sustainable competitive advantages that are trading at attractive valuations; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong long-term prospects.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of mid-cap companies with value characteristics.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, mid-cap companies are those whose market capitalization falls, at the time of purchase, within the 12-month capitalization range of the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Value Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended, or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">18.20%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-29.37%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">6.48%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.1820 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2937 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0648 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0670 0.0875 0.0862 0.0431 0.0646 0.0652 0.0543 0.0663 0.0655 0.0046 0.0730 0.0778 0.0482 0.0785 0.0774 0.0638 0.0846 0.0834 0.0684 0.0889 0.0876 0.0694 0.0901 0.0888 0.0618 0.0820 0.0807 0.1715 0.1315 0.1429 0.1105 0.0983 0.0978 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Russell 3000 Index, due to regulatory requirements. The Fund’s additional benchmark index is the Russell Midcap Value Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell Midcap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Small Cap Value Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Small Cap Value Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0575 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">of your investment)</span> 0.0054 0.0054 0.0054 0.0054 0.0054 0.0054 0.0054 0.0025 0.0100 0.0025 0 0 0.0050 0 0.0024 0.0019 0.0032 0.0020 0.0006 0.0030 0.0030 0.0103 0.0173 0.0111 0.0074 0.0060 0.0134 0.0084 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 674 884 1111 1762 276 545 939 1856 113 353 612 1352 76 237 411 918 61 192 335 750 136 425 734 1613 86 268 466 1037 674 884 1111 1762 176 545 939 1856 113 353 612 1352 76 237 411 918 61 192 335 750 136 425 734 1613 86 268 466 1037 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">33</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.33 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-cap companies with value characteristics.</span><span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, small-cap companies are those whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization of companies included in the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Value Index.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The market </span><span style="font-family:Times New Roman;font-size:9.50pt;">capitalizations within the index will vary but, as of September 30, 2026, they ranged from approximately $13 million to $9.35 billion. For purposes of the Fund’s 80% investment policy, the Fund considers a company to have value characteristics if the company’s securities are</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(i)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">represented in appropriate third-party value-oriented indices or</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;"> (ii)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">exhibit characteristics of a value</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">company,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">considering historical or projected price to earnings ratios and projected sales relative to the equity market.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, as well as in real estate investment trusts (“REITs”) and similar REIT-like entities.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">From time to time, the Fund may invest in shares of companies through initial public offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund focuses on companies whose stock prices are believed to be undervalued by the Fund’s portfolio management or that have fallen out of favor with the market. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As defensive value managers, portfolio management generally looks for companies with: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong management teams; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong and stable balance sheets and solid recurring free cash flows; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">attractive relative and absolute valuation ratios or that have underperformed recently; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">favorable reward to risk characteristics; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">sustainable competitive advantages that are trading at attractive valuations; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong long-term prospects.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-cap companies with value characteristics.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, small-cap companies are those whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization of companies included in the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Value Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by small-sized companies, which can include smaller companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. Securities issued by small-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Financial Services Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Financial services companies may be adversely affected by changes in regulatory framework or interest rates that may negatively affect financial services businesses; exposure of a financial institution to a nondiversified or concentrated loan portfolio; exposure to financial leverage and/or investments or agreements that, under certain circumstances, may lead to losses; and the risk that a market shock or other unexpected market, economic, political, regulatory, or other event, including a banking crisis or financial emergency, might lead to a sudden decline in the values of most or all financial services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended, or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">25.59%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-32.64%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">8.82%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.2559 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3264 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class T Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0882 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0763 0.0738 0.0755 0.0658 0.0610 0.0634 0.0515 0.0570 0.0590 0.0119 0.0591 0.0669 0.0578 0.0651 0.0667 0.0734 0.0710 0.0727 0.0768 0.0749 0.0766 0.0789 0.0764 0.0781 0.0707 0.0683 0.0700 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Russell 3000 Index, due to regulatory requirements. The Fund’s additional benchmark index is the Russell 2000 Value Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Small-Mid Cap Value Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Small-Mid Cap Value Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 58 of the Fund’s Prospectus and in the “Purchases” section on page 72 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.</span> 50000 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(fees paid directly from your investment)</span> 0.0575 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">of your investment)</span> 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0025 0.0100 0.0025 0 0 0 0.0055 0.0088 0.0207 0.0050 0.0041 0.0062 0.0141 0.0249 0.0293 0.0111 0.0102 0.0123 -0.0039 -0.0074 -0.0178 -0.0035 -0.0037 -0.0033 0.0102 0.0175 0.0115 0.0076 0.0065 0.0090 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any performance adjustments to management fees, fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.74% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 673 959 1267 2137 278 705 1259 2502 117 738 1386 3125 78 318 578 1320 66 288 527 1214 92 358 644 1460 673 959 1267 2137 178 705 1259 2502 117 738 1386 3125 78 318 578 1320 66 288 527 1214 92 358 644 1460 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">54</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.54 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small- and mid-cap companies with value characteristics.</span><span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, small- and mid-cap companies are those whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization of companies included in the Russell 2500</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">tm </span><span style="font-family:Times New Roman;font-size:9.50pt;">Value Index.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The market capitalizations within the index will vary but, as of </span><span style="font-family:Times New Roman;font-size:9.50pt;">September 30, 2026, they ranged from approximately $13 million to $25.7 billion. For purposes of the Fund’s 80%</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">investment policy,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund considers a company to have value characteristics if the company’s securities are</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(i)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">represented in appropriate third-party value-oriented indices or</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(ii)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">exhibit characteristics of a value company, considering historical or projected price to earnings</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">ratios and projected sales relative to the equity market. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund normally invests in a portfolio of 40-50 equity securities, which consist primarily of common stocks, but may also include other types of instruments. From time to time, the Fund may invest in shares of companies through initial public offerings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, as well as in real estate investment trusts (“REITs”) and similar REIT-like entities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund focuses on companies whose stock prices are believed to be undervalued by the Fund’s portfolio management or that have fallen out of favor with the market. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As defensive value managers, portfolio management generally looks for companies with: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong management teams; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong and stable balance sheets and solid recurring free cash flows; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">attractive relative and absolute valuation ratios or that have underperformed recently; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">favorable reward to risk characteristics; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">sustainable competitive advantages that are trading at attractive valuations; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong long-term prospects.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small- and mid-cap companies with value characteristics.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, small- and mid-cap companies are those whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization of companies included in the Russell 2500</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">tm </span><span style="font-family:Times New Roman;font-size:9.50pt;">Value Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by small- and mid-sized companies, which can include smaller companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. Securities issued by small- and mid-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Financial Services Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Financial services companies may be adversely affected by changes in regulatory framework or interest rates that may negatively affect financial services businesses; exposure of a financial institution to a nondiversified or concentrated loan portfolio; exposure to financial leverage and/or investments or agreements that, under certain circumstances, may lead to losses; and the risk that a market shock or other unexpected market, economic, political, regulatory, or other event, including a banking crisis or financial emergency, might lead to a sudden decline in the values of most or all financial services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended, or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">effect of these expense waivers, the performance shown would have been lower. Effective August 1, 2019, the Fund changed its investment strategy. Performance prior to August 1, 2019 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">23.34%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-30.83%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class I Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">4.28%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.2334 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3083 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class I Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0428 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 2017-08-04 0.0446 0.0822 0.0874 0.0226 0.0714 0.0728 0.0408 0.0638 0.0678 -0.0176 0.0668 0.0782 0.0246 0.0716 0.0765 0.0421 0.0792 0.0844 0.0459 0.0834 0.0937 0.0431 0.0806 0.0858 0.1715 0.1315 0.1429 0.1273 0.1002 0.0972 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Russell 3000 Index, due to regulatory requirements. The Fund’s additional benchmark index is the Russell 2500 Value Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2500 Value Index measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson International Dividend Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson International Dividend Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks income with the potential for capital growth over the long-term.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0030 0.0105 -0.0017 0.0088 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.77% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, 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:</span> 90 317 563 1267 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">63</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.63 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of dividend-producing equity securities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivative instruments that provide investment exposure to investments in the Fund’s 80%</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">investment policy, or to one or more of the market risk factors associated with such investments, may be</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">counted toward</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">compliance with the Fund’s 80% investment policy. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Equity securities represent shares of ownership, or the right to acquire an ownership interest, in a company. Dividend-producing equity securities are common and preferred stocks that currently pay, or have a historical record of paying, dividends.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund generally invests in a core group of 40-60 equity securities, including common stocks, preferred stocks, </span><span style="font-family:Times New Roman;font-size:9.50pt;">depositary receipts, and other equity-related securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund primarily invests in equity securities of companies that are economically tied to countries outside of the United States, including investments in emerging markets. A security is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its </span><span style="font-family:Times New Roman;font-size:9.50pt;">primary business office or principal trading market of its equity is located in, the country; (ii) </span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">more than 50% of the issuer’s revenues are derived from one or more countries outside of the United States; or (iii) </span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">more than 50% of the issuer’s assets are located in one or more countries outside of the United States. The Fund’s investments may be in non-U.S. currency or U.S. dollar-denominated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In selecting investments for the Fund, portfolio management seeks to identify equity securities of companies with attractive long-term business prospects that generate profits and produce attractive levels of dividend income.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Although the Fund does </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">not have a specific policy regarding the growth/value orientation or market capitalization of the companies in which it invests, portfolio management believes that focusing on dividend-producing equity securities will tend to lead to investments in mid-to-large capitalization “value” stocks (stocks of well-established, undervalued companies that portfolio management believes offer the potential for income and long-term capital appreciation). Portfolio management may, however, invest in smaller and less seasoned issuers and in stocks that are considered “growth” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a security when, in portfolio management’s opinion, there is a risk of significant deterioration in the company’s fundamentals, there is a change in business strategy or issuer-specific business outlook that affects the original investment case, or if a superior investment opportunity arises. The Fund will also consider selling a security if, in portfolio management’s opinion, the company’s business model no longer meets the investment criteria employed in managing the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest its assets in derivatives, which are instruments that have a value derived from, or directly linked to, an underlying asset, such as equity securities, fixed-income securities, commodities, currencies, interest rates, or market indices, as substitutes for securities in which the Fund invests or to hedge portfolio risk. In particular, the Fund may invest in derivatives such as forward foreign currency contracts to offset risks associated with currency exposure.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of dividend-producing equity securities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">Equity securities represent shares of ownership, or the right to acquire an ownership interest, in a company. Dividend-producing equity securities are common and preferred stocks that currently pay, or have a historical record of paying, dividends.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">In selecting investments for the Fund, portfolio management seeks to identify equity securities of companies with attractive long-term business prospects that generate profits and produce attractive levels of dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Dividend-Oriented Stocks Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">European Investments Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The economies and markets of European countries are often closely connected and interdependent. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of European currencies, default or threat of a default by a European country on its sovereign debt, and budget deficits and recessions among European countries may have a significant adverse effect on the economies of other European countries and major trading partners outside Europe.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Large-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, market risk, and foreign exposure risk, because their values depend on the performance of a foreign security denominated in its home currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund 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. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Financial Services Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Financial services companies may be adversely affected by changes in regulatory framework or interest rates that may negatively affect financial services businesses; exposure of a financial institution to a nondiversified or concentrated loan portfolio; exposure to financial leverage and/or investments or agreements that, under certain circumstances, may lead to losses; and the risk that a market shock or other unexpected market, economic, political, regulatory, or other event, including a banking crisis or financial emergency, might lead to a sudden decline in the values of most or all financial services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund may lose the net amount of the payments that it contractually is entitled to receive.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent that the Fund uses forward foreign currency contracts, there is a risk that unanticipated changes in currency prices may negatively impact the Fund’s performance, among other things.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. Class D Shares of the Fund commenced operations on June 5, 2017. The performance shown for Class D Shares for periods prior to June 5, 2017, reflects the performance of Class I Shares of Henderson Dividend &amp; Income Builder Fund (the “Predecessor Fund”), calculated using the estimated fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund on June 2, 2017. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the merger automatically exchanged for Class D Shares of the Fund following the merger. If Class D Shares of the Fund had been available during periods prior to June 5, 2017, the performance shown may have been different because the Fund and the Predecessor Fund have different expenses. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Without the effect of these expense waivers, the performance shown would have been lower. The Fund changed its investment strategy on October 28, 2022, and again changed its investment strategy on June 24, 2025. Performance prior to June 24, 2025, reflects the Fund’s former investment strategies, and its performance may have differed if the Fund’s current investment strategy had been in place. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s (and the Predecessor Fund’s) past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s (and the Predecessor Fund’s) past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">16.70%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-17.86%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">17.99%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2022-12-31 0.1670 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1786 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.1799 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 2012-08-01 0.2924 0.1108 0.0894 0.0885 0.2653 0.0983 0.0798 0.0790 0.1839 0.0865 0.0715 0.0715 0.3185 0.0946 0.0855 0.0816 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the MSCI World ex-USA Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI World ex-USA Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region, excluding the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Predecessor Fund’s Class I Shares for the period prior to June 5, 2017. If Class D Shares of the Fund had been available during periods prior to June 5, 2017, the distributions used to calculate the after-tax returns may have been different.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Mid Cap Value Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Mid Cap Value Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0052 0.0016 0.0068 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 69 218 379 847 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">31</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.31 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of mid-cap companies with value characteristics.</span><span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, mid-cap companies are those whose market capitalization falls, at the time of purchase, within the 12-month capitalization range of the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Value Index.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The market capitalizations within the index will vary, </span><span style="font-family:Times New Roman;font-size:9.50pt;">but as of June 30, 2026, they ranged from approximately $480 million to $79.64 billion. For purposes of the Fund’s 80% investment policy, the Fund considers a company to have value characteristics if the company’s securities are (i) represented in appropriate third-party value-oriented indices or (ii) exhibit characteristics of a value company, considering historical or projected price to earnings ratios and projected sales relative to the equity market.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, as well as in real estate investment trusts (“REITs”) and similar REIT-like entities.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">From time to time, the Fund may invest in shares of companies through initial public offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund focuses on companies whose stock prices are believed to be undervalued by the Fund’s portfolio management or that have fallen out of favor with the market. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As defensive value managers, portfolio management generally looks for companies with: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong management teams; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong and stable balance sheets and solid recurring free cash flows; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">attractive relative and absolute valuation ratios or that have underperformed recently; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">favorable reward to risk characteristics; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">sustainable competitive advantages that are trading at attractive valuations; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong long-term prospects.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of mid-cap companies with value characteristics.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, mid-cap companies are those whose market capitalization falls, at the time of purchase, within the 12-month capitalization range of the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Value Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Revenue Code of 1986, as amended, or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">18.20%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-29.28%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">6.56%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.1820 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2928 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0656 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0677 0.0885 0.0872 0.0431 0.0650 0.0658 0.0549 0.0670 0.0663 0.1715 0.1315 0.1429 0.1105 0.0983 0.0978 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Russell 3000 Index, due to regulatory requirements. The Fund’s additional benchmark index is the Russell Midcap Value Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell Midcap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Small Cap Value Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Small Cap Value Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0054 0.0019 0.0073 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 75 233 406 906 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">33</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.33 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-cap companies with value characteristics.</span><span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, small-cap companies are those whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization of companies included in the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Value Index.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The market </span><span style="font-family:Times New Roman;font-size:9.50pt;">capitalizations within the index will vary but, as of September 30, 2026, they ranged from approximately $13 million to $9.35 billion. For purposes of the Fund’s 80% investment policy, the Fund considers a company to have value characteristics if the company’s securities are</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(i)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">represented in appropriate third-party value-oriented indices or</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;"> (ii)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">exhibit characteristics of a value</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">company,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">considering historical or projected price to earnings ratios and projected sales relative to the equity market.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, as well as in real estate investment trusts (“REITs”) and similar REIT-like entities.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">From time to time, the Fund may invest in shares of companies through initial public offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund focuses on companies whose stock prices are believed to be undervalued by the Fund’s portfolio management or that have fallen out of favor with the market. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As defensive value managers, portfolio management generally looks for companies with: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong management teams; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong and stable balance sheets and solid recurring free cash flows; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">attractive relative and absolute valuation ratios or that have underperformed recently; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">favorable reward to risk characteristics; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">sustainable competitive advantages that are trading at attractive valuations; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong long-term prospects.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-cap companies with value characteristics.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, small-cap companies are those whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization of companies included in the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Value Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by small-sized companies, which can include smaller companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. Securities issued by small-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Financial Services Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Financial services companies may be adversely affected by changes in regulatory framework or interest rates that may negatively affect financial services businesses; exposure of a financial institution to a nondiversified or concentrated loan portfolio; exposure to financial leverage and/or investments or agreements that, under certain circumstances, may lead to losses; and the risk that a market shock or other unexpected market, economic, political, regulatory, or other event, including a banking crisis or financial emergency, might lead to a sudden decline in the values of most or all financial services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended, or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">25.65%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-32.58%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">8.92%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.2565 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3258 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0892 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0772 0.0748 0.0765 0.0661 0.0615 0.0640 0.0520 0.0577 0.0597 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Russell 3000 Index, due to regulatory requirements. The Fund’s additional benchmark index is the Russell 2000 Value Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Small-Mid Cap Value Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Small-Mid Cap Value Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0061 0.0049 0.0110 -0.0034 0.0076 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any performance adjustments to management fees, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.74% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised,</span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">extended, or terminated only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, 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:</span> 78 316 573 1310 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">54</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.54 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small- and mid-cap companies with value characteristics.</span><span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, small- and mid-cap companies are those whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization of companies included in the Russell 2500</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">tm </span><span style="font-family:Times New Roman;font-size:9.50pt;">Value Index.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The market capitalizations within the index will vary but, as of </span><span style="font-family:Times New Roman;font-size:9.50pt;">September 30, 2026, they ranged from approximately $13 million to $25.7 billion. For purposes of the Fund’s 80%</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">investment policy,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund considers a company to have value characteristics if the company’s securities are</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(i)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">represented in appropriate third-party value-oriented indices or</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(ii)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">exhibit characteristics of a value company, considering historical or projected price to earnings</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">ratios and projected sales relative to the equity market. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund normally invests in a portfolio of 40-50 equity securities, which consist primarily of common stocks, but may also include other types of instruments. From time to time, the Fund may invest in shares of companies through initial public offerings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, as well as in real estate investment trusts (“REITs”) and similar REIT-like entities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund focuses on companies whose stock prices are believed to be undervalued by the Fund’s portfolio management or that have fallen out of favor with the market. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As defensive value managers, portfolio management generally looks for companies with: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong management teams; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong and stable balance sheets and solid recurring free cash flows; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">attractive relative and absolute valuation ratios or that have underperformed recently; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">favorable reward to risk characteristics; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">sustainable competitive advantages that are trading at attractive valuations; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong long-term prospects.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small- and mid-cap companies with value characteristics.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, small- and mid-cap companies are those whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization of companies included in the Russell 2500</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">tm </span><span style="font-family:Times New Roman;font-size:9.50pt;">Value Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by small- and mid-sized companies, which can include smaller companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. Securities issued by small- and mid-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Financial Services Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Financial services companies may be adversely affected by changes in regulatory framework or interest rates that may negatively affect financial services businesses; exposure of a financial institution to a nondiversified or concentrated loan portfolio; exposure to financial leverage and/or investments or agreements that, under certain circumstances, may lead to losses; and the risk that a market shock or other unexpected market, economic, political, regulatory, or other event, including a banking crisis or financial emergency, might lead to a sudden decline in the values of most or all financial services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended, or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">effect of these expense waivers, the performance shown would have been lower. Effective August 1, 2019, the Fund changed its investment strategy. Performance prior to August 1, 2019 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">23.32%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-30.81%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">4.34%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.2332 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3081 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class D Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0434 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0443 0.0819 0.0869 0.0221 0.0710 0.0722 0.0408 0.0636 0.0673 0.1715 0.1315 0.1429 0.1273 0.1002 0.0972 <span style="font-family:Times New Roman;font-size:7.60pt;">If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Russell 3000 Index, due to regulatory requirements. The Fund’s additional benchmark index is the Russell 2500 Value Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2500 Value Index measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;">Janus Henderson Small Cap Value Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Small Cap Value Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0054 0.0026 0.0080 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 82 255 444 990 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">33</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.33 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-cap companies with value characteristics.</span><span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, small-cap companies are those whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization of companies included in the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Value Index.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> The market </span><span style="font-family:Times New Roman;font-size:9.50pt;">capitalizations within the index will vary but, as of September 30, 2026, they ranged from approximately $13 million to $9.35 billion. For purposes of the Fund’s 80% investment policy, the Fund considers a company to have value characteristics if the company’s securities are</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(i)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">represented in appropriate third-party value-oriented indices or</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;"> (ii)</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">exhibit characteristics of a value</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">company,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">considering historical or projected price to earnings ratios and projected sales relative to the equity market.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, as well as in real estate investment trusts (“REITs”) and similar REIT-like entities.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">From time to time, the Fund may invest in shares of companies through initial public offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund focuses on companies whose stock prices are believed to be undervalued by the Fund’s portfolio management or that have fallen out of favor with the market. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As defensive value managers, portfolio management generally looks for companies with: </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong management teams; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong and stable balance sheets and solid recurring free cash flows; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">attractive relative and absolute valuation ratios or that have underperformed recently; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">favorable reward to risk characteristics; </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">sustainable competitive advantages that are trading at attractive valuations; and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">strong long-term prospects.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Portfolio management’s philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> ESG Factors are one of many considerations in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-cap companies with value characteristics.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For purposes of the Fund’s 80% investment policy, small-cap companies are those whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization of companies included in the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Value Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small-Sized Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by small-sized companies, which can include smaller companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. Securities issued by small-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Equity Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Fund holds participate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility. As the Fund’s holdings change over time, the Fund’s exposure to a particular economic sector may fluctuate.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Financial Services Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Financial services companies may be adversely affected by changes in regulatory framework or interest rates that may negatively affect financial services businesses; exposure of a financial institution to a nondiversified or concentrated loan portfolio; exposure to financial leverage and/or investments or agreements that, under certain circumstances, may lead to losses; and the risk that a market shock or other unexpected market, economic, political, regulatory, or other event, including a banking crisis or financial emergency, might lead to a sudden decline in the values of most or all financial services companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended, or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform benchmark indices or other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">There is a risk that considering ESG Factors as part of the Fund’s investment process may fail to produce the intended results or that the Fund may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">25.62%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">-32.59%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class L Shares’ year-to-date return as of the calendar quarter ended</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">September 30, 2026</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">was</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">9.06%</span><span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">.</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.2562 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3259 <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:0.0pt;">Class L Shares’ year-to-date return as of the calendar quarter ended</span> 2026-09-30 0.0906 <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns </span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">(periods ended 12/31/25)</span> 0.0785 0.0763 0.0779 0.0674 0.0632 0.0656 0.0526 0.0588 0.0609 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s broad-based benchmark index is the Russell 3000 Index, due to regulatory requirements. The Fund’s additional benchmark index is the Russell 2000 Value Index, which has investment characteristics similar to those of the Fund. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.</span> 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 commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. 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 Class I Shares, 0.20% for Class N Shares, and 0.46% for Class T Shares, for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.63%; (ii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.63%; (ii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. 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. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser shall 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, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.39%; (ii) the Adviser shall waive and/or reimburse out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees, payable by any share class so that such fees, in the aggregate, do not exceed 0.06% of a share class’s average daily net assets; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (v) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser shall waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.39%; (ii) the Adviser shall waive and/or reimburse out-of-pocket transfer agency/shareholder servicing costs, payable by any share class so that such fees do not exceed 0.06% of a share class’s average daily net assets; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (v) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. 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. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus. This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.40%; (ii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.40%; (ii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. 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. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any expenses of an underlying fund (acquired fund fees and expenses), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.14% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any expenses of an underlying fund (acquired fund fees and expenses), shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.14% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.77% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.77% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.59% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any expenses of an underlying fund (acquired fund fees and expenses), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.12% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which the Fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses the Fund incurs as a result of investing in shares of an underlying fund. The Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any expenses of an underlying fund (acquired fund fees and expenses), shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.12% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.64%; (ii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.64%; (ii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees (but excluding out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees), acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.57%; (ii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. Calculated assuming maximum permitted sales loads. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. The one year return is calculated to include the contingent deferred sales charge. The Fund is subject to several contractual fee waivers and/or expense reimbursement agreements, each of which may be revised, extended, or terminated only at the discretion of the Board of Trustees, as follows: (i) the Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees (but excluding out-of-pocket transfer agency/shareholder servicing costs), acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.57%; (ii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Fund invests, less certain operating expenses; (iii) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee payable in connection with any investment in an affiliated listed investment trust in which the Fund invests, less certain operating expenses; and (iv) the Adviser shall waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated UCITS ETF. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any performance adjustments to management fees, fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.74% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any performance adjustments to management fees, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.74% for at least a one-year period commencing on October 28, 2026. This fee waiver and/or reimbursement may be revised, extended, or terminated only at the discretion of the Board of Trustees. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.32%. In addition, the Adviser shall reimburse or waive out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees, payable by any share class so that such fees, in the aggregate, do not exceed 0.06% of a share class’s average daily net assets. The contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. These fee waivers and/or reimbursements may be revised, extended, or terminated only at the discretion of the Board of Trustees. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.32%. In addition, the Adviser shall reimburse or waive out-of-pocket transfer agency/shareholder servicing costs, payable by any share class so that such fees do not exceed 0.06% of a share class’s average daily net assets. These contractual waivers will remain in effect for at least a one-year period commencing on October 28, 2026. These fee waivers and/or reimbursements may be revised, extended, or terminated only at the discretion of the Board of Trustees. If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.