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Janus Investment Fund ᮢ January 28, 2021 Class A Class C Class D Class I Class N Class R Class S Class T Shares Shares Shares Shares Shares Shares Shares Shares Ticker Ticker Ticker Ticker Ticker Ticker Ticker Ticker Global & International Equity Janus Henderson Asia Equity Fund . JAQAX JAQCX JAQDX JAQIX JAQNX N/A JAQSX JAQTX Janus Henderson Emerging Markets Fund . HEMAX HEMCX HEMDX HEMIX HEMRX N/A HEMSX HEMTX Janus Henderson European Focus Fund . HFEAX HFECX HFEDX HFEIX HFERX N/A HFESX HFETX Janus Henderson Global Equity Income Fund . HFQAX HFQCX HFQDX HFQIX HFQRX N/A HFQSX HFQTX Janus Henderson Global Life Sciences Fund. JFNAX JFNCX JNGLX JFNIX JFNNX N/A JFNSX JAGLX Janus Henderson Global Real Estate Fund . JERAX JERCX JNGSX JERIX JERNX N/A JERSX JERTX Janus Henderson Global Research Fund . JDWAX JWWCX JANWX JWWFX JDWNX JDWRX JWGRX JAWWX Janus Henderson Global Select Fund . JORAX JORCX JANRX JORFX JSLNX JORRX JORIX JORNX Janus Henderson Global Sustainable Equity Fund . JEASX JECTX JEDTX JEUIX JETNX JEGRX JESSX JETTX Janus Henderson Global Technology and Innovation Fund . JATAX JAGCX JNGTX JATIX JATNX N/A JATSX JAGTX Janus Henderson Global Value Fund . JPPAX JPPCX JNGOX JPPIX JPPNX N/A JPPSX JGVAX Janus Henderson International Opportunities Fund . HFOAX HFOCX HFODX HFOIX HFOSX HFORX HFOQX HFOTX Janus Henderson International Value Fund . JIFAX JIFCX JIFDX JIFIX JIFNX N/A JIFSX JIFTX Janus Henderson Overseas Fund . JDIAX JIGCX JNOSX JIGFX JDINX JDIRX JIGRX JAOSX Multi-Asset U.S. Equity Janus Henderson Balanced Fund . JDBAX JABCX JANBX JBALX JABNX JDBRX JABRX JABAX Janus Henderson Contrarian Fund . JCNAX JCNCX JACNX JCONX JCNNX JCNRX JCNIX JSVAX Janus Henderson Enterprise Fund. JDMAX JGRCX JANEX JMGRX JDMNX JDMRX JGRTX JAENX Janus Henderson Forty Fund. JDCAX JACCX JFRDX JCAPX JFRNX JDCRX JARTX JACTX Janus Henderson Growth and Income Fund . JDNAX JGICX JNGIX JGINX JDNNX JDNRX JADGX JAGIX Janus Henderson Research Fund . JRAAX JRACX JNRFX JRAIX JRANX JRARX JRASX JAMRX Janus Henderson Triton Fund‡ . JGMAX JGMCX JANIX JSMGX JGMNX JGMRX JGMIX JATTX Janus Henderson Venture Fund‡ . JVTAX JVTCX JANVX JVTIX JVTNX N/A JVTSX JAVTX Janus Investment Fund Statement of Additional Information ‡ The Fund is closed to certain new investors. This Statement of Additional Information (“SAI”) expands upon and supplements the information contained in the current Prospectuses for Class A Shares, Class C Shares, Class D Shares, Class I Shares, Class N Shares, Class R Shares, Class S Shares, and Class T Shares (collectively, the “Shares”) of the Funds listed above, each of which is a separate series of Janus Investment Fund, a Massachusetts business trust (the “Trust”). Each of these series of the Trust represents shares of beneficial interest in a separate portfolio of securities and other assets with its own objective and policies. Certain Funds do not offer all classes of Shares. This SAI is not a Prospectus and should be read in conjunction with the Funds’ Prospectuses dated January 28, 2021, and any supplements thereto, which are incorporated by reference into this SAI and may be obtained from your plan sponsor, broker- dealer, or other financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687 (or 1-800-525-3713 if you hold Class D Shares). This SAI contains additional and more detailed information about the Funds’ operations and activities than the Prospectuses. The Annual Report, which contains important financial information about the Funds, is incorporated by reference into this SAI. The Annual and Semiannual Reports are available, without charge, from your plan sponsor, broker-dealer, or other financial intermediary, at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares), or by contacting a Janus Henderson representative at 1-877-335-2687 (or 1-800-525-3713 if you hold Class D Shares). Janus Investment Fund Janus Henderson Absolute Return Income Opportunities Fund Janus Henderson Global Research Fund Janus Henderson Adaptive Global Allocation Fund Janus Henderson Global Select Fund Janus Henderson Asia Equity Fund Janus Henderson Global Sustainable Equity Fund Janus Henderson Balanced Fund Janus Henderson Global Technology and Innovation Fund Janus Henderson Contrarian Fund Janus Henderson Government Money Market Fund Janus Henderson Developed World Bond Fund Janus Henderson Growth and Income Fund Janus Henderson Dividend & Income Builder Fund Janus Henderson High-Yield Fund Janus Henderson Emerging Markets Fund Janus Henderson International Managed Volatility Fund Janus Henderson Emerging Markets Managed Volatility Fund Janus Henderson International Opportunities Fund Janus Henderson Enterprise Fund Janus Henderson Mid Cap Value Fund Janus Henderson European Focus Fund Janus Henderson Money Market Fund Janus Henderson Flexible Bond Fund Janus Henderson Multi-Sector Income Fund Janus Henderson Forty Fund Janus Henderson Overseas Fund Janus Henderson Global Allocation Fund – Conservative Janus Henderson Research Fund Janus Henderson Global Allocation Fund – Growth Janus Henderson Short-Term Bond Fund Janus Henderson Global Allocation Fund – Moderate Janus Henderson Small Cap Value Fund Janus Henderson Global Bond Fund Janus Henderson Small-Mid Cap Value Fund Janus Henderson Global Equity Income Fund Janus Henderson Triton Fund Janus Henderson Global Income Managed Volatility Fund Janus Henderson U.S. Managed Volatility Fund Janus Henderson Global Life Sciences Fund Janus Henderson Venture Fund Janus Henderson Global Real Estate Fund (the “Funds”) Supplement dated May 27, 2021 to Currently Effective Statements of Additional Information Effective immediately, William M. Fitzgerald, Sr., a member of the Board of Trustees (the “Board”) of Janus Investment Fund (the “Trust”), has resigned from his role as an Independent Trustee of the Trust to become the chief executive officer of another asset management company. Accordingly, all references to Mr. Fitzgerald serving in the capacity as an Independent Trustee of the Trust are deleted to reflect this change in Board composition. Please retain this Supplement with your records. 125-31-70390 05-21 Janus Investment Fund Janus Henderson Global Sustainable Equity Fund Supplement dated May 18, 2021 to Currently Effective Statement of Additional Information The purpose of this supplement is to update information regarding personnel-sharing arrangements that Janus Capital Management LLC (“Janus Capital”) utilizes with its foreign (non-U.S.) affiliates. Effective immediately, the statement of additional information (“SAI”) will be revised to reflect that Janus Capital will utilize a personnel-sharing arrangement with Janus Henderson Investors (Jersey) Limited (“HIJL”), a newly-formed affiliate of Janus Capital. As a result of this arrangement, one or more employees of HIJL will provide portfolio management, research, and related services to Janus Henderson Global Sustainable Equity Fund (the “Fund”), subject to oversight and supervision of Janus Capital. The Fund’s current portfolio managers will continue to be responsible for the day-to-day management of the Fund. 1. Under “Investment Adviser – Janus Capital Management LLC” in the Investment Adviser and Subadviser section of the Fund’s SAI, the following paragraph replaces the fourth paragraph in its entirety: In rendering investment advisory services to Janus Henderson Asia Equity Fund, Janus Henderson Emerging Markets Fund, Janus Henderson European Focus Fund, Janus Henderson Global Equity Income Fund, Janus Henderson Global Real Estate Fund, Janus Henderson Global Sustainable Equity Fund, and Janus Henderson International Opportunities Fund, Janus Capital may use the portfolio management, research, and other resources of Henderson Global Investors Limited, Henderson Global Investors (Singapore) Ltd., Henderson Global Investors (Japan) Ltd., or Janus Henderson (Jersey) Limited (collectively, “HGIL”), foreign (non-U.S.) affiliates of Janus Capital. One or more HGIL employees may provide services to the Funds through a “participating affiliate” arrangement, as that term is used in guidance issued by the Staff allowing U.S. registered investment advisers to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser. Under the participating affiliate arrangement, HGIL and its employees are considered “associated persons” of Janus Capital (as that term is defined in the Investment Advisers Act of 1940, as amended) and investment professionals from HGIL may render portfolio management, research, and other services to the Funds, subject to supervision of Janus Capital. The responsibilities of both Janus Capital and HGIL under the participating affiliate arrangement are documented in a memorandum of understanding between the two entities. Please retain this Supplement with your records. 125-31-70381 05-21 Janus Investment Fund Janus Henderson Global Select Fund Janus Henderson Overseas Fund Supplement dated February 26, 2021 to Currently Effective Statement of Additional Information Effective on or about March 1, 2021, all references to Garth Yettick are deleted from Janus Henderson Global Select Fund’s and Janus Henderson Overseas Fund’s Statement of Additional Information. Please retain this Supplement with your records. 125-31-70368 02-21 Janus Investment Fund Janus Henderson Global Value Fund Janus Henderson International Value Fund Janus Henderson Large Cap Value Fund Janus Henderson Value Plus Income Fund Supplement dated February
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