Janus Henderson Growth And Income Fund (JADGX)
Filed: 27 Feb 17, 12:00am
[Janus Letterhead]
February 27, 2017
VIA EDGAR
Asen Parachkevov
Lauren Hamilton
Megan Miller
Division of Investment Management
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549-0505
| Re: | Janus Investment Fund –Pre-Effective Amendment #1 to the Registration Statement on FormN-14 |
Ladies and Gentlemen:
Thank you for your further telephonic comments with respect toPre-Effective Amendment No. 1 to the Registration Statement on FormN-14 (the “Registration Statement”) filed by Janus Investment Fund (the “Trust”) with the Securities and Exchange Commission (“SEC”) related to the reorganization of Henderson Emerging Markets Fund, a series of Henderson Global Funds, and Janus Emerging Markets Fund, a series of the Trust, with and into Janus Henderson Emerging Markets Fund (FileNo. 333-215392), as filed with the SEC on February 21, 2017.
On behalf of the Trust, we have summarized your comments to the best of our understanding and provided our responses to your comments below. Changes will be reflected in the definitive Proxy Statement/Prospectus, to be filed pursuant to Rule 497 under the Securities Act of 1933. Capitalized terms used but not defined in this letter have the meanings set forth in each Registration Statement.
Staff Comment: | In the Expense Examples, please include a line showing expenses if only the Henderson Target is merged into Janus Henderson Emerging Markets Fund. | |
Response: | The following revisions have been made: | |
Examples:
The following Examples are based on expenses without waivers. These Examples are intended to help you compare the cost of investing in the Janus Target, the Henderson Target,the Acquiring Fund after the Henderson Merger (assuming only the Henderson Merger is completed) and the Acquiring Fund after the Mergers (assuming both Mergers are completed) with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Janus Target, the Henderson Target,the Acquiring Fund after the Henderson Merger (assuming only the Henderson Merger is completed)and the Acquiring Fund after the Mergers (assuming both Mergers are completed) for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year and that the Funds’ operating expenses (without waivers) remain the same as shown above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| If shares are redeemed: | 1 Year | 3 Years | 5 Years | 10 Years | ||||||||||||
Class A Shares | ||||||||||||||||
Janus Emerging Markets Fund (Janus Target) | $ | 768 | $ | 1,172 | $ | 1,600 | $ | 2,788 | ||||||||
Henderson Emerging Markets Fund (Henderson Target) | $ | 801 | $ | 1,272 | $ | 1,768 | $ | 3,126 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund)(pro formaassuming consummation of the Henderson Merger only) | $ | 767 | $ | 1,169 | $ | 1,596 | $ | 2,778 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund)(pro forma assuming consummation of both the Mergers) | $ | 770 | $ | 1,178 | $ | 1,610 | $ | 2,808 | ||||||||
Class C Shares | ||||||||||||||||
Janus Emerging Markets Fund (Janus Target) | $ | 374 | $ | 841 | $ | 1,435 | $ | 3,041 | ||||||||
Henderson Emerging Markets Fund (Henderson Target) | $ | 420 | $ | 977 | $ | 1,659 | $ | 3,476 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund)(pro forma assuming consummation of the Henderson Merger only) | $ | 384 | $ | 871 | $ | 1,484 | $ | 3,138 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund) (pro forma assuming consummation of both the Mergers) | $ | 384 | $ | 871 | $ | 1,484 | $ | 3,138 | ||||||||
Class D Shares | ||||||||||||||||
Janus Emerging Markets Fund (Janus Target) | $ | 176 | $ | 545 | $ | 939 | $ | 2,041 | ||||||||
Henderson Emerging Markets Fund (Henderson Target) | N/A | N/A | N/A | N/A | ||||||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund)(pro forma assuming consummation of the Henderson Merger only) | $ | 186 | $ | 576 | $ | 990 | $ | 2,148 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund) (pro forma assuming consummation of both the Mergers) | $ | 186 | $ | 576 | $ | 990 | $ | 2,148 | ||||||||
Class S Shares | ||||||||||||||||
Janus Emerging Markets Fund (Janus Target) | $ | 212 | $ | 655 | $ | 1,124 | $ | 2,421 | ||||||||
Henderson Emerging Markets Fund (Henderson Target) | N/A | N/A | N/A | N/A | ||||||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund)(pro forma assuming consummation of the Henderson Merger only) | N/A | N/A | N/A | N/A | ||||||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund) (pro forma assuming consummation of both the Mergers) | $ | 219 | $ | 676 | $ | 1,159 | $ | 2,493 | ||||||||
Class I Shares | ||||||||||||||||
Janus Emerging Markets Fund (Janus Target) | $ | 163 | $ | 505 | $ | 871 | $ | 1,900 | ||||||||
Henderson Emerging Markets Fund (Henderson Target) | $ | 213 | $ | 658 | $ | 1,129 | $ | 2,431 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund)(pro forma assuming consummation of the Henderson Merger only) | $ | 177 | $ | 548 | $ | 944 | $ | 2,052 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund) (pro forma assuming consummation of both the Mergers) | $ | 176 | $ | 545 | $ | 939 | $ | 2,041 | ||||||||
Class N Shares/Class R6 Shares | ||||||||||||||||
Janus Emerging Markets Fund (Janus Target) (Class N Shares) | $ | 157 | $ | 486 | $ | 839 | $ | 1,834 | ||||||||
Henderson Emerging Markets Fund (Henderson Target) (Class R6 Shares) | $ | 221 | $ | 682 | $ | 1,169 | $ | 2,513 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund)(pro forma assuming consummation of the Henderson Merger only) | $ | 185 | $ | 573 | $ | 985 | $ | 2,137 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund) (pro formaassuming consummation of both the Mergers) | $ | 185 | $ | 573 | $ | 985 | $ | 2,137 | ||||||||
Class T Shares | ||||||||||||||||
Janus Emerging Markets Fund (Janus Target) | $ | 182 | $ | 563 | $ | 970 | $ | 2,105 | ||||||||
Henderson Emerging Markets Fund (Henderson Target) | N/A | N/A | N/A | N/A | ||||||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund)(pro forma assuming consummation of the Henderson Merger only) | N/A | N/A | N/A | N/A | ||||||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund) (pro formaassuming consummation of both the Mergers) | $ | 194 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||
| If shares are not redeemed: | 1 Year | 3 Years | 5 Years | 10 Years | ||||||||||||
Class A Shares | ||||||||||||||||
| Janus Emerging Markets Fund (Janus Target) | $ | 768 | $ | 1,172 | $ | 1,600 | $ | 2,788 | ||||||||
| Henderson Emerging Markets Fund (Henderson Target) | $ | 801 | $ | 1,272 | $ | 1,768 | $ | 3,126 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund)(pro forma assuming consummation of the Henderson Merger only) | $ | 767 | $ | 1,169 | $ | 1,596 | $ | 2,778 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund) (pro formaassuming consummation of both the Mergers) | $ | 770 | $ | 1,178 | $ | 1,610 | $ | 2,808 | ||||||||
| Class C Shares | ||||||||||||||||
| Janus Emerging Markets Fund (Janus Target) | $ | 274 | $ | 841 | $ | 1,435 | �� | $ | 3,041 | |||||||
| Henderson Emerging Markets Fund (Henderson Target) | $ | 320 | $ | 977 | $ | 1,659 | $ | 3,476 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund)(pro forma assuming consummation of the Henderson Merger only) | $ | 284 | $ | 871 | $ | 1,484 | $ | 3,138 | ||||||||
| Janus Henderson Emerging Markets Fund (Acquiring Fund) (pro forma assuming consummation of both the Mergers) | $ | 284 | $ | 871 | $ | 1,484 | $ | 3,138 | ||||||||
* * *
Please call me at303-394-6459 with any questions or comments.
Respectfully,
/s/ Kathryn L. Santoro
Kathryn L. Santoro
Vice President, Assistant General Counsel
| cc: | Michelle Rosenberg, Janus Capital Management, LLC |
| Bruce Rosenblum, Vedder Price P.C. |
| Kevin Hardy, Skadden, Arps, Slate, Meagher & Flom LLP |
| Michael Hoffman, Skadden, Arps, Slate, Meagher & Flom LLP |
| Kenneth Burdon, Skadden, Arps, Slate, Meagher & Flom LLP |