The Fund pursues its investment objective by investing, under normal circumstances, at least 90% of its net assets (plus any borrowings made for investment purposes) in CLOs of any maturity that are rated AAA (or equivalent by a nationally recognized statistical rating organization (NRSRO)) at the time of purchase, or if unrated, determined to be of comparable credit quality by Janus Capital. For purposes of the Funds investment policies, CLOs are floating- or fixed-rate debt securities issued in differenttranches, with varying degrees of risk, by a trust or other special purpose vehicle and backed by an underlying portfolio consistingprimarily of below investment grade corporate loans. Such loans may include domestic and foreign senior secured loans, seniorunsecured loans and subordinate corporate loans, which may individually be rated below investment grade or the equivalent ifunrated. The underlying loans are selected by a CLOs manager. Under normal market conditions, the Fund will seek to maintain aminimum of 80% of its portfolio in AAA-rated CLOs. After purchase, a CLO may have its rating reduced below the minimumrating required by the Fund for purchase. In such cases, the Fund will consider whether to continue to hold the CLO. The Fundmay temporarily deviate from the 80% policy while deploying new capital as the result of cash creation or redemption activity, orduring unusual market conditions, or highly unusual market conditions such as a downgrade in the rating of one or more CLOs.