# EDGAR Filing Document

**Accession Number:** 0000277751
**File Stem:** 0001145549-25-057284
**Filing Date:** 2025-8
**Character Count:** 40332
**Document Hash:** be3982263a151c5b2a5ef060c7a7965e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-057284.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001145549-25-057284

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JANUS INVESTMENT FUND
- **CENTRAL INDEX KEY:** 0000277751

**ORGANIZATION NAME:**
- **EIN:** 840592523
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01879
- **FILM NUMBER:** 251279144

**BUSINESS ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 303-333-3863

**MAIL ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JANUS FUND /MD/
- **DATE OF NAME CHANGE:** 19870701

## Series and Classes Contracts Data

### Janus Henderson European Focus Fund (Series ID: S000057603)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000183903 | Class A      | HFEAX           |
| C000183904 | Class C      | HFECX           |
| C000183905 | Class D      | HFEDX           |
| C000183906 | Class I      | HFEIX           |
| C000183907 | Class N      | HFERX           |
| C000183909 | Class S      | HFESX           |
| C000183910 | Class T      | HFETX           |

## Nport-Ex

**Janus Henderson European Focus Fund**

**Schedule of Investments (unaudited)**

**June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 97.9% |  |  |
| Aerospace & Defense – 4.3% |  |  |
| &nbsp;&nbsp;&nbsp; MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp; 29323 | &nbsp;&nbsp; $13027226 |
| &nbsp;&nbsp;&nbsp; Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6862 | &nbsp;&nbsp;&nbsp;&nbsp; 14523478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27550704 |
| Air Freight & Logistics – 2.4% |  |  |
| &nbsp;&nbsp;&nbsp; DSV Panalpina A/S | &nbsp;&nbsp;&nbsp;&nbsp; 65047 | &nbsp;&nbsp;&nbsp;&nbsp; 15633138 |
| Banks – 16.9% |  |  |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 904707 | &nbsp;&nbsp;&nbsp;&nbsp; 13910946 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA | 2009529 | &nbsp;&nbsp;&nbsp;&nbsp; 16631679 |
| &nbsp;&nbsp;&nbsp; Erste Group Bank AG | &nbsp;&nbsp; 305882 | &nbsp;&nbsp;&nbsp;&nbsp; 26047381 |
| &nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 648226 | &nbsp;&nbsp;&nbsp;&nbsp; 14380167 |
| &nbsp;&nbsp;&nbsp; Natwest Group PLC | 1928587 | &nbsp;&nbsp;&nbsp;&nbsp; 13535708 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA | &nbsp;&nbsp; 367185 | &nbsp;&nbsp;&nbsp;&nbsp; 24611913 |
|  |  | &nbsp;&nbsp; 109117794 |
| Biotechnology – 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; argenx SE<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18856 | &nbsp;&nbsp;&nbsp;&nbsp; 10433606 |
| Building Products – 2.2% |  |  |
| &nbsp;&nbsp;&nbsp; Cie de Saint-Gobain | &nbsp;&nbsp; 119318 | &nbsp;&nbsp;&nbsp;&nbsp; 14002692 |
| Capital Markets – 5.0% |  |  |
| &nbsp;&nbsp;&nbsp; Allfunds Group PLC | 1090925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8351800 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG | &nbsp;&nbsp; 627721 | &nbsp;&nbsp;&nbsp;&nbsp; 18608944 |
| &nbsp;&nbsp;&nbsp; St James's Place PLC | &nbsp;&nbsp; 343046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5574233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 32534977 |
| Chemicals – 2.0% |  |  |
| &nbsp;&nbsp;&nbsp; Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp; 62312 | &nbsp;&nbsp;&nbsp;&nbsp; 12853721 |
| Commercial Services & Supplies – 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; SPIE SA | &nbsp;&nbsp; 189432 | &nbsp;&nbsp;&nbsp;&nbsp; 10642498 |
| Diversified Telecommunication Services – 3.3% |  |  |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG | &nbsp;&nbsp; 584431 | &nbsp;&nbsp;&nbsp;&nbsp; 21317992 |
| Electrical Equipment – 4.2% |  |  |
| &nbsp;&nbsp;&nbsp; Prysmian SpA | &nbsp;&nbsp; 131527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9300953 |
| &nbsp;&nbsp;&nbsp; Siemens Energy AG<sup>\*</sup> <br>| &nbsp;&nbsp; 155109 | &nbsp;&nbsp;&nbsp;&nbsp; 17914337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27215290 |
| Entertainment – 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; Universal Music Group BV | &nbsp;&nbsp; 303706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9829738 |
| Food & Staples Retailing – 1.9% |  |  |
| &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 293139 | &nbsp;&nbsp;&nbsp;&nbsp; 12256707 |
| Food Products – 2.6% |  |  |
| &nbsp;&nbsp;&nbsp; Danone SA | &nbsp;&nbsp; 205481 | &nbsp;&nbsp;&nbsp;&nbsp; 16786208 |
| Hotels, Restaurants & Leisure – 3.2% |  |  |
| &nbsp;&nbsp;&nbsp; Compass Group PLC | &nbsp;&nbsp; 339362 | &nbsp;&nbsp;&nbsp;&nbsp; 11489824 |
| &nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 81103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9242837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20732661 |
| Insurance – 7.1% |  |  |
| &nbsp;&nbsp;&nbsp; Allianz SE (REG) | &nbsp;&nbsp;&nbsp;&nbsp; 40788 | &nbsp;&nbsp;&nbsp;&nbsp; 16530612 |
| &nbsp;&nbsp;&nbsp; ASR Nederland NV | &nbsp;&nbsp; 200392 | &nbsp;&nbsp;&nbsp;&nbsp; 13306912 |
| &nbsp;&nbsp;&nbsp; AXA SA | &nbsp;&nbsp; 329848 | &nbsp;&nbsp;&nbsp;&nbsp; 16188597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46026121 |
| Life Sciences Tools & Services – 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 15472 | &nbsp;&nbsp;&nbsp;&nbsp; 11022166 |
| Machinery – 3.9% |  |  |
| &nbsp;&nbsp;&nbsp; FLSmidth & Company A/S | &nbsp;&nbsp; 230747 | &nbsp;&nbsp;&nbsp;&nbsp; 14101044 |
| &nbsp;&nbsp;&nbsp; Knorr-Bremse AG | &nbsp;&nbsp; 115311 | &nbsp;&nbsp;&nbsp;&nbsp; 11143488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25244532 |
| Media – 2.2% |  |  |
| &nbsp;&nbsp;&nbsp; Publicis Groupe SA | &nbsp;&nbsp; 129226 | &nbsp;&nbsp;&nbsp;&nbsp; 14562734 |
| Oil, Gas & Consumable Fuels – 2.0% |  |  |
| &nbsp;&nbsp;&nbsp; Aker BP ASA | &nbsp;&nbsp; 499365 | &nbsp;&nbsp;&nbsp;&nbsp; 12777923 |
| Pharmaceuticals – 5.5% |  |  |
| &nbsp;&nbsp;&nbsp; Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 75128 | &nbsp;&nbsp;&nbsp;&nbsp; 10893607 |
| &nbsp;&nbsp;&nbsp; Novartis AG | &nbsp;&nbsp; 203151 | &nbsp;&nbsp;&nbsp;&nbsp; 24633756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35527363 |
| Professional Services – 4.0% |  |  |
| &nbsp;&nbsp;&nbsp; RELX PLC | &nbsp;&nbsp; 479454 | &nbsp;&nbsp;&nbsp;&nbsp; 25905584 |
| Semiconductor & Semiconductor Equipment – 7.2% |  |  |
| &nbsp;&nbsp;&nbsp; ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp; 29801 | &nbsp;&nbsp;&nbsp;&nbsp; 19073146 |

---

------

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Semiconductor & Semiconductor Equipment – (continued) |  |  |
| &nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp; 86238 | &nbsp;&nbsp; $12904619 |
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | &nbsp;&nbsp; 338725 | &nbsp;&nbsp;&nbsp;&nbsp; 14408100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46385865 |
| Software – 6.7% |  |  |
| &nbsp;&nbsp;&nbsp; Nemetschek SE | &nbsp;&nbsp; 122362 | &nbsp;&nbsp;&nbsp;&nbsp; 17726522 |
| &nbsp;&nbsp;&nbsp; SAP SE | &nbsp;&nbsp;&nbsp;&nbsp; 84480 | &nbsp;&nbsp;&nbsp;&nbsp; 25686083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43412605 |
| Textiles, Apparel & Luxury Goods – 4.9% |  |  |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (REG) | &nbsp;&nbsp;&nbsp;&nbsp; 96269 | &nbsp;&nbsp;&nbsp;&nbsp; 18140716 |
| &nbsp;&nbsp;&nbsp; Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp; 77049 | &nbsp;&nbsp;&nbsp;&nbsp; 13529322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31670038 |
| Total Common Stocks (cost $505,935,699) |  | &nbsp;&nbsp; 633442657 |
| Investment Companies – 0.8% |  |  |
| Money Markets – 0.8% |  |  |
| &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.4188%<sup>ºº,</sup><sup>£</sup> (cost $5,031,157) | 5030151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5031157 |
| Total Investments (total cost $510,966,856) – 98.7% |  | &nbsp;&nbsp; 638473814 |
| Cash, Receivables and Other Assets, net of Liabilities – 1.3% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8529034 |
| Net Assets – 100% |  | $647002848 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| Germany | $170886782 | &nbsp;&nbsp;&nbsp;&nbsp; 26.8<br> %<br>|
| France | 85036450 | &nbsp;&nbsp;&nbsp;&nbsp;13.3 |
| Netherlands | 67371122 | &nbsp;&nbsp;&nbsp;&nbsp;10.5 |
| United Kingdom | 65748186 | &nbsp;&nbsp;&nbsp;&nbsp;10.3 |
| Switzerland | 64690245 | &nbsp;&nbsp;&nbsp;&nbsp;10.1 |
| Italy | 48293033 | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| Denmark | 43263504 | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Spain | 38894425 | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Austria | 26047381 | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Norway | 12777923 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Belgium | 10433606 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| United States | 5031157 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Total | $638473814 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% |
| Money Markets - 0.8% | Money Markets - 0.8% | Money Markets - 0.8% | Money Markets - 0.8% | Money Markets - 0.8% | Money Markets - 0.8% | Money Markets - 0.8% | Money Markets - 0.8% | Money Markets - 0.8% |
| &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.4188%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.4188%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.4188%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.4188%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.4188%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.4188%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.4188%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.4188%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.4188%<sup>ºº</sup>  |
|  | &nbsp;&nbsp; $2866473 | &nbsp;&nbsp; $244798946 | &nbsp;&nbsp; $(242634262) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5031157 | &nbsp;&nbsp; 5030151 | &nbsp;&nbsp; $233349 |
| Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A |
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.2933%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.2933%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.2933%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.2933%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.2933%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.2933%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.2933%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.2933%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.2933%<sup>ºº</sup>  |
|  | &nbsp;&nbsp; - | &nbsp;&nbsp; 45482719 | &nbsp;&nbsp; (45482719) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10743 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.8% | Total Affiliated Investments - 0.8% | Total Affiliated Investments - 0.8% | Total Affiliated Investments - 0.8% | Total Affiliated Investments - 0.8% | Total Affiliated Investments - 0.8% | Total Affiliated Investments - 0.8% | Total Affiliated Investments - 0.8% | Total Affiliated Investments - 0.8% |
|  | &nbsp;&nbsp; $2866473 | &nbsp;&nbsp; $290281665 | &nbsp;&nbsp; $(288116981) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5031157 | &nbsp;&nbsp; 5030151 | &nbsp;&nbsp; $244092 |

---

------

**Notes to Schedule of Investments (unaudited)** 

LLC Limited Liability Company <br> PLC Public Limited Company <br> REG Registered

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of June 30, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* | $633442657 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| *Investment Companies* | - | &nbsp;&nbsp;&nbsp; 5031157 | &nbsp;&nbsp;&nbsp; - |
| **Total Assets** | $633442657 | &nbsp;&nbsp;&nbsp; $5031157 | &nbsp;&nbsp;&nbsp; $- |

---

------

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

------

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of Investments.

------

For additional information on the Fund, please refer to the Fund's most recent semiannual or annual financial

statements.

125-35-70221 08-25

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** JANUS INVESTMENT FUND

- **b. Investment Company Act file number:** 811-01879

- **c. CIK number of Registrant:** 0000277751

- **d. LEI of Registrant:** W6UYDZFUOFJ4HQQ32382

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 151 Detroit Street

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80206

  - **Telephone number:** 303-333-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Janus Henderson European Focus Fund

- **b. EDGAR series identifier (if any):** S000057603

- **c. LEI of Series:** 549300B6VJPM3NFA9J78

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $663694628.68

**Total Liabilities:** $16691780.36

**Net Assets:** $647002848.32

**Cash Not Reported:** $11755.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000183903 | 6.39%                | 5.69%                | 2.56%                |
| Class ID C000183904 | 6.33%                | 5.61%                | 2.50%                |
| Class ID C000183905 | 6.40%                | 5.71%                | 2.58%                |
| Class ID C000183906 | 6.42%                | 5.71%                | 2.58%                |
| Class ID C000183907 | 6.42%                | 5.74%                | 2.59%                |
| Class ID C000183909 | 6.37%                | 5.71%                | 2.54%                |
| Class ID C000183910 | 6.39%                | 5.72%                | 2.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3195255.00             | $35583731.00                               |
| Month 2  | $5824739.00              | $22231755.00                               |
| Month 3  | $8625929.00              | $7640394.00                                |

**Designated Index Information**

- **Index Name:** Europe unhedged - Net TR

- **Index Identifier:** MSCI.MC.MXEU

### Schedule of Portfolio Investments

| Name                               | Title                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lonza Group AG                     | Lonza Group AG CHF1 (REGD)                           | CUSIP: H50524133<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |     15472 | NS      | $11022166.18  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MTU Aero Engines AG                | MTU Aero Engines AG NPV (REGD)                       | CUSIP: D5565H104<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |     29323 | NS      | $13027225.57  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV      | Koninklijke Ahold Delhaize NV EUR0.01                | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |    293139 | NS      | $12256706.99  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC                  | NatWest Group PLC ORD GBP1.0769                      | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |   1928587 | NS      | $13535708.39  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                  | Siemens Energy AG NPV                                | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |    155109 | NS      | $17914336.83  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIE SA                            | SPIE SA EUR0.47                                      | CUSIP: F8691R101<br>LEI: 969500TJNS5GSFWJ8X85 | Long             | EC               | CORP              | FR        |    189432 | NS      | $10642497.88  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| St James's Place PLC               | St James's Place PLC ORD GBP0.15                     | CUSIP: G5005D124<br>LEI: 213800M993ICXOMBCP87 | Long             | EC               | CORP              | GB        |    165971 | NS      | $2696900.62   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group N.V          | Universal Music Group N.V EUR10.00                   | CUSIP: N90313102<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |    303706 | NS      | $9829738.15   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit S.p.A.                   | UniCredit S.p.A. NPV                                 | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    367185 | NS      | $24611912.69  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA                 | Publicis Groupe SA EUR0.40                           | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |    129226 | NS      | $14562734.01  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                             | SAP SE ORD NPV                                       | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     84480 | NS      | $25686083.11  | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| FLSmidth & Co. A/S                 | FLSmidth & Co. A/S DKK20                             | CUSIP: K90242130<br>LEI: 213800MXXDGQ3ITPXI41 | Long             | EC               | CORP              | DK        |    230747 | NS      | $14101043.61  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                | Erste Group Bank AG NPV                              | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |    305882 | NS      | $26047381.28  | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                     | Rheinmetall AG NPV                                   | CUSIP: D65111102<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      6862 | NS      | $14523478.28  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA EUR0.49           | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    904707 | NS      | $13910946.35  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nemetschek SE                      | Nemetschek SE ORD NPV                                | CUSIP: D56134105<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |    122362 | NS      | $17726521.72  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander, S.A.              | Banco Santander, S.A. EUR0.50(REGD)                  | CUSIP: E19790109<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |   2009529 | NS      | $16631678.46  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                   | Deutsche Bank AG ORD NPV(REGD)                       | CUSIP: D18190898<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |    627721 | NS      | $18608943.71  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                | Deutsche Telekom AG NPV(REGD)                        | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |    584431 | NS      | $21317992.17  | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG           | Infineon Technologies AG ORD NPV (REGD)              | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |    338725 | NS      | $14408100.18  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                 | Deutsche Boerse AG NPV(REGD)                         | CUSIP: D1882G119<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |     15046 | NS      | $4906997.79   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                        | Novartis AG CHF0.49 (REGD)                           | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    203151 | NS      | $24633755.73  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie de Saint-Gobain SA       | Compagnie de Saint-Gobain SA EUR4                    | CUSIP: F80343100<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |    119318 | NS      | $14002691.89  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUS CAPITAL GROUP INC            | Janus Henderson Cash Liquidity Fund LLC              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   5030151 | NS      | $5031157.29   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian S.p.A.                    | Prysmian S.p.A. NPV                                  | CUSIP: T7630L105<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |    131527 | NS      | $9300952.94   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV AS                             | DSV AS DKK1                                          | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |     65047 | NS      | $15633137.63  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                          | Danone SA EUR0.25                                    | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    205481 | NS      | $16786208.14  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Relx PLC                           | Relx PLC ORD GBP0.1444                               | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    479454 | NS      | $25905584.27  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pandora A/S                        | Pandora A/S DKK1                                     | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |     77049 | NS      | $13529321.63  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Financiere Richemont Sa  | Compagnie Financiere Richemont Sa CHF1 (REGD)        | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     96269 | NS      | $18140716.24  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                    | Knorr-Bremse AG NPV                                  | CUSIP: D4S43E114<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |    115311 | NS      | $11143488.59  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC                  | Compass Group PLC ORD GBP0.1105                      | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    339362 | NS      | $11489824.39  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV     | BE Semiconductor Industries NV EUR0.01               | CUSIP: N13107144<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |     86238 | NS      | $12904619.22  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| InterContinental Hotels Group PLC  | InterContinental Hotels Group PLC ORD GBP0.208521303 | CUSIP: G4804L163<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |     81103 | NS      | $9242836.92   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Finecobank Banca Fineco S.p.A.     | Finecobank Banca Fineco S.p.A. EUR0.33               | CUSIP: T4R999104<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |    648226 | NS      | $14380166.67  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Galderma Group AG                  | Galderma Group AG CHF0.01                            | CUSIP: H3301B107<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |     75128 | NS      | $10893607.36  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International N.V.             | ASM International N.V. EUR0.04                       | CUSIP: N07045201<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |     29801 | NS      | $19073145.43  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                         | Allianz SE NPV(REGD)(VINKULIERT)                     | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     40788 | NS      | $16530611.99  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Axa SA                             | Axa SA EUR2.29                                       | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |    329848 | NS      | $16188596.72  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker BP ASA                        | Aker BP ASA NOK1                                     | CUSIP: R0139K100<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |    499365 | NS      | $12777923.06  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide S.A.(L')               | Air Liquide S.A.(L') EUR5.50                         | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     62312 | NS      | $12853721.47  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ASR Nederland N.V.                 | ASR Nederland N.V. EUR0.16                           | CUSIP: N0709G103<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |    200392 | NS      | $13306912.47  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                          | Argenx SE EUR0.10                                    | CUSIP: N0610Q109<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | BE        |     18856 | NS      | $10433605.95  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Allfunds Group Plc                 | Allfunds Group Plc EUR0.0025                         | CUSIP: G0236L102<br>LEI: 9598005U8TZQ8Q64SC71 | Long             | EC               | CORP              | NL        |   1090925 | NS      | $8351800.27   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-14

**Name of Applicant:** JANUS INVESTMENT FUND

**Signature:** JESPER NERGAARD

**Name of Signer:** JESPER NERGAARD

**Title:** VP, CFO, TREASURER, AND PRINCIPAL ACCOUNTING OFFICER