# EDGAR Filing Document

**Accession Number:** 0000277751
**File Stem:** 0001741773-23-000829
**Filing Date:** 2023-3
**Character Count:** 3859835
**Document Hash:** 1b5ab0f380879865ee37e48cd59ea694
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001741773-23-000829.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001741773-23-000829

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 114

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JANUS INVESTMENT FUND
- **CENTRAL INDEX KEY:** 0000277751
- **IRS NUMBER:** 840592523
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01879
- **FILM NUMBER:** 23692214

**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 Government Money Market Fund (Series ID: S000010466)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028921 | Class T      | JAGXX           |
| C000083514 | Class D      | JGVXX           |

### Janus Henderson High-Yield Fund (Series ID: S000010468)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028924 | Class T      | JAHYX           |
| C000077664 | Class A      | JHYAX           |
| C000077665 | Class C      | JDHCX           |
| C000077666 | Class I      | JHYFX           |
| C000077667 | Class R      | JHYRX           |
| C000077668 | Class S      | JDHYX           |
| C000083516 | Class D      | JNHYX           |
| C000114871 | Class N      | JHYNX           |

### Janus Henderson Mid Cap Value Fund (Series ID: S000010471)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028927 | Class L      | JMIVX           |
| C000028928 | Class T      | JMCVX           |
| C000077673 | Class A      | JDPAX           |
| C000077674 | Class C      | JMVCX           |
| C000077675 | Class I      | JMVAX           |
| C000077676 | Class R      | JDPRX           |
| C000077677 | Class S      | JMVIX           |
| C000083518 | Class D      | JNMCX           |
| C000114873 | Class N      | JDPNX           |

### Janus Henderson Money Market Fund (Series ID: S000010472)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028930 | Class T      | JAMXX           |
| C000083519 | Class D      | JNMXX           |

### Janus Henderson Short Duration Flexible Bond Fund (Series ID: S000010479)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028938 | Class T      | JASBX           |
| C000077701 | Class A      | JSHAX           |
| C000077702 | Class C      | JSHCX           |
| C000077703 | Class I      | JSHIX           |
| C000077704 | Class S      | JSHSX           |
| C000083525 | Class D      | JNSTX           |
| C000114878 | Class N      | JSHNX           |

### Janus Henderson Small Cap Value Fund (Series ID: S000010480)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028939 | Class L      | JSIVX           |
| C000028940 | Class T      | JSCVX           |
| C000077705 | Class A      | JDSAX           |
| C000077706 | Class C      | JCSCX           |
| C000077707 | Class I      | JSCOX           |
| C000077708 | Class R      | JDSRX           |
| C000077709 | Class S      | JISCX           |
| C000083526 | Class D      | JNPSX           |
| C000114879 | Class N      | JDSNX           |

### Janus Henderson Global Allocation Fund - Growth (Series ID: S000010481)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028941 | Class T      | JSPGX           |
| C000077710 | Class A      | JGCAX           |
| C000077711 | Class C      | JGCCX           |
| C000077712 | Class I      | JGCIX           |
| C000077713 | Class S      | JGCSX           |
| C000083527 | Class D      | JNSGX           |

### Janus Henderson Global Allocation Fund - Moderate (Series ID: S000010482)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028942 | Class T      | JSPMX           |
| C000077714 | Class A      | JMOAX           |
| C000077715 | Class C      | JMOCX           |
| C000077716 | Class I      | JMOIX           |
| C000077717 | Class S      | JMOSX           |
| C000083528 | Class D      | JNSMX           |

### Janus Henderson Global Allocation Fund - Conservative (Series ID: S000010483)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028943 | Class T      | JSPCX           |
| C000077718 | Class A      | JCAAX           |
| C000077719 | Class C      | JCACX           |
| C000077720 | Class I      | JCAIX           |
| C000077721 | Class S      | JCASX           |
| C000083529 | Class D      | JMSCX           |

### Janus Henderson Flexible Bond Fund (Series ID: S000010492)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028954 | Class T      | JAFIX           |
| C000077742 | Class A      | JDFAX           |
| C000077743 | Class C      | JFICX           |
| C000077744 | Class I      | JFLEX           |
| C000077745 | Class R      | JDFRX           |
| C000077746 | Class S      | JADFX           |
| C000083536 | Class D      | JANFX           |
| C000114884 | Class N      | JDFNX           |

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Series ID: S000025898)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077645 | Class A      | JRSAX           |
| C000077646 | Class C      | JRSCX           |
| C000077647 | Class I      | JRSIX           |
| C000077648 | Class S      | JRSSX           |
| C000077649 | Class T      | JRSTX           |
| C000147334 | Class N      | JRSNX           |
| C000150517 | Class D      | JRSDX           |

### Janus Henderson Global Bond Fund (Series ID: S000030901)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000095874 | Class I      | JGBIX           |
| C000095875 | Class S      | JGBSX           |
| C000095876 | Class T      | JHBTX           |
| C000095877 | Class A      | JGBAX           |
| C000095878 | Class C      | JGBCX           |
| C000095879 | Class D      | JGBDX           |
| C000114892 | Class N      | JGLNX           |

### Janus Henderson Small-Mid Cap Value Fund (Series ID: S000035097)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000107973 | Class A      | JVSAX           |
| C000107974 | Class C      | JVSCX           |
| C000107975 | Class D      | JSVDX           |
| C000107976 | Class I      | JVSIX           |
| C000107977 | Class S      | JSVSX           |
| C000107978 | Class T      | JSVTX           |
| C000114893 | Class N      | JVSNX           |

### Janus Henderson Multi-Sector Income Fund (Series ID: S000044285)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137958 | Class A      | JMUAX           |
| C000137959 | Class C      | JMUCX           |
| C000137960 | Class D      | JMUDX           |
| C000137961 | Class I      | JMUIX           |
| C000137962 | Class N      | JMTNX           |
| C000137963 | Class S      | JMUSX           |
| C000137964 | Class T      | JMUTX           |

### Janus Henderson Absolute Return Income Opportunities Fund (Series ID: S000044287)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137972 | Class A      | JUCAX           |
| C000137973 | Class C      | JUCCX           |
| C000137974 | Class D      | JUCDX           |
| C000137975 | Class I      | JUCIX           |
| C000137976 | Class N      | JUCNX           |
| C000137977 | Class S      | JUCSX           |
| C000137978 | Class T      | JUCTX           |
| C000151361 | Class R      | JUCRX           |

### Janus Henderson Adaptive Global Allocation Fund (Series ID: S000049766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000157258 | Class A      | JAGAX           |
| C000157259 | Class C      | JAVCX           |
| C000157260 | Class D      | JAGDX           |
| C000157261 | Class I      | JVGIX           |
| C000157262 | Class N      | JAGNX           |
| C000157263 | Class S      | JAGSX           |
| C000157264 | Class T      | JVGTX           |

### Janus Henderson Developed World Bond Fund (Series ID: S000057604)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000183913 | Class A      | HFAAX           |
| C000183914 | Class C      | HFACX           |
| C000183915 | Class D      | HFADX           |
| C000183916 | Class I      | HFAIX           |
| C000183917 | Class N      | HFARX           |
| C000183919 | Class S      | HFASX           |
| C000183920 | Class T      | HFATX           |

### Janus Henderson Responsible International Dividend Fund (Series ID: S000057607)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000183943 | Class A      | HDAVX           |
| C000183944 | Class C      | HDCVX           |
| C000183945 | Class D      | HDDVX           |
| C000183946 | Class I      | HDIVX           |
| C000183947 | Class N      | HDRVX           |
| C000183949 | Class S      | HDQVX           |
| C000183950 | Class T      | HDTVX           |

### Janus Henderson Sustainable Multi-Asset Allocation Fund (Series ID: S000077246)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237477 | Class D      | JSMFX           |

United States Securities and Exchange Commission <br>Washington, D.C. 20549

<br>FORM N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number 811-01879

<br>Janus Investment Fund <br>(Exact name of registrant as specified in charter)

<br>151 Detroit Street, Denver, Colorado 80206<br>(Address of principal executive offices) (Zip code)

<br>Abigail J. Murray, 151 Detroit Street, Denver, Colorado 80206<br>(Name and address of agent for service)

<br>Registrant's telephone number, including area code: 303-333-3863

<br>Date of fiscal year end: 6/30

<br>Date of reporting period: 12/31/22

<br>Item 1 - Reports to Shareholders

------

---

| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Adaptive Global Allocation Fund**  | **Janus Henderson Adaptive Global Allocation Fund**  |
| Janus Investment Fund | Janus Investment Fund |

---

**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Adaptive Global Allocation Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_3) | [1](#1_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_3) | [15](#2_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_3) | [17](#3_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_3) | [19](#4_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_3) | [21](#5_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_3) | [22](#6_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_3) | [29](#7_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_3) | [45](#8_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_3) | [56](#9_3) |

---

<br>Ashwin Alankar<br>**portfolio manager**<br>

------

### Janus Henderson Adaptive Global Allocation Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | |
|:---|:---|
| 5 Largest Equity Holdings - (% of Net Assets) | 5 Largest Equity Holdings - (% of Net Assets) |
| Vanguard Intermediate-Term Corporate Bond |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds (ETFs) | 2.8% |
| Vanguard Long-Term Corporate Bond |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds (ETFs) | 1.1% |
| Microsoft Corp |  |
| &nbsp;&nbsp;&nbsp;Software | 1.0% |
| Apple Inc |  |
| &nbsp;&nbsp;&nbsp;Technology Hardware, Storage & Peripherals | 0.3% |
| Abbott Laboratories |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 0.3% |
|  | 5.5% |

---

---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Commercial Paper | 71.5% | 71.5% |
| Common Stocks | 21.0% | 21.0% |
| Investment Companies | 3.9% | 3.9% |
| Foreign Government Bonds | 1.5% | 1.5% |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5% | 0.5% |
| Other | Other | 1.6% |
|  |  | 100.0% |

---

---

| | |
|:---|:---|
| Top Country Allocations - Long Positions - (% of Investment Securities) | Top Country Allocations - Long Positions - (% of Investment Securities) |
| **As of December 31, 2022**<br>![](img_b97e09fdeed14f3.jpg) | **As of June 30, 2022**<br>![](img_5421cb9b9c014f3.jpg) |

---

<br> Janus Investment Fund 1

------

#### Janus Henderson Adaptive Global Allocation Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | -0.22% | -11.57% | 2.13% | 3.35% | 3.22% | 1.05% |
| Class A Shares at MOP | -5.95% | -16.64% | 0.92% | 2.54% |  |  |
| Class C Shares at NAV | -0.22% | -11.47% | 2.05% | 3.04% | 2.41% | 1.73% |
| Class C Shares at CDSC | -1.20% | -12.35% | 2.05% | 3.04% |  |  |
| Class D Shares | -0.12% | -11.41% | 2.34% | 3.51% | 1.59% | 0.85% |
| Class I Shares | 0.01% | -11.28% | 2.42% | 3.63% | 2.23% | 0.71% |
| Class N Shares | -0.04% | -11.33% | 2.45% | 3.66% | 1.25% | 0.70% |
| Class S Shares | -0.12% | -11.33% | 2.30% | 3.42% | 1.93% | 1.20% |
| Class T Shares | -0.22% | -11.53% | 2.22% | 3.43% | 1.73% | 0.95% |
| MSCI All Country World Index | 2.28% | -18.36% | 5.23% | 6.35% |  |  |
| Adaptive Global Allocation 60/40 Index (Hedged) | 0.55% | -15.32% | 3.59% | 4.61% |  |  |
| Bloomberg Global Aggregate Bond Index (USD Hedged) | -2.38% | -11.22% | 0.36% | 1.37% |  |  |
| Morningstar Quartile - Class I Shares | - | 2nd | 2nd | 2nd |  |  |
| Morningstar Ranking - based on total returns for World Allocation Funds | - | 166/421 | 214/405 | 153/369 |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

<br> 2 DECEMBER 31, 2022

------

#### Janus Henderson Adaptive Global Allocation Fund (unaudited)

#### Performance
*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

*There is a risk that the Fund's investments will correlate with stocks and bonds to a greater degree than anticipated, and the investment process may not achieve the desired results. The Fund may underperform during up markets and be negatively affected in down markets. Diversification does not assure a profit or eliminate the risk of loss.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – June 23, 2015

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

------

#### Janus Henderson Adaptive Global Allocation Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $997.80  | $5.04  | $1000.00  | $1020.16  | $5.09  | 1.00% |
| Class C Shares | Class C Shares | $1000.00  | $997.80  | $6.09  | $1000.00  | $1019.11  | $6.16  | 1.21% |
| Class D Shares | Class D Shares | $1000.00  | $998.80  | $4.13  | $1000.00  | $1021.07  | $4.18  | 0.82% |
| Class I Shares | Class I Shares | $1000.00  | $1000.10  | $3.43  | $1000.00  | $1021.78  | $3.47  | 0.68% |
| Class N Shares | Class N Shares | $1000.00  | $999.60  | $3.38  | $1000.00  | $1021.83  | $3.41  | 0.67% |
| Class S Shares | Class S Shares | $1000.00  | $998.80  | $3.98  | $1000.00  | $1021.22  | $4.02  | 0.79% |
| Class T Shares | Class T Shares | $1000.00  | $997.80  | $4.58  | $1000.00  | $1020.62  | $4.63  | 0.91% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

---

<br> 4 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Global Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Foreign Government Bonds– 1.5% | Foreign Government Bonds– 1.5% | Foreign Government Bonds– 1.5% |  |
| Japan Treasury Discount Bill, 0%, 2/27/23<sup>◊</sup>((cost $519,224) | 73750000 | JPY | $562184 |
| Common Stocks– 21.0% | Common Stocks– 21.0% | Common Stocks– 21.0% |  |
| Aerospace & Defense – 0.1% | Aerospace & Defense – 0.1% | Aerospace & Defense – 0.1% |  |
| Aerojet Rocketdyne Holdings Inc\* | 688 |  | 38480 |
| Air Freight & Logistics – 0.3% | Air Freight & Logistics – 0.3% | Air Freight & Logistics – 0.3% |  |
| CH Robinson Worldwide Inc | 654 |  | 59880 |
| GXO Logistics Inc\* | 312 |  | 13319 |
| United Parcel Service Inc | 309 |  | 53717 |
|  |  |  | 126916 |
| Auto Components – 0% | Auto Components – 0% | Auto Components – 0% |  |
| BorgWarner Inc | 359 |  | 14450 |
| Automobiles – 0.2% | Automobiles – 0.2% | Automobiles – 0.2% |  |
| Ferrari NV | 63 |  | 13496 |
| Harley-Davidson Inc | 78 |  | 3245 |
| Stellantis NV<sup>#</sup> | 3615 |  | 51333 |
|  |  |  | 68074 |
| Banks – 1.3% | Banks – 1.3% | Banks – 1.3% |  |
| Bank of Montreal | 428 |  | 38777 |
| Bank OZK | 1857 |  | 74391 |
| Canadian Imperial Bank of Commerce<sup>#</sup> | 688 |  | 27830 |
| Comerica Inc | 280 |  | 18718 |
| Fifth Third Bancorp | 1176 |  | 38585 |
| JPMorgan Chase & Co | 607 |  | 81399 |
| PNC Financial Services Group Inc | 244 |  | 38537 |
| Royal Bank of Canada | 404 |  | 37984 |
| Toronto-Dominion Bank | 403 |  | 26098 |
| Truist Financial Corp | 1829 |  | 78702 |
| Zions Bancorp NA | 354 |  | 17403 |
|  |  |  | 478424 |
| Beverages – 0.4% | Beverages – 0.4% | Beverages – 0.4% |  |
| Coca-Cola Co | 588 |  | 37403 |
| Keurig Dr Pepper Inc | 2031 |  | 72425 |
| PepsiCo Inc | 305 |  | 55101 |
|  |  |  | 164929 |
| Biotechnology – 0.5% | Biotechnology – 0.5% | Biotechnology – 0.5% |  |
| Amgen Inc | 143 |  | 37558 |
| Beam Therapeutics Inc\* | 41 |  | 1604 |
| Exact Sciences Corp\* | 46 |  | 2277 |
| Gilead Sciences Inc | 582 |  | 49965 |
| Intellia Therapeutics Inc\* | 493 |  | 17201 |
| Ionis Pharmaceuticals Inc\* | 384 |  | 14504 |
| Seagen Inc\* | 325 |  | 41766 |
| Vertex Pharmaceuticals Inc\* | 64 |  | 18482 |
|  |  |  | 183357 |
| Building Products – 0.2% | Building Products – 0.2% | Building Products – 0.2% |  |
| Johnson Controls International PLC | 656 |  | 41984 |
| Masco Corp | 600 |  | 28002 |
|  |  |  | 69986 |
| Capital Markets – 1.3% | Capital Markets – 1.3% | Capital Markets – 1.3% |  |
| Bank of New York Mellon Corp | 865 |  | 39375 |
| Blue Owl Capital Inc | 3194 |  | 33856 |
| Carlyle Group Inc/The | 467 |  | 13935 |
| CME Group Inc | 392 |  | 65919 |
| Franklin Resources Inc | 1359 |  | 35850 |
| FS KKR Capital Corp | 2138 |  | 37415 |
| Intercontinental Exchange Inc | 1109 |  | 113772 |
| Jefferies Financial Group Inc | 73 |  | 2502 |
| Lazard Ltd | 372 |  | 12897 |
| Nasdaq Inc | 596 |  | 36565 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Capital Markets– (continued) | Capital Markets– (continued) |  |
| Owl Rock Capital Corp | 3142 | $36290 |
| S&P Global Inc | 129 | 43207 |
| T Rowe Price Group Inc | 258 | 28137 |
|  |  | 499720 |
| Chemicals – 0.5% | Chemicals – 0.5% |  |
| DuPont de Nemours Inc | 504 | 34590 |
| Ecolab Inc | 361 | 52547 |
| Linde PLC | 175 | 57081 |
| PPG Industries Inc | 121 | 15215 |
| Sherwin-Williams Co | 70 | 16613 |
|  |  | 176046 |
| Communications Equipment – 0.1% | Communications Equipment – 0.1% |  |
| Ciena Corp\* | 236 | 12031 |
| Cisco Systems Inc | 576 | 27441 |
|  |  | 39472 |
| Construction Materials – 0.1% | Construction Materials – 0.1% |  |
| Martin Marietta Materials Inc | 148 | 50020 |
| Consumer Finance – 0.1% | Consumer Finance – 0.1% |  |
| American Express Co | 133 | 19651 |
| Containers & Packaging – 0.1% | Containers & Packaging – 0.1% |  |
| Ball Corp | 269 | 13757 |
| Berry Global Group Inc | 110 | 6647 |
| Crown Holdings Inc | 61 | 5015 |
| Westrock Co | 363 | 12763 |
|  |  | 38182 |
| Distributors – 0.1% | Distributors – 0.1% |  |
| LKQ Corp | 439 | 23447 |
| Diversified Consumer Services – 0.1% | Diversified Consumer Services – 0.1% |  |
| Service Corp International/US | 541 | 37405 |
| Diversified Financial Services – 0.1% | Diversified Financial Services – 0.1% |  |
| Berkshire Hathaway Inc\* | 149 | 46026 |
| Electric Utilities – 0.7% | Electric Utilities – 0.7% |  |
| American Electric Power Co Inc | 586 | 55641 |
| Duke Energy Corp | 61 | 6282 |
| Edison International | 147 | 9352 |
| Exelon Corp | 1797 | 77684 |
| PPL Corp | 257 | 7510 |
| Southern Co | 1074 | 76694 |
| Xcel Energy Inc | 517 | 36247 |
|  |  | 269410 |
| Electrical Equipment – 0.3% | Electrical Equipment – 0.3% |  |
| ChargePoint Holdings Inc\*<sup>,#</sup> | 398 | 3793 |
| Eaton Corp PLC | 256 | 40179 |
| Emerson Electric Co | 422 | 40537 |
| Rockwell Automation Inc | 60 | 15454 |
|  |  | 99963 |
| Electronic Equipment, Instruments & Components – 0% | Electronic Equipment, Instruments & Components – 0% |  |
| Keysight Technologies Inc\* | 89 | 15225 |
| Entertainment – 0.2% | Entertainment – 0.2% |  |
| AMC Entertainment Holdings Inc<sup>#</sup> | 615 | 2503 |
| Playtika Holding Corp\* | 235 | 2000 |
| Take-Two Interactive Software Inc\* | 145 | 15099 |
| Walt Disney Co\* | 297 | 25803 |
| World Wrestling Entertainment Inc | 530 | 36316 |
|  |  | 81721 |
| Equity Real Estate Investment Trusts (REITs) – 1.2% | Equity Real Estate Investment Trusts (REITs) – 1.2% |  |
| American Tower Corp | 180 | 38135 |
| Equinix Inc | 26 | 17031 |
| Host Hotels & Resorts Inc | 645 | 10352 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Equity Real Estate Investment Trusts (REITs)– (continued) | Equity Real Estate Investment Trusts (REITs)– (continued) |  |
| Invitation Homes Inc | 2412 | $71492 |
| Kimco Realty Corp | 3313 | 70169 |
| Realty Income Corp | 579 | 36726 |
| STAG Industrial Inc | 2250 | 72697 |
| VICI Properties Inc | 1714 | 55534 |
| Weyerhaeuser Co | 3016 | 93496 |
|  |  | 465632 |
| Food & Staples Retailing – 0.4% | Food & Staples Retailing – 0.4% |  |
| Sprouts Farmers Market Inc\* | 1102 | 35672 |
| Sysco Corp | 487 | 37231 |
| US Foods Holding Corp\* | 419 | 14254 |
| Walgreens Boots Alliance Inc | 1296 | 48419 |
|  |  | 135576 |
| Food Products – 0.6% | Food Products – 0.6% |  |
| Hershey Co | 155 | 35893 |
| Lamb Weston Holdings Inc | 437 | 39050 |
| McCormick & Co Inc/MD | 773 | 64074 |
| Mondelez International Inc | 1131 | 75381 |
| Tyson Foods Inc | 116 | 7221 |
|  |  | 221619 |
| Health Care Equipment & Supplies – 0.8% | Health Care Equipment & Supplies – 0.8% |  |
| Abbott Laboratories | 1055 | 115828 |
| Baxter International Inc | 708 | 36087 |
| Lantheus Holdings Inc\* | 612 | 31188 |
| Medtronic PLC | 1047 | 81373 |
| Novocure Ltd\* | 193 | 14157 |
| Stryker Corp | 80 | 19559 |
|  |  | 298192 |
| Health Care Providers & Services – 0.6% | Health Care Providers & Services – 0.6% |  |
| Cardinal Health Inc | 472 | 36283 |
| CVS Health Corp | 384 | 35785 |
| Humana Inc | 72 | 36878 |
| Laboratory Corp of America Holdings | 163 | 38383 |
| UnitedHealth Group Inc | 139 | 73695 |
|  |  | 221024 |
| Hotels, Restaurants & Leisure – 0.4% | Hotels, Restaurants & Leisure – 0.4% |  |
| Booking Holdings Inc\* | 7 | 14107 |
| Chipotle Mexican Grill Inc\* | 3 | 4162 |
| McDonald's Corp | 190 | 50071 |
| Starbucks Corp | 229 | 22717 |
| Wendy's Co | 1609 | 36412 |
| Yum! Brands Inc | 242 | 30995 |
|  |  | 158464 |
| Household Durables – 0.4% | Household Durables – 0.4% |  |
| Garmin Ltd | 1184 | 109271 |
| Leggett & Platt Inc | 1150 | 37064 |
| Tempur Sealy International Inc | 431 | 14796 |
|  |  | 161131 |
| Household Products – 0.3% | Household Products – 0.3% |  |
| Church & Dwight Co Inc | 149 | 12011 |
| Procter & Gamble Co | 668 | 101242 |
|  |  | 113253 |
| Independent Power and Renewable Electricity Producers – 0.1% | Independent Power and Renewable Electricity Producers – 0.1% |  |
| Vistra Energy Corp | 1550 | 35960 |
| Industrial Conglomerates – 0.2% | Industrial Conglomerates – 0.2% |  |
| 3M Co | 305 | 36576 |
| Honeywell International Inc | 223 | 47789 |
|  |  | 84365 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Information Technology Services – 0.6% | Information Technology Services – 0.6% |  |
| Accenture PLC | 127 | $33889 |
| Automatic Data Processing Inc | 84 | 20064 |
| Cognizant Technology Solutions Corp | 1321 | 75548 |
| Fidelity National Information Services Inc | 241 | 16352 |
| Mastercard Inc | 103 | 35816 |
| Paychex Inc | 442 | 51078 |
|  |  | 232747 |
| Insurance – 1.3% | Insurance – 1.3% |  |
| American International Group Inc | 122 | 7715 |
| Cincinnati Financial Corp | 631 | 64608 |
| Hartford Financial Services Group Inc | 497 | 37688 |
| Lincoln National Corp | 461 | 14162 |
| Manulife Financial Corp | 4245 | 75731 |
| Marsh & McLennan Cos Inc | 441 | 72977 |
| MetLife Inc | 1600 | 115792 |
| Old Republic International Corp | 440 | 10626 |
| Progressive Corp/The | 333 | 43193 |
| Prudential Financial Inc | 387 | 38491 |
|  |  | 480983 |
| Interactive Media & Services – 0.3% | Interactive Media & Services – 0.3% |  |
| Alphabet Inc - Class A\* | 640 | 56467 |
| IAC / InterActiveCorp\* | 22 | 977 |
| ZoomInfo Technologies Inc - Class A\* | 1240 | 37336 |
|  |  | 94780 |
| Internet & Direct Marketing Retail – 0.2% | Internet & Direct Marketing Retail – 0.2% |  |
| Amazon.com Inc\* | 809 | 67956 |
| Coupang Inc\* | 588 | 8649 |
|  |  | 76605 |
| Leisure Products – 0.1% | Leisure Products – 0.1% |  |
| Callaway Golf Co\* | 645 | 12739 |
| Mattel Inc\* | 2223 | 39658 |
|  |  | 52397 |
| Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% |  |
| Agilent Technologies Inc | 21 | 3143 |
| Avantor Inc\* | 1711 | 36085 |
| Danaher Corp | 196 | 52022 |
| Thermo Fisher Scientific Inc | 21 | 11564 |
|  |  | 102814 |
| Machinery – 0.3% | Machinery – 0.3% |  |
| Cummins Inc | 163 | 39493 |
| Illinois Tool Works Inc | 84 | 18505 |
| Ingersoll Rand Inc | 280 | 14630 |
| Wabtec Corp | 332 | 33137 |
|  |  | 105765 |
| Media – 0.4% | Media – 0.4% |  |
| New York Times Co | 419 | 13601 |
| Omnicom Group Inc | 603 | 49187 |
| Sirius XM Holdings Inc<sup>#</sup> | 12410 | 72474 |
| Trade Desk Inc\* | 114 | 5111 |
|  |  | 140373 |
| Metals & Mining – 0.2% | Metals & Mining – 0.2% |  |
| Alamos Gold Inc - Class A | 3877 | 39196 |
| Commercial Metals Co | 289 | 13959 |
| Franco-Nevada Corp | 261 | 35621 |
|  |  | 88776 |
| Multi-Utilities – 0.5% | Multi-Utilities – 0.5% |  |
| CenterPoint Energy Inc | 1538 | 46125 |
| Dominion Energy Inc | 943 | 57825 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Multi-Utilities– (continued) | Multi-Utilities– (continued) |  |
| Public Service Enterprise Group Inc | 348 | $21322 |
| Sempra Energy | 448 | 69234 |
|  |  | 194506 |
| Oil, Gas & Consumable Fuels – 0.8% | Oil, Gas & Consumable Fuels – 0.8% |  |
| Antero Midstream Corp | 10535 | 113673 |
| Chevron Corp | 421 | 75565 |
| Crescent Point Energy Corp | 2126 | 15201 |
| Enbridge Inc | 844 | 33000 |
| Magnolia Oil & Gas Corp | 1597 | 37450 |
| New Fortress Energy Inc | 288 | 12217 |
| Pembina Pipeline Corp | 630 | 21388 |
|  |  | 308494 |
| Personal Products – 0.2% | Personal Products – 0.2% |  |
| Estee Lauder Cos Inc | 219 | 54336 |
| Olaplex Holdings Inc\* | 1846 | 9618 |
|  |  | 63954 |
| Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% |  |
| Elanco Animal Health Inc\* | 2966 | 36245 |
| Johnson & Johnson | 307 | 54232 |
| Merck & Co Inc | 629 | 69788 |
| Zoetis Inc | 524 | 76792 |
|  |  | 237057 |
| Professional Services – 0% | Professional Services – 0% |  |
| Equifax Inc | 76 | 14771 |
| Real Estate Management & Development – 0.1% | Real Estate Management & Development – 0.1% |  |
| CBRE Group Inc\* | 488 | 37556 |
| Road & Rail – 0.2% | Road & Rail – 0.2% |  |
| CSX Corp | 1150 | 35627 |
| JB Hunt Transport Services Inc | 46 | 8021 |
| Norfolk Southern Corp | 63 | 15524 |
| Ryder System Inc | 26 | 2173 |
|  |  | 61345 |
| Semiconductor & Semiconductor Equipment – 0.5% | Semiconductor & Semiconductor Equipment – 0.5% |  |
| Analog Devices Inc | 118 | 19356 |
| Broadcom Inc | 54 | 30193 |
| Cirrus Logic Inc\* | 181 | 13481 |
| Lattice Semiconductor Corp\* | 404 | 26212 |
| Marvell Technology Inc | 323 | 11964 |
| Teradyne Inc | 475 | 41491 |
| Texas Instruments Inc | 302 | 49896 |
| Universal Display Corp | 124 | 13397 |
|  |  | 205990 |
| Software – 1.3% | Software – 1.3% |  |
| Asana Inc - Class A\* | 258 | 3553 |
| Autodesk Inc\* | 85 | 15884 |
| Dropbox Inc\* | 613 | 13719 |
| Dynatrace Inc\* | 369 | 14133 |
| Freshworks Inc - Class A\* | 942 | 13857 |
| Gitlab Inc - Class A\* | 100 | 4544 |
| HubSpot Inc\* | 24 | 6939 |
| Intuit Inc | 21 | 8174 |
| Microsoft Corp | 1587 | 380594 |
| New Relic Inc\* | 23 | 1298 |
| Salesforce.com Inc\* | 174 | 23071 |
| Samsara Inc - Class A\* | 1299 | 16147 |
|  |  | 501913 |
| Specialty Retail – 0.4% | Specialty Retail – 0.4% |  |
| O'Reilly Automotive Inc\* | 99 | 83559 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Specialty Retail– (continued) | Specialty Retail– (continued) |  |
| TJX Cos Inc | 1062 | $84535 |
|  |  | 168094 |
| Technology Hardware, Storage & Peripherals – 0.4% | Technology Hardware, Storage & Peripherals – 0.4% |  |
| Apple Inc | 962 | 124993 |
| Dell Technologies Inc | 344 | 13836 |
| Hewlett Packard Enterprise Co | 817 | 13039 |
| Logitech International SA (U.S. Shares)<sup>#</sup> | 138 | 8590 |
| Pure Storage Inc\* | 378 | 10115 |
|  |  | 170573 |
| Textiles, Apparel & Luxury Goods – 0.1% | Textiles, Apparel & Luxury Goods – 0.1% |  |
| Under Armour Inc\* | 4027 | 35921 |
| Tobacco – 0.1% | Tobacco – 0.1% |  |
| Philip Morris International Inc | 368 | 37245 |
| Trading Companies & Distributors – 0.2% | Trading Companies & Distributors – 0.2% |  |
| Fastenal Co | 1525 | 72163 |
| Transportation Infrastructure – 0.2% | Transportation Infrastructure – 0.2% |  |
| Atlas Corp<sup>#</sup> | 3746 | 57464 |
| Total Common Stocks (cost $7,993,616) | Total Common Stocks (cost $7,993,616) | 7978406 |
| Investment Companies– 3.9% | Investment Companies– 3.9% |  |
| Exchange-Traded Funds (ETFs) – 3.9% | Exchange-Traded Funds (ETFs) – 3.9% |  |
| Vanguard Intermediate-Term Corporate Bond | 13571 | 1051888 |
| Vanguard Long-Term Corporate Bond<sup>#</sup> | 5875 | 444796 |
| Total Investment Companies (cost $1,486,817) | Total Investment Companies (cost $1,486,817) | 1496684 |
| Commercial Paper– 71.5% | Commercial Paper– 71.5% |  |
| American Honda Finance Corp, 0%, 2/3/23<sup>◊</sup> | $2000000 | 1990832 |
| AT&T Inc, 0%, 1/18/23 (Section 4(2))<sup>◊</sup> | 1950000 | 1945243 |
| Aviation Capital Group LLC, 0%, 1/3/23 (Section 4(2))<sup>◊</sup> | 2000000 | 2013593 |
| Brookfield Infrastructure Holdings Canada Inc, 0%, 1/10/23<sup>◊</sup> | 1950000 | 1947250 |
| Conagra Brands Inc, 0%, 1/13/23 (Section 4(2))<sup>◊</sup> | 2000000 | 1996189 |
| Dow Chemical Co/The, 0%, 1/19/23<sup>◊</sup> | 1900000 | 1895061 |
| General Motors Financial Co Inc, 0%, 1/9/23 (Section 4(2))<sup>◊</sup> | 1900000 | 1897445 |
| Harley Davidson Financial Services Inc, 0%, 1/19/23 (Section 4(2))<sup>◊</sup> | 2000000 | 1994673 |
| Humana Inc, 0%, 1/23/23 (Section 4(2))<sup>◊</sup> | 1000000 | 996882 |
| Intesa Sanpaolo Funding LLC, 0%, 1/3/23<sup>◊</sup> | 1900000 | 1899003 |
| Newell Brands Inc, 0%, 1/6/23 (Section 4(2))<sup>◊</sup> | 1650000 | 1648438 |
| Oracle Corp, 0%, 1/5/23 (Section 4(2))<sup>◊</sup> | 2000000 | 1998485 |
| Ovintiv Canada ULC, 0%, 1/3/23<sup>◊</sup> | 1300000 | 1299300 |
| Parker-Hannifin Corp, 0%, 1/4/23 (Section 4(2))<sup>◊</sup> | 1900000 | 1898819 |
| Walgreens Boots Alliance Inc, 0%, 2/13/23 (Section 4(2))<sup>◊</sup> | 1800000 | 1789087 |
| Total Commercial Paper (cost $27,208,974) | Total Commercial Paper (cost $27,208,974) | 27210300 |
| Investments Purchased with Cash Collateral from Securities Lending– 0.5% | Investments Purchased with Cash Collateral from Securities Lending– 0.5% |  |
| Investment Companies – 0.4% | Investment Companies – 0.4% |  |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº,£</sup> | 145259 | 145259 |
| Time Deposits – 0.1% | Time Deposits – 0.1% |  |
| Royal Bank of Canada, 4.3100%, 1/3/23 | $44124 | 44124 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $189,383) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $189,383) | 189383 |
| Total Investments (total cost $37,398,013) – 98.4% | Total Investments (total cost $37,398,013) – 98.4% | 37436957 |
| Cash, Receivables and Other Assets, net of Liabilities – 1.6% | Cash, Receivables and Other Assets, net of Liabilities – 1.6% | 617100 |
| Net Assets – 100% | Net Assets – 100% | $38054057 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $32532414 | 86.9% |
| Canada | 2355540 | 6.3 |
| Italy | 1912499 | 5.1 |
| Japan | 562184 | 1.5 |
| United Kingdom | 57081 | 0.2 |
| South Korea | 8649 | 0.0 |
| Switzerland | 8590 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $37436957 | 100.0 | % |

---

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | |
|:---|:---|:---|:---|
|  | *Realized*<br>*Gain/(Loss)* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% |
| Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup><br>$4399<sup>∆</sup> | $- | $- | $145259 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% |
| Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 581991 | 5707464 | (6144196) | 145259 |

---

***Schedule of Forward Foreign Currency Exchange Contracts***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty/*<br>*Foreign Currency* | *Settlement*<br>*Date* | *Foreign Currency*<br>*Amount (Sold)/*<br>*Purchased* | *USD Currency*<br>*Amount (Sold)/*<br>*Purchased* | *Market Value and*<br>*Unrealized*<br>*Appreciation/*<br>(Depreciation) |
| JPMorgan Chase Bank, National Association: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Japanese Yen | 2/27/23 | (73750000) | $528132 | (38452) |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedule of Futures

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br>*Contracts* | *Expiration*<br>*Date* | *Notional*<br>*Amount* | *Value and*<br>*Unrealized*<br>*Appreciation/(Depreciation)* |
| *Futures Long:* |  |  |  |  |
| 10 Year US Treasury Note | 4 | 3/31/23 | $449188 | $(2719) |
| 10-Year Australian Bond | 11 | 3/15/23 | 866186 | (40234) |
| 2 Year US Treasury Note | 3 | 4/5/23 | 615234 | (586) |
| 5 Year US Treasury Note | 7 | 4/5/23 | 755508 | (3086) |
| Amsterdam Index | 3 | 1/20/23 | 442878 | (19755) |
| CAC40 10 Euro | 6 | 1/20/23 | 415521 | (14693) |
| DAX Index | 1 | 3/17/23 | 374283 | (15309) |
| E-Mini Russel 2000 | 2 | 3/17/23 | 177090 | (6310) |
| Euro-OAT | 8 | 3/10/23 | 1089991 | (71711) |
| Euro-Schatz | 1 | 3/10/23 | 112831 | (1348) |
| MSCI Emerging Markets Index | 31 | 3/20/23 | 1487070 | (31702) |
| NASDAQ 100 E-Mini | 3 | 3/17/23 | 661335 | (48738) |
| NIKKEI 225 Mini | 12 | 3/10/23 | 238500 | (13577) |
| OMXS30 Index | 13 | 1/20/23 | 254538 | (11949) |
| S&P 500 E-Mini | 22 | 3/17/23 | 4247100 | (120288) |
| S&P/TSX 60 Index | 1 | 3/17/23 | 172832 | (6378) |
| SPI 200 | 3 | 3/16/23 | 356958 | (7363) |
| Ultra Long Term US Treasury Bond | 6 | 3/31/23 | 805875 | (18274) |
| US Treasury Long Bond | 7 | 3/31/23 | 877406 | (10750) |
| Total |  |  |  | $(444770) |

---

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** |
|  | *Currency* <br>*Contracts* | *Equity* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| *Liability Derivatives:* |  |  |  |  |
| Forward foreign currency exchange contracts | $38452  | $-  | $-  | $38452  |
| \*Futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296062  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148708  | $444770  |
| Total Liability Derivatives | $38452  | $296062  | $148708  | $483222  |
| \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts* | *Equity* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts |  | $(242332) | $(315580) | $(557912) |
| Purchased options contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1314) | $(71667) |
| Written options contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61243  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (441) | $60802  |
| Total | $-  | $(251442) | $(317335) | $(568777) |
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts* | *Equity* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts |  | $(260362) | $(120943) | $(381305) |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38452) |  |  | $(38452) |
| Total | $(38452) | $(260362) | $(120943) | $(419757) |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** |
| Forward foreign currency exchange contracts: |  |
| Average amounts sold - in USD | $158167  |
| Futures contracts: |  |
| Average notional amount of contracts - long | 15549252  |
| Average notional amount of contracts - short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196109  |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16303  |
| Average value of option contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8781  |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | $184113 | $— | $(184113) | $— |
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Liabilities* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | $38452 | $— | $— | $38452 |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | |
|:---|:---|
| Adaptive Global Allocation 60/40<br>Index (Hedged) | Adaptive Global Allocation 60/40 Index (Hedged) is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index<sup>SM</sup> (60%) and the Bloomberg Global Aggregate Bond Index (USD Hedged) (40%). |
| Bloomberg Global<br>Aggregate Bond Index (USD Hedged) | Bloomberg Global Aggregate Bond Index (USD Hedged) is a broad-based measure of the global investment grade fixed-rate debt markets. |
| MSCI All Country World Index<sup>SM</sup> | MSCI All Country World Index<sup>SM</sup> reflects the equity market performance of global developed and emerging markets. |

---

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

---

| | |
|:---|:---|
| 4(2) | Securities sold under Section 4(2) of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 4(2) securities as of the period ended December 31, 2022 is $18,178,854, which represents 47.8% of net assets. |

---

<br> \* Non-income producing security.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

<br> # Loaned security; a portion of the security is on loan at December 31, 2022.

◊ Zero coupon bond.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

∆ Net of income paid
to the securities lending agent and rebates paid to the borrowing counterparties.

<br> Janus Investment Fund 15

------

### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  |  | ***Level 2 -*** | ***Level 3 -*** |
|  |  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  |  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** | **Assets** |  |  |  |
| **Investments In Securities:** | **Investments In Securities:** |  |  |  |
| *Foreign Government Bonds* | *Foreign Government Bonds* | $- | $562184 | $- |
| *Common Stocks* | *Common Stocks* | 7978406 | - | - |
| *Investment Companies* | *Investment Companies* | 1496684 | - | - |
| *Commercial Paper* | *Commercial Paper* | - | 27210300 | - |
| *Investments Purchased with Cash Collateral from Securities Lending* | *Investments Purchased with Cash Collateral from Securities Lending* | - | 189383 | - |
| **Total Assets** | **Total Assets** | $9475090 | $27961867 | $- |
| **Liabilities** | **Liabilities** |  |  |  |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | *Forward Foreign Currency Exchange Contracts* | $- | $38452 | $- |
| *Futures Contracts* | *Futures Contracts* | 444770 | - | - |
| **Total Liabilities** | **Total Liabilities** | $444770 | $38452 | $- |
| (a) | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |

---

<br> 16 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Global Allocation Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $37,252,754)<sup>(1)</sup> | $37291698 |
| Affiliated investments, at value (cost $145,259) | 145259 |
| Cash  | 14649 |
| Deposits with brokers for futures | 987000 |
| Variation margin receivable on futures contracts | 2497 |
| Trustees' deferred compensation | 1236 |
| Receivables: |  |
| Dividends  | 26716 |
| Fund shares sold | 10929 |
| Foreign tax reclaims | 3153 |
| Other assets | 4447 |
| Total Assets  | 38487584 |
| Liabilities:  |  |
| Foreign cash due to custodian (cost $208) | 208 |
| Collateral for securities loaned (Note 3) | 189383 |
| Forward foreign currency exchange contracts | 38452 |
| Variation margin payable on futures contracts | 77920 |
| Payables: |  |
| Fund shares repurchased | 40138 |
| Professional fees | 36450 |
| Advisory fees | 7551 |
| Custodian fees | 1837 |
| Transfer agent fees and expenses | 1634 |
| 12b-1 Distribution and shareholder servicing fees | 1306 |
| Trustees' deferred compensation fees | 1236 |
| Affiliated fund administration fees payable | 88 |
| Trustees' fees and expenses | 43 |
| Accrued expenses and other payables | 37281 |
| Total Liabilities  | 433527 |
| Net Assets  | $38054057 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $41556430 |
| Total distributable earnings (loss) | (3502373) |
| Total Net Assets  | $38054057 |
| Net Assets - Class A Shares  | $232856 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 25623 |
| Net Asset Value Per Share<sup>(2)</sup>  | $9.09 |
| Maximum Offering Price Per Share<sup>(3)</sup>  | $9.64 |
| Net Assets - Class C Shares | $1193712 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 131368 |
| Net Asset Value Per Share<sup>(2)</sup> | $9.09 |
| Net Assets - Class D Shares | $3102791 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 339082 |
| Net Asset Value Per Share | $9.15 |
| Net Assets - Class I Shares | $363579 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 39697 |
| Net Asset Value Per Share | $9.16 |
| Net Assets - Class N Shares | $32306757 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3531082 |
| Net Asset Value Per Share | $9.15 |
| Net Assets - Class S Shares | $712507 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 77920 |
| Net Asset Value Per Share | $9.14 |
| Net Assets - Class T Shares | $141855 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15708 |
| Net Asset Value Per Share | $9.03 |

---

<br>(1) Includes $184,113 of securities on loan. See Note 3 in Notes to Financial Statements.<br>(2) Redemption price per share may be reduced for any applicable contingent deferred sales charge.<br>(3) Maximum offering price is computed at 100/94.25 of net asset value.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Interest | $513644 |
| Dividends | 156644 |
| Affiliated securities lending income, net | 4399 |
| Unaffiliated securities lending income, net | 1131 |
| Other income | 9732 |
| Foreign tax withheld | (1528) |
| Total Investment Income  | 684022 |
| Expenses:  |  |
| Advisory fees | 153833 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 246 |
| Class C Shares | 3282 |
| Class S Shares |  |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 1915 |
| Class S Shares | 915 |
| Class T Shares | 1564 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 65 |
| Class C Shares | 228 |
| Class I Shares |  |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 9 |
| Class C Shares | 44 |
| Class D Shares | 492 |
| Class I Shares | 24 |
| Class N Shares | 901 |
| Class S Shares | 8 |
| Class T Shares | 22 |
| Non-affiliated fund administration fees | 37074 |
| Registration fees | 35907 |
| Professional fees | 29487 |
| Custodian fees | 6331 |
| Shareholder reports expense | 4615 |
| Trustees' fees and expenses | 592 |
| Affiliated fund administration fees | 513 |
| Other expenses | 276 |
| Total Expenses  | 278343 |
| Less: Excess Expense Reimbursement and Waivers | (133751) |
| Net Expenses  | 144592 |
| Net Investment Income/(Loss)  | 539430 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments and foreign currency transactions | $456714 |
| Purchased options contracts | (71667) |
| Futures contracts | (557912) |
| Written options contracts | 60802 |
| Total Net Realized Gain/(Loss) on Investments  | (112063) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 25266 |
| Forward foreign currency exchange contracts | (38452) |
| Futures contracts | (381305) |
| Total Change in Unrealized Net Appreciation/Depreciation  | (394491) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $32876 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $539430 | $542332 |
| Net realized gain/(loss) on investments | (112063) | (1665521) |
| Change in unrealized net appreciation/depreciation | (394491) | (3782072) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 32876 | (4905261) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1960) | (27215) |
| Class C Shares | (11768) | (313152) |
| Class D Shares | (33223) | (458301) |
| Class I Shares | (4378) | (40667) |
| Class N Shares | (407403) | (7075488) |
| Class S Shares | (8382) | (224954) |
| Class T Shares | (2777) | (209727) |
| Net Decrease from Dividends and Distributions to Shareholders | (469891) | (8349504) |
| Capital Share Transactions:  |  |  |
| Class A Shares | 65962 | 23941 |
| Class C Shares | (112970) | (443634) |
| Class D Shares | 19939 | 733612 |
| Class I Shares | (147737) | 245216 |
| Class N Shares | (803989) | (5411727) |
| Class S Shares | 8388 | (536820) |
| Class T Shares | (1219037) | 206660 |
| Net Increase/(Decrease) from Capital Share Transactions | (2189444) | (5182752) |
| Net Increase/(Decrease) in Net Assets | (2626459) | (18437517) |
| Net Assets: |  |  |
| Beginning of period | 40680516 | 59118033 |
| End of period | $38054057 | $40680516 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.19  | $11.86  | $9.78  | $10.32  | $10.43  | $10.55  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.07  | 0.07  | 0.12  | 0.22  | 0.13  |
| Net realized and unrealized gain/(loss) | (0.14)  | (1.07)  | 2.33  | (0.43)  | 0.17  | 0.55  |
| Total from Investment Operations | (0.02)  | (1.00)  | 2.40  | (0.31)  | 0.39  | 0.68  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.08)  | (0.14)  | (0.17)  | (0.22)  | (0.09)  | (0.18)  |
| Distributions (from capital gains) | —  | (1.53)  | (0.15)  | (0.01)  | (0.41)  | (0.62)  |
| Total Dividends and Distributions | (0.08)  | (1.67)  | (0.32)  | (0.23)  | (0.50)  | (0.80)  |
| Net Asset Value, End of Period | $9.09  | $9.19  | $11.86  | $9.78  | $10.32  | $10.43  |
| Total Return\* | (0.22)% | (10.06)% | 24.78% | (3.14)% | 4.22% | 6.27% |
| Net Assets, End of Period (in thousands) | $233  | $167  | $190  | $84  | $2567  | $766  |
| Average Net Assets for the Period (in thousands) | $193  | $186  | $128  | $1208  | $2179  | $777  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 3.15% | 3.18% | 3.93% | 1.73% | 1.69% | 1.63% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.00% | 1.01% | 0.95% | 1.02% | 0.96% | 1.01% |
| Ratio of Net Investment Income/(Loss) | 2.51% | 0.66% | 0.62% | 1.17% | 2.14% | 1.24% |
| Portfolio Turnover Rate | 142% | 297% | 414% | 228% | 268% | 440% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.20  | $11.85  | $9.76  | $10.30  | $10.35  | $10.48  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.10  | 0.09  | 0.07  | 0.09  | 0.17  | 0.06  |
| Net realized and unrealized gain/(loss) | (0.12)  | (1.08)  | 2.35  | (0.41)  | 0.20  | 0.54  |
| Total from Investment Operations | (0.02)  | (0.99)  | 2.42  | (0.32)  | 0.37  | 0.60  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.09)  | (0.13)  | (0.18)  | (0.21)  | (0.01)  | (0.11)  |
| Distributions (from capital gains) | —  | (1.53)  | (0.15)  | (0.01)  | (0.41)  | (0.62)  |
| Total Dividends and Distributions | (0.09)  | (1.66)  | (0.33)  | (0.22)  | (0.42)  | (0.73)  |
| Net Asset Value, End of Period | $9.09  | $9.20  | $11.85  | $9.76  | $10.30  | $10.35  |
| Total Return\* | (0.22)% | (9.94)% | 25.01% | (3.30)% | 3.96% | 5.58% |
| Net Assets, End of Period (in thousands) | $1194  | $1323  | $2253  | $1644  | $1778  | $1603  |
| Average Net Assets for the Period (in thousands) | $1305  | $2033  | $2039  | $1644  | $1695  | $1448  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 2.04% | 1.52% | 1.62% | 1.92% | 1.88% | 2.34% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.21% | 0.84% | 0.89% | 1.21% | 1.14% | 1.75% |
| Ratio of Net Investment Income/(Loss) | 2.14% | 0.84% | 0.65% | 0.91% | 1.71% | 0.54% |
| Portfolio Turnover Rate | 142% | 297% | 414% | 228% | 268% | 440% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 23 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.26  | $11.94  | $9.82  | $10.33  | $10.43  | $10.54  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.09  | 0.08  | 0.12  | 0.20  | 0.15  |
| Net realized and unrealized gain/(loss) | (0.13)  | (1.09)  | 2.38  | (0.40)  | 0.20  | 0.55  |
| Total from Investment Operations | (0.01)  | (1.00)  | 2.46  | (0.28)  | 0.40  | 0.70  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.10)  | (0.15)  | (0.19)  | (0.22)  | (0.09)  | (0.19)  |
| Distributions (from capital gains) | —  | (1.53)  | (0.15)  | (0.01)  | (0.41)  | (0.62)  |
| Total Dividends and Distributions | (0.10)  | (1.68)  | (0.34)  | (0.23)  | (0.50)  | (0.81)  |
| Net Asset Value, End of Period | $9.15  | $9.26  | $11.94  | $9.82  | $10.33  | $10.43  |
| Total Return\* | (0.12)% | (9.94)% | 25.21% | (2.90)% | 4.31% | 6.51% |
| Net Assets, End of Period (in thousands) | $3103  | $3110  | $3150  | $3030  | $2813  | $2480  |
| Average Net Assets for the Period (in thousands) | $3186  | $3197  | $3088  | $2844  | $2564  | $2139  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.59% | 1.55% | 1.50% | 1.54% | 1.43% | 1.84% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.82% | 0.80% | 0.81% | 0.87% | 0.85% | 0.86% |
| Ratio of Net Investment Income/(Loss) | 2.58% | 0.87% | 0.71% | 1.24% | 1.97% | 1.39% |
| Portfolio Turnover Rate | 142% | 297% | 414% | 228% | 268% | 440% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 24 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.27  | $11.92  | $9.84  | $10.35  | $10.46  | $10.57  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.13  | 0.07  | 0.18  | 0.21  | 0.19  |
| Net realized and unrealized gain/(loss) | (0.11)  | (1.11)  | 2.36  | (0.44)  | 0.19  | 0.52  |
| Total from Investment Operations | —  | (0.98)  | 2.43  | (0.26)  | 0.40  | 0.71  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11)  | (0.14)  | (0.20)  | (0.24)  | (0.10)  | (0.20)  |
| Distributions (from capital gains) | —  | (1.53)  | (0.15)  | (0.01)  | (0.41)  | (0.62)  |
| Total Dividends and Distributions | (0.11)  | (1.67)  | (0.35)  | (0.25)  | (0.51)  | (0.82)  |
| Net Asset Value, End of Period | $9.16  | $9.27  | $11.92  | $9.84  | $10.35  | $10.46  |
| Total Return\* | 0.01% | (9.80)% | 24.92% | (2.68)% | 4.33% | 6.57% |
| Net Assets, End of Period (in thousands) | $364  | $514  | $345  | $342  | $15008  | $9959  |
| Average Net Assets for the Period (in thousands) | $387  | $336  | $310  | $7161  | $14537  | $4830  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 2.10% | 2.19% | 2.36% | 1.14% | 1.35% | 1.38% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.68% | 0.67% | 0.80% | 0.76% | 0.77% | 0.79% |
| Ratio of Net Investment Income/(Loss) | 2.40% | 1.20% | 0.64% | 1.76% | 2.12% | 1.75% |
| Portfolio Turnover Rate | 142% | 297% | 414% | 228% | 268% | 440% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 25 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.27  | $11.95  | $9.84  | $10.35  | $10.46  | $10.56  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.11  | 0.09  | 0.14  | 0.21  | 0.16  |
| Net realized and unrealized gain/(loss) | (0.13)  | (1.09)  | 2.37  | (0.41)  | 0.20  | 0.56  |
| Total from Investment Operations | —  | (0.98)  | 2.46  | (0.27)  | 0.41  | 0.72  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.12)  | (0.17)  | (0.20)  | (0.23)  | (0.11)  | (0.20)  |
| Distributions (from capital gains) | —  | (1.53)  | (0.15)  | (0.01)  | (0.41)  | (0.62)  |
| Total Dividends and Distributions | (0.12)  | (1.70)  | (0.35)  | (0.24)  | (0.52)  | (0.82)  |
| Net Asset Value, End of Period | $9.15  | $9.27  | $11.95  | $9.84  | $10.35  | $10.46  |
| Total Return\* | (0.04)% | (9.81)% | 25.22% | (2.74)% | 4.36% | 6.72% |
| Net Assets, End of Period (in thousands) | $32307  | $33518  | $50111  | $40773  | $46087  | $51921  |
| Average Net Assets for the Period (in thousands) | $33249  | $46464  | $45500  | $44038  | $49849  | $52068  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.28% | 1.22% | 1.28% | 1.25% | 1.26% | 1.27% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.67% | 0.67% | 0.68% | 0.73% | 0.70% | 0.73% |
| Ratio of Net Investment Income/(Loss) | 2.70% | 1.01%  | 0.85% | 1.40% | 2.10% | 1.52% |
| Portfolio Turnover Rate | 142% | 297% | 414% | 228% | 268% | 440% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 26 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.26  | $11.93  | $9.82  | $10.35  | $10.42  | $10.53  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.11  | 0.09  | 0.12  | 0.20  | 0.12  |
| Net realized and unrealized gain/(loss) | (0.13)  | (1.09)  | 2.36  | (0.42)  | 0.20  | 0.55  |
| Total from Investment Operations | (0.01)  | (0.98)  | 2.45  | (0.30)  | 0.40  | 0.67  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11)  | (0.16)  | (0.19)  | (0.22)  | (0.06)  | (0.16)  |
| Distributions (from capital gains) | —  | (1.53)  | (0.15)  | (0.01)  | (0.41)  | (0.62)  |
| Total Dividends and Distributions | (0.11)  | (1.69)  | (0.34)  | (0.23)  | (0.47)  | (0.78)  |
| Net Asset Value, End of Period | $9.14  | $9.26  | $11.93  | $9.82  | $10.35  | $10.42  |
| Total Return\* | (0.12)% | (9.85)% | 25.18% | (3.05)% | 4.33% | 6.24% |
| Net Assets, End of Period (in thousands) | $713  | $713  | $1581  | $1263  | $1303  | $1256  |
| Average Net Assets for the Period (in thousands) | $718  | $1395  | $1448  | $1284  | $1258  | $1267  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.94% | 1.58% | 1.68% | 1.82% | 1.79% | 1.83% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.79% | 0.71% | 0.74% | 0.97% | 0.89% | 1.11% |
| Ratio of Net Investment Income/(Loss) | 2.60% | 0.98% | 0.79% | 1.15% | 1.92% | 1.14% |
| Portfolio Turnover Rate | 142% | 297% | 414% | 228% | 268% | 440% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 27 |

---

------

### Janus Henderson Adaptive Global Allocation Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.23  | $11.90  | $9.80  | $10.33  | $10.43  | $10.55  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.08  | 0.07  | 0.12  | 0.19  | 0.14  |
| Net realized and unrealized gain/(loss) | (0.13)  | (1.08)  | 2.35  | (0.41)  | 0.20  | 0.55  |
| Total from Investment Operations | (0.02)  | (1.00)  | 2.42  | (0.29)  | 0.39  | 0.69  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.18)  | (0.14)  | (0.17)  | (0.23)  | (0.08)  | (0.19)  |
| Distributions (from capital gains) | —  | (1.53)  | (0.15)  | (0.01)  | (0.41)  | (0.62)  |
| Total Dividends and Distributions | (0.18)  | (1.67)  | (0.32)  | (0.24)  | (0.49)  | (0.81)  |
| Net Asset Value, End of Period | $9.03  | $9.23  | $11.90  | $9.80  | $10.33  | $10.43  |
| Total Return\* | (0.22)% | (9.99)% | 24.91% | (3.00)% | 4.23% | 6.40% |
| Net Assets, End of Period (in thousands) | $142  | $1336  | $1489  | $1149  | $1327  | $2557  |
| Average Net Assets for the Period (in thousands) | $1239  | $1469  | $1363  | $1261  | $2521  | $2635  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.75% | 1.69% | 1.73% | 1.72% | 1.62% | 1.54% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.91% | 0.91% | 0.93% | 0.94% | 0.90% | 0.92% |
| Ratio of Net Investment Income/(Loss) | 2.31% | 0.74% | 0.61% | 1.20% | 1.90% | 1.30% |
| Portfolio Turnover Rate | 142% | 297% | 414% | 228% | 268% | 440% |

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\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

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| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 28 | &nbsp;&nbsp;DECEMBER 31, 2022 |

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Adaptive Global Allocation Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through growth of capital and income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> Janus Investment Fund 29

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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

<br> 30 DECEMBER 31, 2022

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

<br> Janus Investment Fund 31

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)

#### Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

#### Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended December 31, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the

<br> 32 DECEMBER 31, 2022

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;· **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;· **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;· **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

#### Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract ("forward currency contract") is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign

<br> Janus Investment Fund 33

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to take a positive outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to take a negative outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

#### Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or "ASET" price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used.

Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.

Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund's futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

<br> 34 DECEMBER 31, 2022

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
During the period, the Fund purchased futures on equity indices to increase exposure to equity risk.

During the period, the Fund sold futures on equity indices to decrease exposure to equity risk.

#### Options Contracts
An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor's option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as "Variation margin receivable" or "Variation margin payable" (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund's hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund's exposure to the counterparty.

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of Investments (if applicable).

During the period, the Fund purchased call options on various equity indices for the purpose of increasing exposure to broad equity risk.

During the period, the Fund purchased put options on various equity indices for the purpose of decreasing exposure to broad equity risk.

During the period, the Fund purchased put options on bond exchange-traded funds in order to reduce interest rate risk exposure where reducing this exposure via other markets such as the cash bond market was less attractive.

There were no purchased options held at December 31, 2022.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as "Options written, at value" (if applicable). The risk in writing call options is that the

<br> Janus Investment Fund 35

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price different from the current market value.

During the period, the Fund wrote call options on various equity indices for the purpose of decreasing exposure to broad equity risk.

During the period, the Fund wrote put options on various equity indices for the purpose of increasing exposure to broad equity risk.

During the period, the Fund wrote call options on bond exchange-traded funds in order to reduce interest rate risk where reducing this exposure via other markets such as the cash bond market was less attractive.

During the period, the Fund wrote put options on bond exchange-traded funds in order to increase interest rate risk where increasing this exposure via other markets such as the cash bond market was less attractive.

There were no written options held at December 31, 2022.

3. Other Investments and Strategies

#### Additional Investment Risk
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including

<br> 36 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Exchange-Traded and Mutual Funds
The Fund may invest in exchange-traded funds ("ETFs") and mutual funds to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. 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 ETF trades at a premium or discount. When the Fund invests in an ETF or mutual fund, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's or mutual fund's expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs or mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund's performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs and mutual funds, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, fixed-income risk, and commodity-linked investments risk. The Fund is also subject to the risks associated with the securities in which the ETF or mutual fund invests.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities ("sovereign debt"). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed 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, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor's policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund's holdings. 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. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

#### Counterparties
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

<br> Janus Investment Fund 37

------

### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. 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. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations.

<br> 38 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
As of December 31, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $184,113. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2022 is $189,383, resulting in the net amount due to the counterparty of $5,270.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities table located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the "Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022" table located in the Fund's Schedule of Investments.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to these contracts. Certain securities may be segregated at the Fund's custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund's corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| *Average Daily Net* <br>*Assets of the Fund* | *Contractual Investment* <br>*Advisory Fee (%)* |
| First $2 Billion | 0.75 |
| Next $2 Billion | 0.72 |
| Over $4 Billion | 0.70 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.76% of average annual net assets before any applicable waivers.

The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.66% of the Fund's average daily net assets. In addition, the Adviser shall additionally reimburse or waive acquired fund fees and expenses to the extent they exceed 0.10%. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks

<br> Janus Investment Fund 39

------

### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

<br> 40 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. There were no upfront sales charges retained by Janus Henderson Distributors during the period ended December 31, 2022.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2022.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

As of December 31, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

---

| | | |
|:---|:---|:---|
| *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- % |
| Class C Shares | 58  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2  |
| Class D Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class N Shares | 93  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79  |
| Class S Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2  |
| Class T Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |

---

<br> Janus Investment Fund 41

------

### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
5. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle deferrals, and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $37547949  | $201700  | $(312692) | $(110992) |

---

<br> 42 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
6. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222  | $64121  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592  | $7162  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1960  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27215  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10436) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424  | $65962  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219  | $23941  |
| Class C Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875  | $44403  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586  | $35374  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11768  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30169  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313152  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(18494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(792160) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(12327) | $(112970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46340) | $(443634) |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50175  | $456916  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150954  | $1556694  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3569  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32762  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43107  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450472  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(50534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1273554) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210  | $19939  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71976  | $733612  |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20418  | $189817  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55086  | $573984  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40667  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(36665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369435) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(15770) | $(147737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26494  | $245216  |
| Class N Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74343  | $694073  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160925  | $1784344  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 44379  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407403  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676433  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7075488  |
| Shares repurchased | (203926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1905465) | (1414277) | &nbsp;&nbsp;&nbsp;&nbsp;(14271559) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(85204) | $(803989) | &nbsp;&nbsp;&nbsp;&nbsp; (576919) | $(5411727) |
| Class S Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | $6  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861  | $10500  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8382  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21547  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224954  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(772274) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915  | $8388  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55596) | $(536820) |
| Class T Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399  | $12777  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6914  | $70072  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20127  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209727  |
| Shares repurchased | (130784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1234591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73139) |
| Net Increase/(Decrease) | (129078) | $(1219037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19728  | $206660  |

---

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $13923498  | $17361330  | $-  | $-  |

---

<br> Janus Investment Fund 43

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes to Financial Statements (unaudited)
8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 44 DECEMBER 31, 2022

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### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 45

------

### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 46 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 47

------

### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 48 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 49

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### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 50 DECEMBER 31, 2022

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### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 51

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### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 52 DECEMBER 31, 2022

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### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 53

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### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 54 DECEMBER 31, 2022

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### Janus Henderson Adaptive Global Allocation Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 55

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### Janus Henderson Adaptive Global Allocation Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 56 DECEMBER 31, 2022

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### Janus Henderson Adaptive Global Allocation Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 57

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### Janus Henderson Adaptive Global Allocation Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 58 DECEMBER 31, 2022

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes

#### NotesPage1
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### Janus Henderson Adaptive Global Allocation Fund

#### Notes

#### NotesPage2
<br> 60 DECEMBER 31, 2022

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### Janus Henderson Adaptive Global Allocation Fund

#### Notes

#### NotesPage3
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|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93059 03-23 |

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Absolute Return Income Opportunities Fund** | **Janus Henderson Absolute Return Income Opportunities Fund** |
| Janus Investment Fund | Janus Investment Fund |

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**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

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### **Table of Contents**

#### Janus Henderson Absolute Return Income Opportunities Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_4) | [1](#1_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_4) | [12](#2_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_4) | [14](#3_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_4) | [16](#4_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_4) | [18](#5_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_4) | [19](#6_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_4) | [27](#7_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_4) | [43](#8_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_4) | [54](#9_4) |

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<br> Daniel Silukco-portfolio manager Dylan Bourkeco-portfolio manager Jason Englandco-portfolio manager <br>     

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### Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

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| | | |
|:---|:---|:---|
| Fund Profile |  |  |
| **30-day SEC Yield\*** | **Without <br>Reimbursement** | **With <br>Reimbursement** |
| Class A Shares NAV | 4.47% | 4.91% |
| Class A Shares MOP | 4.25% | 4.68% |
| Class C Shares\*\* | 3.63% | 4.09% |
| Class D Shares | 4.62% | 5.11% |
| Class I Shares | 4.81% | 5.23% |
| Class N Shares | 4.34% | 5.25% |
| Class R Shares | 3.32% | 4.44% |
| Class S Shares | 3.24% | 4.72% |
| Class T Shares | 4.53% | 4.99% |
| **Weighted Average Maturity** | **Weighted Average Maturity** | 3.2 Years |
| **Average Effective Duration\*\*\*** | **Average Effective Duration\*\*\*** | 0.7 Years |
| \* Yield will fluctuate. |  |  |
| \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. |
| \*\*\* A theoretical measure of price volatility. | \*\*\* A theoretical measure of price volatility. |  |

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| | |
|:---|:---|
| Ratings<sup>†</sup> Summary - (% of Total Investments) |  |
| A | 20.2% |
| AAA | 6.7% |
| B1 | 1.1% |
| BBB | 58.2% |
| BBB- | 2.8% |
| Ba1 | 7.1% |
| Ba2 | 3.7% |
| Ba3 | 1.0% |
| Other | -0.8% |
| † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. | † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. |

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Significant Areas of Investment - (% of Net Assets)

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| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Corporate Bonds | 81.6% | 81.6% |
| Commercial Paper | 10.8% | 10.8% |
| Foreign Government Bonds | 4.9% | 4.9% |
| Asset-Backed/Commercial Mortgage-Backed Securities | 1.7% | 1.7% |
| Investment Companies | 1.1% | 1.1% |
| OTC Purchased Options – Puts | 0.0% | 0.0% |
| Other | Other | (0.1)% |
|  |  | 100.0% |

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<br> Janus Investment Fund 1

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#### Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | 1.68% | -1.68% | -0.03% | 0.54% | 1.35% | 0.95% |
| Class A Shares at MOP | -3.19% | -6.31% | -1.00% | -0.03% |  |  |
| Class C Shares at NAV | 1.22% | -2.37% | -0.74% | -0.18% | 2.13% | 1.71% |
| Class C Shares at CDSC | 0.22% | -3.34% | -0.74% | -0.18% |  |  |
| Class D Shares | 1.65% | -1.50% | 0.13% | 0.65% | 1.17% | 0.77% |
| Class I Shares | 1.68% | -1.46% | 0.19% | 0.78% | 1.09% | 0.70% |
| Class N Shares | 1.84% | -1.37% | 0.27% | 0.83% | 1.30% | 0.63% |
| Class R Shares | 1.45% | -2.09% | -0.46% | 0.10% | 2.35% | 1.38% |
| Class S Shares | 1.58% | -1.86% | -0.25% | 0.34% | 3.10% | 1.14% |
| Class T Shares | 1.60% | -1.60% | 0.05% | 0.60% | 1.29% | 0.88% |
| FTSE 3-Month U.S. Treasury Bill Index | 1.33% | 1.50% | 1.25% | 0.86% |  |  |
| Morningstar Quartile - Class I Shares | - | 1st | 4th | 4th |  |  |
| Morningstar Ranking - based on total returns for Nontraditional Bond Funds | - | 41/331 | 208/286 | 176/235 |  |  |

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*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

<br> 2 DECEMBER 31, 2022

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#### Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

#### Performance
*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class R Shares commenced operations on February 6, 2015. Performance shown for periods prior to February 6, 2015, reflects the historical performance of the Fund's Class I Shares, calculated using the fees and expenses of Class R Shares, without the effect of any applicable fee and expense limitations or waivers.

If Class R Shares of the Fund had been available during periods prior to February 6, 2015, the performance shown may have been different. The performance shown for periods following the Fund's commencement of Class R Shares reflects the fees and expenses of Class R Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – May 27, 2014

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

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#### Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $1016.80  | $4.88  | $1000.00  | $1020.37  | $4.89  | 0.96% |
| Class C Shares | Class C Shares | $1000.00  | $1012.20  | $8.22  | $1000.00  | $1017.04  | $8.24  | 1.62% |
| Class D Shares | Class D Shares | $1000.00  | $1016.50  | $3.96  | $1000.00  | $1021.27  | $3.97  | 0.78% |
| Class I Shares | Class I Shares | $1000.00  | $1016.80  | $3.71  | $1000.00  | $1021.53  | $3.72  | 0.73% |
| Class N Shares | Class N Shares | $1000.00  | $1018.40  | $3.26  | $1000.00  | $1021.98  | $3.26  | 0.64% |
| Class R Shares | Class R Shares | $1000.00  | $1014.50  | $7.11  | $1000.00  | $1018.15  | $7.12  | 1.40% |
| Class S Shares | Class S Shares | $1000.00  | $1015.80  | $5.84  | $1000.00  | $1019.41  | $5.85  | 1.15% |
| Class T Shares | Class T Shares | $1000.00  | $1016.00  | $4.42  | $1000.00  | $1020.82  | $4.43  | 0.87% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

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<br> 4 DECEMBER 31, 2022

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| *Shares/Principal/*<br>*Contract Amounts* | *Shares/Principal/*<br>*Contract Amounts* |  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– 1.7% | Asset-Backed/Commercial Mortgage-Backed Securities– 1.7% | Asset-Backed/Commercial Mortgage-Backed Securities– 1.7% |  |
| Connecticut Avenue Securities Trust 2022-R08 1M1, |  |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.5500%, 6.4777%, 7/25/42 (144A)<sup>‡</sup> | $80761 |  | $80991 |
| Connecticut Avenue Securities Trust 2022-R09 2M1, |  |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.5000%, 6.4444%, 9/25/42 (144A)<sup>‡</sup> | 309186 |  | 307043 |
| FirstMac Mortgage Funding Trust No 4 Series 1-2018, |  |  |  |
| &nbsp;&nbsp;&nbsp;30 Day Australian Bank Bill Rate + 1.5000%, 4.5064%, 3/8/49<sup>‡</sup> | 236139 | AUD | 160707 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M1A, |  |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.1500%, 6.0777%, 9/25/42 (144A)<sup>‡</sup> | 110560 |  | 110173 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA3 M1A, |  |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.3000%, 6.2277%, 8/25/42 (144A)<sup>‡</sup> | 132126 |  | 131584 |
| TORRENS Series 2014-2 Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;30 Day Australian Bank Bill Rate + 1.6000%, 4.6100%, 1/12/46<sup>‡</sup> | 400511 | AUD | 272445 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,080,432) | Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,080,432) | Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,080,432) | 1062943 |
| Corporate Bonds– 81.6% | Corporate Bonds– 81.6% | Corporate Bonds– 81.6% |  |
| Banking – 21.5% | Banking – 21.5% | Banking – 21.5% |  |
| Ally Financial Inc, 5.7500%, 11/20/25 | 725000 |  | 702342 |
| Australia & New Zealand Banking Group Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 1.2880%, 2.9500%, 7/22/30 (144A)<sup>‡</sup> | 800000 |  | 723230 |
| Australian Central Credit Union Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 2.4000%, 5.5884%, 9/16/31<sup>‡</sup> | 200000 | AUD | 131715 |
| Bendigo & Adelaide Bank Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 2.4500%, 5.5385%, 11/30/28<sup>‡</sup> | 2500000 | AUD | 1705914 |
| Commonwealth Bank of Australia, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 1.3200%, 4.3901%, 8/20/31<sup>‡</sup> | 1500000 | AUD | 987420 |
| DBS Group Holdings Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 1.5800%, 4.7684%, 3/16/28<sup>‡</sup> | 1300000 | AUD | 883664 |
| Macquarie Bank Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 1.5500%, 4.7514%, 6/17/31<sup>‡</sup> | 2880000 | AUD | 1896107 |
| National Australia Bank Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 2.0200%, 5.0650%, 11/18/31<sup>‡</sup> | 2300000 | AUD | 1547781 |
| Oversea-Chinese Banking Corp Ltd, 4.2500%, 6/19/24 | 1340000 |  | 1322844 |
| Standard Chartered PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 1.8500%, 5.0956%, 6/28/25<sup>‡</sup> | 320000 | AUD | 218345 |
| Standard Chartered PLC, 1.8220%, 11/23/25 (144A) | 750000 |  | 685008 |
| Westpac Banking Corp, AUD SWAP 5 YR + 2.6500%, 4.8000%, 6/14/28<sup>‡</sup> | 1784000 | AUD | 1211393 |
| Westpac Banking Corp, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 1.9800%, 5.0898%, 8/27/29<sup>‡</sup> | 2000000 | AUD | 1363513 |
|  |  |  | 13379276 |
| Brokerage – 2.2% | Brokerage – 2.2% | Brokerage – 2.2% |  |
| Charles Schwab Corp, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 4.9710%, 5.3750%<sup>‡,µ</sup> | 1400000 |  | 1369200 |
| Capital Goods – 4.8% | Capital Goods – 4.8% | Capital Goods – 4.8% |  |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.2500%, 4/30/25 (144A) | 700000 |  | 666217 |
| Ashtead Capital Inc, 1.5000%, 8/12/26 (144A) | 825000 |  | 704047 |
| Ball Corp, 4.0000%, 11/15/23 | 950000 |  | 931113 |
| Boeing Co, 2.1960%, 2/4/26 | 775000 |  | 704136 |
|  |  |  | 3005513 |
| Communications – 5.4% | Communications – 5.4% | Communications – 5.4% |  |
| American Tower Corp, 1.4500%, 9/15/26 | 1030000 |  | 898720 |
| Crown Castle International Corp, 1.0500%, 7/15/26 | 1000000 |  | 864004 |
| Magallanes Inc, 3.4280%, 3/15/24 (144A) | 175000 |  | 169884 |
| Netflix Inc, 3.6250%, 6/15/25 (144A) | 750000 |  | 717997 |
| T-Mobile USA Inc, 2.2500%, 2/15/26 | 775000 |  | 704972 |
|  |  |  | 3355577 |
| Consumer Cyclical – 10.6% | Consumer Cyclical – 10.6% | Consumer Cyclical – 10.6% |  |
| Ford Motor Credit Co LLC, 2.3000%, 2/10/25 | 1070000 |  | 976782 |
| General Motors Financial Co Inc, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 0.9900%, 4.7383%, 1/5/23<sup>‡</sup> | 600000 |  | 599954 |

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| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares/Principal/*<br>*Contract Amounts* | *Shares/Principal/*<br>*Contract Amounts* |  | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Consumer Cyclical– (continued) | Consumer Cyclical– (continued) | Consumer Cyclical– (continued) |  |
| General Motors Financial Co Inc, 1.0500%, 3/8/24 | $680000 |  | $645730 |
| General Motors Financial Co Inc, 1.5000%, 6/10/26 | 920000 |  | 798967 |
| Hyundai Capital America, 0.8750%, 6/14/24 (144A) | 1530000 |  | 1427046 |
| VICI Properties LP, 4.3750%, 5/15/25 | 700000 |  | 678880 |
| Volkswagen Financial Services Australia Pty Ltd, 2.4000%, 8/28/24 | 2300000 | AUD | 1499054 |
|  |  |  | 6626413 |
| Consumer Finance – 1.2% | Consumer Finance – 1.2% | Consumer Finance – 1.2% |  |
| Stellantis Finance US Inc, 1.7110%, 1/29/27 (144A) | 885000 |  | 759386 |
| Consumer Non-Cyclical – 2.2% | Consumer Non-Cyclical – 2.2% | Consumer Non-Cyclical – 2.2% |  |
| Teva Pharmaceutical Finance Netherlands III BV, 2.8000%, 7/21/23 | 650000 |  | 635375 |
| Universal Health Services Inc, 1.6500%, 9/1/26 (144A) | 825000 |  | 706992 |
|  |  |  | 1342367 |
| Finance Companies – 12.2% | Finance Companies – 12.2% | Finance Companies – 12.2% |  |
| AerCap Holdings NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 4.5350%, 5.8750%, 10/10/79<sup>‡</sup> | 375000 |  | 341419 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.1500%, 10/29/23 | 375000 |  | 360819 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.6500%, 10/29/24 | 400000 |  | 368960 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.7500%, 10/29/24 | 325000 |  | 298855 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.7500%, 1/30/26 | 350000 |  | 307924 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.4500%, 10/29/26 | 425000 |  | 371638 |
| Air Lease Corp, 1.8750%, 8/15/26 | 450000 |  | 397430 |
| Air Lease Corp, 2.1000%, 9/1/28 | 825000 |  | 671960 |
| Aviation Capital Group LLC, 1.9500%, 1/30/26 (144A) | 1000000 |  | 870578 |
| Aviation Capital Group LLC, 1.9500%, 9/20/26 (144A) | 200000 |  | 169432 |
| Heartland Australia Group Pty Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 2.0000%, 4.9000%, 7/9/24<sup>‡</sup> | 2500000 | AUD | 1691372 |
| OWL Rock Core Income Corp, 5.5000%, 3/21/25 | 775000 |  | 751288 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.8750%, 10/15/26 (144A) | 750000 |  | 642872 |
| Springleaf Finance Corp, 6.8750%, 3/15/25 | 345000 |  | 331433 |
|  |  |  | 7575980 |
| Financial Institutions – 2.9% | Financial Institutions – 2.9% | Financial Institutions – 2.9% |  |
| Liberty Financial Pty Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 2.6000%, 5.6686%, 3/6/23<sup>‡</sup> | 100000 | AUD | 68044 |
| Liberty Financial Pty Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 2.3500%, 5.4598%, 2/26/24<sup>‡</sup> | 2000000 | AUD | 1344019 |
| Liberty Financial Pty Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 2.4500%, 5.6514%, 3/17/25<sup>‡</sup> | 610000 | AUD | 404704 |
|  |  |  | 1816767 |
| Government Sponsored – 1.7% | Government Sponsored – 1.7% | Government Sponsored – 1.7% |  |
| DAE Funding LLC, 1.5500%, 8/1/24 (144A) | 500000 |  | 464655 |
| SGSP Australia Assets Pty Ltd, 3.3000%, 4/9/23 | 600000 |  | 596524 |
|  |  |  | 1061179 |
| Industrial – 1.1% | Industrial – 1.1% | Industrial – 1.1% |  |
| Downer Group Finance Pty Ltd, 3.7000%, 4/29/26 | 1100000 | AUD | 694615 |
| Insurance – 4.0% | Insurance – 4.0% | Insurance – 4.0% |  |
| Athene Global Funding, 1.7160%, 1/7/25 (144A) | 600000 |  | 553567 |
| Athene Global Funding, 1.6080%, 6/29/26 (144A) | 1575000 |  | 1358549 |
| Insurance Australia Group Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 2.1000%, 5.2669%, 6/15/44<sup>‡</sup> | 200000 | AUD | 134972 |
| Insurance Australia Group Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 2.3500%, 5.5169%, 6/15/45<sup>‡</sup> | 620000 | AUD | 415206 |
|  |  |  | 2462294 |
| Real Estate Investment Trusts (REITs) – 2.1% | Real Estate Investment Trusts (REITs) – 2.1% | Real Estate Investment Trusts (REITs) – 2.1% |  |
| Vicinity Centres Trust, 4.0000%, 4/26/27 | 2020000 | AUD | 1296185 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares/Principal/*<br>*Contract Amounts* | *Shares/Principal/*<br>*Contract Amounts* |  | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Real Estate Management & Development – 1.0% | Real Estate Management & Development – 1.0% | Real Estate Management & Development – 1.0% |  |
| QIC Finance Shopping Center Fund Pty Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;90 Day Australian Bank Bill Rate + 1.2700%, 4.3184%, 8/15/25<sup>‡</sup> | 880000 | AUD | $597947 |
| Technology – 8.7% | Technology – 8.7% | Technology – 8.7% |  |
| Broadcom Inc, 1.9500%, 2/15/28 (144A) | $1170000 |  | 988205 |
| Equinix Inc, 1.2500%, 7/15/25 | 1100000 |  | 994636 |
| Fidelity National Information Services Inc, 4.5000%, 7/15/25 | 185000 |  | 181403 |
| Global Payments Inc, 4.9500%, 8/15/27 | 670000 |  | 649902 |
| Microchip Technology Inc, 4.2500%, 9/1/25 | 375000 |  | 364028 |
| MSCI Inc, 4.0000%, 11/15/29 (144A) | 775000 |  | 675052 |
| Qorvo Inc, 1.7500%, 12/15/24 (144A) | 750000 |  | 690712 |
| SK Hynix Inc, 1.0000%, 1/19/24 (144A) | 920000 |  | 873982 |
|  |  |  | 5417920 |
| Total Corporate Bonds (cost $55,390,571) | Total Corporate Bonds (cost $55,390,571) | Total Corporate Bonds (cost $55,390,571) | 50760619 |
| Foreign Government Bonds– 4.9% | Foreign Government Bonds– 4.9% | Foreign Government Bonds– 4.9% |  |
| New Zealand Government Bond, 0.5000%, 5/15/24((cost $2,981,195) | 5145000 | NZD | 3065452 |
| Investment Companies– 1.1% | Investment Companies– 1.1% | Investment Companies– 1.1% |  |
| Exchange-Traded Funds (ETFs) – 1.1% | Exchange-Traded Funds (ETFs) – 1.1% | Exchange-Traded Funds (ETFs) – 1.1% |  |
| Janus Henderson AAA CLO<sup>£</sup>((cost $657,471) | 13400 |  | 660084 |
| Commercial Paper– 10.8% | Commercial Paper– 10.8% | Commercial Paper– 10.8% |  |
| Energy Transfer LP, 0%, 1/3/23<sup>◊</sup> | $1750000 |  | 1749058 |
| Jabil Inc, 0%, 1/3/23 (Section 4(2))<sup>◊</sup> | 2500000 |  | 2498599 |
| Newell Brands Inc, 0%, 1/12/23 (Section 4(2))<sup>◊</sup> | 600000 |  | 598937 |
| WGL Holdings Inc, 0%, 1/3/23 (Section 4(2))<sup>◊</sup> | 925000 |  | 924546 |
| WGL Holdings Inc, 0%, 1/4/23 (Section 4(2))<sup>◊</sup> | 925000 |  | 924432 |
| Total Commercial Paper (cost $6,695,454) | Total Commercial Paper (cost $6,695,454) | Total Commercial Paper (cost $6,695,454) | 6695572 |
| OTC Purchased Options – Puts– 0% | OTC Purchased Options – Puts– 0% | OTC Purchased Options – Puts– 0% |  |
| Counterparty/Reference Asset | Counterparty/Reference Asset | Counterparty/Reference Asset |  |
| Morgan Stanley Capital Services LLC: |  |  |  |
| USD/JPY Currency, |  |  |  |
| Notional amount $600,000, premiums paid $6,060, unrealized appreciation $8,070, exercise price $125.00, expires 6/29/23\* | 600000 |  | 14130 |
| Total Investments (total cost $66,811,183) – 100.1% | Total Investments (total cost $66,811,183) – 100.1% | Total Investments (total cost $66,811,183) – 100.1% | 62258800 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% | Liabilities, net of Cash, Receivables and Other Assets – (0.1)% | Liabilities, net of Cash, Receivables and Other Assets – (0.1)% | (34707) |
| Net Assets – 100% | Net Assets – 100% | Net Assets – 100% | $62224093 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $32598816 | 52.4% |
| Australia | 15552441 | 25.0 |
| New Zealand | 4756824 | 7.6 |
| Singapore | 2206508 | 3.5 |
| Ireland | 2049615 | 3.3 |
| United Kingdom | 1607400 | 2.6 |
| Germany | 1499054 | 2.4 |
| South Korea | 873982 | 1.4 |
| Israel | 635375 | 1.0 |
| United Arab Emirates | 464655 | 0.8 |
| Japan | 14130 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $62258800 | 100.0 | % |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income<sup>(1)</sup>* | *Realized*<br>*Gain/(Loss)<sup>(1)</sup>* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation<sup>(1)</sup>* | *Value*<br>*at 12/31/22* |
| Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% |
| Exchange-Traded Funds (ETFs) - 1.1% | Exchange-Traded Funds (ETFs) - 1.1% | Exchange-Traded Funds (ETFs) - 1.1% | Exchange-Traded Funds (ETFs) - 1.1% | Exchange-Traded Funds (ETFs) - 1.1% |
| Janus Henderson AAA CLO | $12227 | $- | $2613 | $660084 |

---

(1) For securities that were affiliated for a portion of the period ended December 31, 2022, this column reflects amounts for the entire period ended December 31, 2022 and not just the period in which the security was affiliated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% |
| Exchange-Traded Funds (ETFs) - 1.1% | Exchange-Traded Funds (ETFs) - 1.1% | Exchange-Traded Funds (ETFs) - 1.1% | Exchange-Traded Funds (ETFs) - 1.1% | Exchange-Traded Funds (ETFs) - 1.1% |
| Janus Henderson AAA CLO |  | 657471 |  | 660084 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
***Schedule of Forward Foreign Currency Exchange Contracts***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty/*<br>*Foreign Currency* | *Settlement*<br>*Date* | *Foreign Currency*<br>*Amount (Sold)/*<br>*Purchased* | *USD Currency*<br>*Amount (Sold)/*<br>*Purchased* | *Market Value and*<br>*Unrealized*<br>*Appreciation/*<br>(Depreciation) |
| Bank of America, National Association: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;New Zealand Dollar | 1/27/23 | (4850000) | $2827831 | (251634) |
| JPMorgan Chase Bank, National Association: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 1/27/23 | 700000 | (466635) | 10405 |
| Morgan Stanley & Co: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 1/27/23 | (28700000) | 18671618 | (887031) |
| Total |  |  |  | $(1128260) |

---

#### Schedule of Futures

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br>*Contracts* | *Expiration*<br>*Date* | *Notional*<br>*Amount* | *Value and*<br>*Unrealized*<br>*Appreciation/(Depreciation)* |
| *Futures Long:* |  |  |  |  |
| 3-Year Australian Bond | 23 | 3/15/23 | $1672015 | $(23166) |
| *Futures Short:* |  |  |  |  |
| 10 Year US Treasury Note | 18 | 3/31/23 | (2021344) | 11813 |
| 2 Year US Treasury Note | 21 | 4/5/23 | (4306641) | (1805) |
| 5 Year US Treasury Note | 76 | 4/5/23 | (8202656) | 21969 |
| Total - Futures Short |  |  |  | 31977 |
| Total |  |  |  | $8811 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** |
| *Counterparty/*<br>*Reference Asset* | *Number of*<br>*Contracts* | *Exercise*<br>*Price* | *Expiration*<br>*Date* | *Notional*<br>*Amount* | *Premiums*<br>Received | *Unrealized*<br>*Appreciation/*<br>(Depreciation) | *Options*<br>*Written,*<br>*at Value* |

---

#### Written Put Options:
*Morgan Stanley Capital Services LLC:* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| USD/JPY Currency | 600000 | 120.00 | USD | 6/29/23 | $(600000) | $3600 | $(4046) | $(7646) |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** |
|  | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| *Asset Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $10405  | $-  | $10405  |
| Purchased options, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14130  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | $14130  |
| \*Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33782  | $33782  |
| Total Asset Derivatives | $24535  | $33782  | $58317  |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $1138665  | $-  | $1138665  |
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7646  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | $7646  |
| \*Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24971  | $24971  |
| Total Liability Derivatives | $1146311  | $24971  | $1171282  |
| \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts | $-  | $628090  | $628090  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1661378  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $1661378  |
| Purchased options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15572  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $15572  |
| Written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $(2237) |
| Total | $1674713  | $628090  | $2302803  |
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts | $-  | $(137233) | $(137233) |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1324332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $(1324332) |
| Purchased options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8070  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $8070  |
| Written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $(4046) |
| Total | $(1320308) | $(137233) | $(1457541) |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $393939  |
| Average amounts sold - in USD | 25753049  |
| Futures contracts: |  |
| Average notional amount of contracts - long | &nbsp;&nbsp;&nbsp;&nbsp; 2146123  |
| Average notional amount of contracts - short | 12302844  |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6516  |
| Average value of option contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | $10405 | $— | $— | $10405 |
| Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | 14130 | (7646) |  | 6484 |
| Total | Total | $24535 | $(7646) | $— | $16889 |
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Liabilities* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| Bank of America, National Association | Bank of America, National Association | $251634 | $— | $— | $251634 |
| Morgan Stanley & Co | Morgan Stanley & Co | 887031 |  |  | 887031 |
| Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | 7646 | (7646) |  |  |
| Total | Total | $1146311 | $(7646) | $— | $1138665 |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> FTSE 3-Month U.S. Treasury Bill Index FTSE 3-Month U.S. Treasury Bill Index reflects the performance of short-term U.S. government debt securities.

---

| | |
|:---|:---|
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OTC | Over-the-Counter |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| 144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2022 is $14,477,202, which represents 23.3% of net assets. |

---

---

| | |
|:---|:---|
| 4(2) | Securities sold under Section 4(2) of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 4(2) securities as of the period ended December 31, 2022 is $4,946,514, which represents 7.9% of net assets. |

---

<br> \* Non-income producing security.

‡ Variable
or floating rate security. Rate shown is the current rate as of December 31, 2022. Certain variable rate
securities are not based on a published reference rate and spread; they are determined by the issuer
or agent and current market conditions. Reference rate is as of reset date and may vary by security,
which may not indicate a reference rate and/or spread in their description.

<br> µ Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

◊ Zero
coupon bond.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

<br> 12 DECEMBER 31, 2022

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  |  | ***Level 2 -*** | ***Level 3 -*** |
|  |  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  |  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** | **Assets** |  |  |  |
| **Investments In Securities:** | **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | $1062943 | $- |
| *Corporate Bonds* | *Corporate Bonds* | - | 50760619 | - |
| *Foreign Government Bonds* | *Foreign Government Bonds* | - | 3065452 | - |
| *Investment Companies* | *Investment Companies* | 660084 | - | - |
| *Commercial Paper* | *Commercial Paper* | - | 6695572 | - |
| *OTC Purchased Options – Puts* | *OTC Purchased Options – Puts* | - | 14130 | - |
| Total Investments in Securities | Total Investments in Securities | $660084 | $61598716 | $- |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | *Forward Foreign Currency Exchange Contracts* | - | 10405 | - |
| *Futures Contracts* | *Futures Contracts* | 33782 | - | - |
| **Total Assets** | **Total Assets** | $693866 | $61609121 | $- |
| **Liabilities** | **Liabilities** |  |  |  |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | *Forward Foreign Currency Exchange Contracts* | $- | $1138665 | $- |
| *Futures Contracts* | *Futures Contracts* | 24971 | - | - |
| *Options Written, at Value* | *Options Written, at Value* | - | 7646 | - |
| **Total Liabilities** | **Total Liabilities** | $24971 | $1146311 | $- |
| (a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |

---

<br> Janus Investment Fund 13

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $66,147,652) | $61584586 |
| Affiliated investments, at value (cost $657,471) | 660084 |
| Purchased options, at value (premiums paid $6,060) | 14130 |
| Cash  | 259316 |
| Deposits with brokers for futures | 290000 |
| Forward foreign currency exchange contracts | 10405 |
| Cash denominated in foreign currency (cost $442,155) | 442155 |
| Variation margin receivable on futures contracts | 1348 |
| Trustees' deferred compensation | 2015 |
| Receivables: |  |
| Interest | 363214 |
| Fund shares sold | 125027 |
| Other assets | 525 |
| Total Assets  | 63752805 |
| Liabilities:  |  |
| Forward foreign currency exchange contracts | 1138665 |
| Options written, at value (premiums received $3,600) | 7646 |
| Variation margin payable on futures contracts | 460 |
| Payables: |  |
| Fund shares repurchased | 196109 |
| Professional fees | 59519 |
| Investments purchased  | 11920 |
| Advisory fees | 11865 |
| Transfer agent fees and expenses | 8994 |
| 12b-1 Distribution and shareholder servicing fees | 8099 |
| Dividends | 7954 |
| Trustees' deferred compensation fees | 2015 |
| Custodian fees | 1716 |
| Affiliated fund administration fees payable | 137 |
| Trustees' fees and expenses | 99 |
| Accrued expenses and other payables | 73514 |
| Total Liabilities  | 1528712 |
| Net Assets  | $62224093 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $245200713 |
| Total distributable earnings (loss) | (182976620) |
| Total Net Assets  | $62224093 |
| Net Assets - Class A Shares  | $9596140 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1115703 |
| Net Asset Value Per Share<sup>(1)</sup>  | $8.60 |
| Maximum Offering Price Per Share<sup>(2)</sup>  | $9.03 |
| Net Assets - Class C Shares | $6239348 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 726038 |
| Net Asset Value Per Share<sup>(1)</sup> | $8.59 |
| Net Assets - Class D Shares | $18824985 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2188159 |
| Net Asset Value Per Share | $8.60 |
| Net Assets - Class I Shares | $19626956 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2283864 |
| Net Asset Value Per Share | $8.59 |
| Net Assets - Class N Shares | $655807 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 76242 |
| Net Asset Value Per Share | $8.60 |
| Net Assets - Class R Shares | $445702 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 51788 |
| Net Asset Value Per Share | $8.61 |
| Net Assets - Class S Shares | $334148 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 38826 |
| Net Asset Value Per Share | $8.61 |
| Net Assets - Class T Shares | $6501007 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 756439 |
| Net Asset Value Per Share | $8.59 |

---

<br> (1) Redemption price per share may be reduced for any applicable contingent deferred sales charge.(2) Maximum offering price is computed at 100/95.25 of net asset value.

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Interest | $998422 |
| Dividends from affiliates | 12227 |
| Other income | 6437 |
| Total Investment Income  | 1017086 |
| Expenses:  |  |
| Advisory fees | 213253 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 11819 |
| Class C Shares | 32584 |
| Class R Shares | 1159 |
| Class S Shares | 296 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 10263 |
| Class R Shares | 579 |
| Class S Shares | 296 |
| Class T Shares | 9330 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 2966 |
| Class C Shares | 2972 |
| Class I Shares | 10387 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 366 |
| Class C Shares | 217 |
| Class D Shares | 1739 |
| Class I Shares | 692 |
| Class N Shares | 24 |
| Class R Shares | 7 |
| Class S Shares | 6 |
| Class T Shares | 105 |
| Registration fees | 51304 |
| Non-affiliated fund administration fees | 34243 |
| Professional fees | 32867 |
| Custodian fees | 5391 |
| Shareholder reports expense | 3977 |
| Trustees' fees and expenses | 1084 |
| Affiliated fund administration fees | 821 |
| Other expenses | 625 |
| Total Expenses  | 429372 |
| Less: Excess Expense Reimbursement and Waivers | (137935) |
| Net Expenses  | 291437 |
| Net Investment Income/(Loss)  | 725649 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments and foreign currency transactions | $(755643) |
| Purchased options contracts | 15572 |
| Forward foreign currency exchange contracts | 1661378 |
| Futures contracts | 628090 |
| Written options contracts | (2237) |
| Total Net Realized Gain/(Loss) on Investments  | 1547160 |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 270448 |
| Investments in affiliates | 2613 |
| Purchased options contracts | 8070 |
| Forward foreign currency exchange contracts | (1324332) |
| Futures contracts | (137233) |
| Written options contracts | (4046) |
| Total Change in Unrealized Net Appreciation/Depreciation  | (1184480) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $1088329 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $725649 | $841725 |
| Net realized gain/(loss) on investments | 1547160 | 5021708 |
| Change in unrealized net appreciation/depreciation | (1184480) | (8535656) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 1088329 | (2672223) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (111182) | (151385) |
| Class C Shares | (60569) | (40983) |
| Class D Shares | (221537) | (231768) |
| Class I Shares | (284867) | (443231) |
| Class N Shares | (8560) | (15923) |
| Class R Shares | (4433) | (4508) |
| Class S Shares | (2685) | (2086) |
| Class T Shares | (89942) | (123111) |
| Net Decrease from Dividends and Distributions to Shareholders | (783775) | (1012995) |
| Capital Share Transactions:  |  |  |
| Class A Shares | 243920 | (5429173) |
| Class C Shares | (1661407) | (154328) |
| Class D Shares | 2396212 | 1239903 |
| Class I Shares | (8431378) | (4452921) |
| Class N Shares | 49138 | (1158984) |
| Class R Shares | (30491) | (15764) |
| Class S Shares | 154380 | (42474) |
| Class T Shares | (1289053) | (2914399) |
| Net Increase/(Decrease) from Capital Share Transactions | (8568679) | (12928140) |
| Net Increase/(Decrease) in Net Assets | (8264125) | (16613358) |
| Net Assets: |  |  |
| Beginning of period | 70488218 | 87101576 |
| End of period | $62224093 | $70488218 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.56  | $9.02  | $9.01  | $8.93  | $8.88  | $9.64  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.09  | 0.09  | 0.10  | 0.17  | 0.18  | 0.14  |
| Net realized and unrealized gain/(loss) | 0.05  | (0.44)  | 0.02  | 0.15  | 0.16  | (0.70)  |
| Total from Investment Operations | 0.14  | (0.35)  | 0.12  | 0.32  | 0.34  | (0.56)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.10)  | (0.11)  | (0.11)  | (0.24)  | (0.29)  | (0.20)  |
| Total Dividends and Distributions | (0.10)  | (0.11)  | (0.11)  | (0.24)  | (0.29)  | (0.20)  |
| Net Asset Value, End of Period | $8.60  | $8.56  | $9.02  | $9.01  | $8.93  | $8.88  |
| Total Return\* | 1.68% | (3.86)% | 1.38% | 3.64% | 3.85% | (5.91)% |
| Net Assets, End of Period (in thousands) | $9596  | $9312  | $15300  | $16158  | $25377  | $62043  |
| Average Net Assets for the Period (in thousands) | $9277  | $11755  | $16811  | $20287  | $42125  | $107328  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.37% | 1.35% | 1.26% | 1.24% | 1.03% | 1.00% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.96% | 0.95% | 0.95% | 0.98% | 0.99% | 1.00% |
| Ratio of Net Investment Income/(Loss) | 2.18% | 1.06% | 1.16% | 1.87% | 2.01% | 1.43% |
| Portfolio Turnover Rate | 17% | 69% | 47% | 11% | 170% | 119% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.56  | $9.01  | $9.01  | $8.92  | $8.88  | $9.63  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.07  | 0.03  | 0.04  | 0.10  | 0.11  | 0.07  |
| Net realized and unrealized gain/(loss) | 0.03  | (0.43)  | 0.01  | 0.17  | 0.15  | (0.69)  |
| Total from Investment Operations | 0.10  | (0.40)  | 0.05  | 0.27  | 0.26  | (0.62)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07)  | (0.05)  | (0.05)  | (0.18)  | (0.22)  | (0.13)  |
| Total Dividends and Distributions | (0.07)  | (0.05)  | (0.05)  | (0.18)  | (0.22)  | (0.13)  |
| Net Asset Value, End of Period | $8.59  | $8.56  | $9.01  | $9.01  | $8.92  | $8.88  |
| Total Return\* | 1.22% | (4.48)% | 0.56% | 3.03% | 2.96% | (6.49)% |
| Net Assets, End of Period (in thousands) | $6239  | $7870  | $8407  | $14388  | $18983  | $45990  |
| Average Net Assets for the Period (in thousands) | $7195  | $7519  | $11266  | $15398  | $30267  | $58477  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 2.04% | 2.12% | 1.96% | 1.96% | 1.81% | 1.72% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.62% | 1.70% | 1.64% | 1.68% | 1.76% | 1.72% |
| Ratio of Net Investment Income/(Loss) | 1.51% | 0.32% | 0.48% | 1.12% | 1.22% | 0.69% |
| Portfolio Turnover Rate | 17% | 69% | 47% | 11% | 170% | 119% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.57  | $9.02  | $9.01  | $8.94  | $8.89  | $9.64  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.11  | 0.12  | 0.16  | 0.17  | 0.14  |
| Net realized and unrealized gain/(loss) | 0.03  | (0.43)  | 0.02  | 0.17  | 0.17  | (0.68)  |
| Total from Investment Operations | 0.14  | (0.32)  | 0.14  | 0.33  | 0.34  | (0.54)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11)  | (0.13)  | (0.13)  | (0.26)  | (0.29)  | (0.21)  |
| Total Dividends and Distributions | (0.11)  | (0.13)  | (0.13)  | (0.26)  | (0.29)  | (0.21)  |
| Net Asset Value, End of Period | $8.60  | $8.57  | $9.02  | $9.01  | $8.94  | $8.89  |
| Total Return\* | 1.65% | (3.57)% | 1.57% | 3.69% | 3.95% | (5.73)% |
| Net Assets, End of Period (in thousands) | $18825  | $16350  | $15929  | $19646  | $9437  | $12526  |
| Average Net Assets for the Period (in thousands) | $17027  | $15625  | $18673  | $13252  | $10576  | $15676  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.20% | 1.17% | 1.09% | 1.17% | 1.04% | 0.92% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.78% | 0.77% | 0.77% | 0.80% | 0.90% | 0.92% |
| Ratio of Net Investment Income/(Loss) | 2.44% | 1.25% | 1.34% | 1.84% | 1.91% | 1.50% |
| Portfolio Turnover Rate | 17% | 69% | 47% | 11% | 170% | 119% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.56  | $9.00  | $9.00  | $8.92  | $8.88  | $9.64  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.10  | 0.12  | 0.13  | 0.19  | 0.23  | 0.16  |
| Net realized and unrealized gain/(loss) | 0.04  | (0.42)  | 0.01  | 0.15  | 0.12  | (0.69)  |
| Total from Investment Operations | 0.14  | (0.30)  | 0.14  | 0.34  | 0.35  | (0.53)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11)  | (0.14)  | (0.14)  | (0.26)  | (0.31)  | (0.23)  |
| Total Dividends and Distributions | (0.11)  | (0.14)  | (0.14)  | (0.26)  | (0.31)  | (0.23)  |
| Net Asset Value, End of Period | $8.59  | $8.56  | $9.00  | $9.00  | $8.92  | $8.88  |
| Total Return\* | 1.68% | (3.42)% | 1.51% | 3.88% | 3.99% | (5.67)% |
| Net Assets, End of Period (in thousands) | $19627  | $27937  | $33808  | $36831  | $57628  | $1166188  |
| Average Net Assets for the Period (in thousands) | $22251  | $28887  | $36932  | $43004  | $652474  | $1704727  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.12% | 1.09% | 1.01% | 1.00% | 0.76% | 0.75% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.73% | 0.71% | 0.71% | 0.73% | 0.74% | 0.75% |
| Ratio of Net Investment Income/(Loss) | 2.34% | 1.30% | 1.40% | 2.09% | 2.61% | 1.67% |
| Portfolio Turnover Rate | 17% | 69% | 47% | 11% | 170% | 119% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.56  | $9.01  | $9.01  | $8.93  | $8.89  | $9.64  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.12  | 0.13  | 0.19  | 0.27  | 0.16  |
| Net realized and unrealized gain/(loss) | 0.05  | (0.43)  | 0.01  | 0.16  | 0.08  | (0.68)  |
| Total from Investment Operations | 0.16  | (0.31)  | 0.14  | 0.35  | 0.35  | (0.52)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.12)  | (0.14)  | (0.14)  | (0.27)  | (0.31)  | (0.23)  |
| Total Dividends and Distributions | (0.12)  | (0.14)  | (0.14)  | (0.27)  | (0.31)  | (0.23)  |
| Net Asset Value, End of Period | $8.60  | $8.56  | $9.01  | $9.01  | $8.93  | $8.89  |
| Total Return\* | 1.84% | (3.50)% | 1.58% | 3.94% | 4.00% | (5.51)% |
| Net Assets, End of Period (in thousands) | $656  | $604  | $1803  | $2534  | $2454  | $78752  |
| Average Net Assets for the Period (in thousands) | $628  | $1002  | $2330  | $2426  | $7437  | $31271  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.51% | 1.30% | 1.06% | 1.06% | 0.62% | 0.66% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.64% | 0.64% | 0.64% | 0.67% | 0.57% | 0.66% |
| Ratio of Net Investment Income/(Loss) | 2.46% | 1.35%  | 1.47% | 2.10% | 2.79% | 1.80% |
| Portfolio Turnover Rate | 17% | 69% | 47% | 11% | 170% | 119% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 23 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.57  | $9.02  | $9.02  | $8.94  | $8.89  | $9.64  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.08  | 0.06  | 0.07  | 0.13  | 0.11  | 0.09  |
| Net realized and unrealized gain/(loss) | 0.04  | (0.43)  | —<sup>(2)</sup>  | 0.15  | 0.18  | (0.69)  |
| Total from Investment Operations | 0.12  | (0.37)  | 0.07  | 0.28  | 0.29  | (0.60)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.08)  | (0.08)  | (0.07)  | (0.20)  | (0.24)  | (0.15)  |
| Total Dividends and Distributions | (0.08)  | (0.08)  | (0.07)  | (0.20)  | (0.24)  | (0.15)  |
| Net Asset Value, End of Period | $8.61  | $8.57  | $9.02  | $9.02  | $8.94  | $8.89  |
| Total Return\* | 1.45% | (4.15)% | 0.83% | 3.17% | 3.37% | (6.28)% |
| Net Assets, End of Period (in thousands) | $446  | $474  | $516  | $654  | $950  | $959  |
| Average Net Assets for the Period (in thousands) | $455  | $515  | $573  | $862  | $949  | $836  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 2.44% | 2.33% | 2.20% | 2.04% | 1.80% | 1.52% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.40% | 1.37% | 1.39% | 1.42% | 1.46% | 1.52% |
| Ratio of Net Investment Income/(Loss) | 1.76% | 0.65% | 0.73% | 1.40% | 1.27% | 0.91% |
| Portfolio Turnover Rate | 17% | 69% | 47% | 11% | 170% | 119% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 24 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.57  | $9.02  | $9.02  | $8.94  | $8.89  | $9.63  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.09  | 0.08  | 0.09  | 0.15  | 0.18  | 0.11  |
| Net realized and unrealized gain/(loss) | 0.04  | (0.43)  | 0.01  | 0.15  | 0.13  | (0.69)  |
| Total from Investment Operations | 0.13  | (0.35)  | 0.10  | 0.30  | 0.31  | (0.58)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.09)  | (0.10)  | (0.10)  | (0.22)  | (0.26)  | (0.16)  |
| Total Dividends and Distributions | (0.09)  | (0.10)  | (0.10)  | (0.22)  | (0.26)  | (0.16)  |
| Net Asset Value, End of Period | $8.61  | $8.57  | $9.02  | $9.02  | $8.94  | $8.89  |
| Total Return\* | 1.58% | (3.93)% | 1.08% | 3.44% | 3.58% | (6.08)% |
| Net Assets, End of Period (in thousands) | $334  | $178  | $230  | $153  | $160  | $1500  |
| Average Net Assets for the Period (in thousands) | $231  | $189  | $182  | $149  | $1251  | $949  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 2.85% | 3.10% | 3.07% | 3.45% | 1.48% | 1.26% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.15% | 1.14% | 1.14% | 1.16% | 1.29% | 1.22% |
| Ratio of Net Investment Income/(Loss) | 2.18% | 0.88% | 0.96% | 1.62% | 1.97% | 1.17% |
| Portfolio Turnover Rate | 17% | 69% | 47% | 11% | 170% | 119% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 25 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.56  | $9.01  | $9.01  | $8.92  | $8.88  | $9.63  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.10  | 0.10  | 0.11  | 0.17  | 0.19  | 0.14  |
| Net realized and unrealized gain/(loss) | 0.04  | (0.43)  | 0.01  | 0.17  | 0.14  | (0.68)  |
| Total from Investment Operations | 0.14  | (0.33)  | 0.12  | 0.34  | 0.33  | (0.54)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11)  | (0.12)  | (0.12)  | (0.25)  | (0.29)  | (0.21)  |
| Total Dividends and Distributions | (0.11)  | (0.12)  | (0.12)  | (0.25)  | (0.29)  | (0.21)  |
| Net Asset Value, End of Period | $8.59  | $8.56  | $9.01  | $9.01  | $8.92  | $8.88  |
| Total Return\* | 1.60% | (3.68)% | 1.36% | 3.82% | 3.78% | (5.73)% |
| Net Assets, End of Period (in thousands) | $6501  | $7763  | $11109  | $15003  | $23902  | $111015  |
| Average Net Assets for the Period (in thousands) | $7342  | $8974  | $12601  | $19046  | $51775  | $193808  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.31% | 1.29% | 1.20% | 1.20% | 0.98% | 0.93% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.87% | 0.87% | 0.86% | 0.91% | 0.93% | 0.92% |
| Ratio of Net Investment Income/(Loss) | 2.24% | 1.14% | 1.25% | 1.92% | 2.13% | 1.49% |
| Portfolio Turnover Rate | 17% | 69% | 47% | 11% | 170% | 119% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 26 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Absolute Return Income Opportunities Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to maximize total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> Janus Investment Fund 27

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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.

<br> 28 DECEMBER 31, 2022

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

<br> Janus Investment Fund 29

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)

#### Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

#### Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended December 31, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;· **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;· **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;· **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

#### Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract ("forward currency contract") is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign

<br> Janus Investment Fund 31

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

#### Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or "ASET" price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund's futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

#### Options Contracts
An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid.

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable).

Option contracts are typically valued using an approved vendor's option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used.

Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as "Variation margin receivable" or "Variation margin payable" (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund's hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund's exposure to the counterparty.

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of Investments (if applicable).

During the period, the Fund purchased put options on foreign exchange rates vs. the U.S. dollar in order to decrease foreign currency exposure and increase U.S. dollar exposure where decreasing this exposure via the options market was most attractive.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option.

Options written are reported as a liability on the Statement of Assets and Liabilities as "Options written, at value" (if applicable).

The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price different from the current market value.

During the period, the Fund wrote put options on foreign exchange rates vs. the U.S. dollar in order to increase currency risk where increasing this exposure via the foreign exchange forward markets was less attractive.

<br> Janus Investment Fund 33

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
3. Other Investments and Strategies

#### Additional Investment Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Exchange-Traded Funds
The Fund may invest in exchange-traded funds ("ETFs") to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. 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 ETF trades at a premium or discount. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because

<br> 34 DECEMBER 31, 2022

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund's performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, and commodity-linked investments risk. The Fund is also subject to substantially the same risks as those associated with direct exposure to the securities held by the ETF.

#### Geographic Investment Risk
To the extent the Fund invests a significant portion of its assets in a particular country or geographic region, the Fund will generally have more exposure to certain risks due to possible political, economic, social, or regulatory events in that country or region. 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.

#### Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities' mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities ("sovereign debt"). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed 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

<br> Janus Investment Fund 35

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
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, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor's policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund's holdings. 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. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities table located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the "Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022" table located in the Fund's Schedule of Investments.

The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to these contracts. Certain securities may be segregated at the Fund's custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund's corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

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| | |
|:---|:---|
| *Average Daily Net* <br>*Assets of the Fund* | *Contractual Investment* <br>*Advisory Fee (%)* |
| First $1 Billion | 0.65 |
| Next $2 Billion | 0.62 |
| Over $3 Billion | 0.60 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.66% of average annual net assets before any applicable waivers.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliate, Kapstream Capital Pty Limited (Australia) ("Kapstream"), pursuant to which certain employees of Kapstream may also serve as employees or as "associated persons" of the Adviser. In this capacity, employees of Kapstream are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser. The responsibilities of both the Adviser and Kapstream under the participating affiliate arrangement are documented in a memorandum of understanding between the two entities.

The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.63% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations. The Adviser has also contractually agreed to 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 of the affiliated exchange traded funds ("ETFs") in which the Fund invests. The contractual waiver will remain in effect for at least a one-year period commencing October 28, 2022. During the period ended December 31, 2022, the Adviser waived $552 of the Fund's management fee, attributable to the Fund's investment in the Janus Henderson AAA CLO ETF.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and

<br> Janus Investment Fund 37

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by

<br> 38 DECEMBER 31, 2022

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. There were no upfront sales charges retained by Janus Henderson Distributors during the period ended December 31, 2022.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $67.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended December 31, 2022, the Fund engaged in cross trades amounting to $1,875,073 in sales, resulting in a net realized loss of $102,973. The net realized loss is included within the "Net Realized Gain/(Loss) on Investments" section of the Fund's Statement of Operations.

5. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

<br> Janus Investment Fund 39

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2022, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |
| *For the year ended June 30, 2022* | *For the year ended June 30, 2022* | *For the year ended June 30, 2022* |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | *Accumulated* <br> *Capital Losses* |
| $(80814274) | $(98033566) | $(178847840) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $66934848  | $9683  | $(4685731) | $(4676048) |

---

<br> 40 DECEMBER 31, 2022

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
6. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227379  | $1952614  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243159  | $2145884  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10457  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89714  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14242  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126116  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1798408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(866572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7701173) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28331  | $243920  | &nbsp;&nbsp;&nbsp;&nbsp; (609171) | $(5429173) |
| Class C Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109119  | $934473  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280335  | $2444101  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6996  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59986  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39452  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2655866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2637881) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193761) | $(1661407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13365) | $(154328) |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556345  | $4770825  | &nbsp;&nbsp;&nbsp;&nbsp;1041200  | $9122460  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24880  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213547  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24862  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219579  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2588160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(922319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8102136) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279451  | $2396212  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143743  | $1239903  |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220335  | $1888101  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788974  | $6915444  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32545  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279048  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48840  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431263  |
| Shares repurchased | (1234242) | &nbsp;&nbsp;&nbsp;&nbsp;(10598527) | (1328267) | &nbsp;&nbsp;&nbsp;&nbsp;(11799628) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981362) | $(8431378) | &nbsp;&nbsp;&nbsp;&nbsp; (490453) | $(4452921) |
| Class N Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7126  | $61115  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750  | $95739  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8560  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15923  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1270646) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730  | $49138  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129458) | $(1158984) |
| Class R Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933  | $8015  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11060  | $98634  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4508  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118906) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3557) | $(30491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1888) | $(15764) |
| Class S Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23837  | $204115  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907  | $34758  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2080  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79312) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18052  | $154380  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4700) | $(42474) |
| Class T Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15048  | $129067  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74989  | $661562  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10416  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89295  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13551  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119756  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1507415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3695717) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150763) | $(1289053) | &nbsp;&nbsp;&nbsp;&nbsp; (326037) | $(2914399) |

---

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $9872683  | $12868246  | $-  | $-  |

---

<br> Janus Investment Fund 41

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes to Financial Statements (unaudited)
8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 42 DECEMBER 31, 2022

------

### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 43

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 44 DECEMBER 31, 2022

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 45

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 46 DECEMBER 31, 2022

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 47

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 48 DECEMBER 31, 2022

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 49

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 50 DECEMBER 31, 2022

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 51

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 52 DECEMBER 31, 2022

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 53

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 54 DECEMBER 31, 2022

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 55

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 56 DECEMBER 31, 2022

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### Janus Henderson Absolute Return Income Opportunities Fund

#### Notes

#### NotesPage1
<br> Janus Investment Fund 57

------

---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93024 03-23 |

---

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Adaptive Risk Managed U.S. Equity Fund** | **Janus Henderson Adaptive Risk Managed U.S. Equity Fund** |
| Janus Investment Fund | Janus Investment Fund |

---

**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_5) | [1](#1_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_5) | [13](#2_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_5) | [14](#3_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_5) | [16](#4_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_5) | [18](#5_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_5) | [19](#6_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_5) | [26](#7_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_5) | [38](#8_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_5) | [49](#9_5) |

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<br> Ashwin Alankarportfolio manager <br>     

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **5 Top Contributors - Holdings** | **5 Top Contributors - Holdings** | **5 Top Contributors - Holdings** | **5 Top Detractors - Holdings** | **5 Top Detractors - Holdings** | **5 Top Detractors - Holdings** |
|  | **Average <br>Weight** | **Relative <br>Contribution** |  | **Average <br>Weight** | **Relative <br>Contribution** |
| Alphabet Inc - Class A | 0.19% | 0.69% | Annaly Capital Management Inc | 0.79% | -0.19% |
| Amazon.com Inc | 0.10% | 0.59% | Blackstone Mortgage Trust Inc - Class A | 0.77% | -0.18% |
| Microsoft Corp | 1.21% | 0.38% | Chevron Corp | 0.27% | -0.17% |
| Apple Inc | 0.36% | 0.25% | Canadian Imperial Bank of Commerce | 0.84% | -0.16% |
| Johnson Controls International PLC | 0.70% | 0.22% | International Paper Co | 0.48% | -0.15% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **5 Top Contributors - Sectors**\* |  |  |  |
|  |  | **Relative** | **Fund** | **Russell 1000 Index** |
|  |  | **Contribution** | **Average Weight** | **Average Weight** |
|  | Consumer Discretionary | 1.54% | 6.24% | 11.04% |
|  | Information Technology | 0.94% | 7.75% | 26.22% |
|  | Communication Services | 0.85% | 3.32% | 7.69% |
|  | Real Estate | 0.29% | 8.30% | 3.20% |
|  | Consumer Staples | 0.14% | 12.58% | 6.46% |
|  | **5 Top Detractors - Sectors**\* |  |  |  |
|  |  | **Relative** | **Fund** | **Russell 1000 Index** |
|  |  | **Contribution** | **Average Weight** | **Average Weight** |
|  | Energy | -1.00% | 3.16% | 4.78% |
|  | Health Care | -0.46% | 10.03% | 14.54% |
|  | Materials | -0.41% | 4.02% | 2.80% |
|  | Financials | -0.21% | 23.91% | 11.50% |
|  | Industrials | -0.10% | 8.49% | 8.82% |
|  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  |
| \* | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |

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<br> Janus Investment Fund 1

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

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| | |
|:---|:---|
| 5 Largest Equity Holdings - (% of Net Assets) | 5 Largest Equity Holdings - (% of Net Assets) |
| Microsoft Corp |  |
| &nbsp;&nbsp;&nbsp;Software | 4.6% |
| Schwab US Large-Cap |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds (ETFs) | 2.2% |
| Apple Inc |  |
| &nbsp;&nbsp;&nbsp;Technology Hardware, Storage & Peripherals | 1.5% |
| Abbott Laboratories |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 1.4% |
| MetLife Inc |  |
| &nbsp;&nbsp;&nbsp;Insurance | 1.4% |
|  | 11.1% |

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---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Common Stocks | 97.5% | 97.5% |
| Investment Companies | 2.2% | 2.2% |
| Investments Purchased with Cash Collateral from Securities Lending | 1.6% | 1.6% |
| Other | Other | (1.3)% |
|  |  | 100.0% |

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---

| | |
|:---|:---|
| Top Country Allocations - Long Positions - (% of Investment Securities) | Top Country Allocations - Long Positions - (% of Investment Securities) |
| **As of December 31, 2022**<br>![](img_ac560bc8904c4f5.jpg) | **As of June 30, 2022**<br>![](img_ddbd19ed66684f5.jpg) |

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<br> 2 DECEMBER 31, 2022

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#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | 3.45% | -14.23% | 6.43% | 10.41% | 7.32% | 0.92% | 0.87% |
| Class A Shares at MOP | -2.48% | -19.13% | 5.18% | 9.76% | 6.94% |  |  |
| Class C Shares at NAV | 3.10% | -14.75% | 5.78% | 9.69% | 6.58% | 1.62% | 1.57% |
| Class C Shares at CDSC | 2.10% | -15.59% | 5.78% | 9.69% | 6.58% |  |  |
| Class D Shares | 3.60% | -14.10% | 6.69% | 10.62% | 7.46% | 0.68% | 0.63% |
| Class I Shares | 3.50% | -14.12% | 6.66% | 10.70% | 7.59% | 0.72% | 0.67% |
| Class N Shares | 3.57% | -13.98% | 6.82% | 10.81% | 7.65% | 0.55% | 0.50% |
| Class S Shares | 3.33% | -14.46% | 6.28% | 10.32% | 7.17% | 1.05% | 1.00% |
| Class T Shares | 3.46% | -14.21% | 6.56% | 10.54% | 7.33% | 0.79% | 0.74% |
| Russell 1000 Index | 2.30% | -19.13% | 9.13% | 12.37% | 8.97% |  |  |
| S&P 500 Minimum Volatility Index | 2.66% | -10.66% | 8.74% | 12.19% | 9.21% |  |  |
| Morningstar Quartile - Class I Shares | - | 1st | 4th | 4th | 4th |  |  |
| Morningstar Ranking - based on total returns for Large Blend Funds | - | 295/1,363 | 1,009/1,188 | 778/1,017 | 675/864 |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Net expense ratios reflect the advisory fee waiver contractually agreed to through at least June 9, 2024. See Financial Highlights for actual expense ratios during the reporting period.*

<br> Janus Investment Fund 3

------

#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund (unaudited)

#### Performance
*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

*Managed volatility may keep the Fund from achieving excess returns over its index. The strategy may underperform during certain periods of up markets, and may not achieve the desired level of protection in down markets.*

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares commenced operations on July 6, 2009, after the reorganization of each class of the predecessor fund into corresponding shares of the Fund. Performance shown for each class for periods prior to July 6, 2009, reflects the historical performance of each corresponding class of the predecessor fund prior to the reorganization, calculated using the fees and expenses of the corresponding class of the predecessor fund respectively, net of any applicable fee and expense limitations or waivers.

Class T Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the historical performance of the predecessor fund's Class I Shares, calculated using the fees and expenses of Class T Shares, without the effect of any fee and expense limitations or waivers.

Class N Shares commenced operations on October 28, 2014. Performance shown for periods prior to October 28, 2014, reflects the historical performance of the Fund's Class I Shares, calculated using the fees and expenses of Class I Shares, net of any applicable fee and expense limitations or waivers.

Class D Shares commenced operations on December 22, 2014. Performance shown for periods prior to December 22, 2014, reflects the historical performance of the Fund's Class I Shares, calculated using the fees and expenses of Class D Shares, without the effect of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

Effective June 10, 2022, the Portfolio changed its investment strategy. The performance does not reflect the new investment strategy and is not indicative of the current portfolio.

New secondary benchmark S&P 500<sup>®</sup> Minimum Volatility Index effective June 10, 2022.

\*The predecessor Fund's inception date – December 30, 2005

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> 4 DECEMBER 31, 2022

------

#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $1034.50  | $4.56  | $1000.00  | $1020.72  | $4.53  | 0.89% |
| Class C Shares | Class C Shares | $1000.00  | $1031.00  | $7.22  | $1000.00  | $1018.10  | $7.17  | 1.41% |
| Class D Shares | Class D Shares | $1000.00  | $1036.00  | $3.44  | $1000.00  | $1021.83  | $3.41  | 0.67% |
| Class I Shares | Class I Shares | $1000.00  | $1035.00  | $3.18  | $1000.00  | $1022.08  | $3.16  | 0.62% |
| Class N Shares | Class N Shares | $1000.00  | $1035.70  | $2.77  | $1000.00  | $1022.48  | $2.75  | 0.54% |
| Class S Shares | Class S Shares | $1000.00  | $1033.30  | $5.33  | $1000.00  | $1019.96  | $5.30  | 1.04% |
| Class T Shares | Class T Shares | $1000.00  | $1034.60  | $3.95  | $1000.00  | $1021.32  | $3.92  | 0.77% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

---

<br> Janus Investment Fund 5

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– 97.5% | Common Stocks– 97.5% |  |
| Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% |  |
| Aerojet Rocketdyne Holdings Inc\* | 50967 | $2850584 |
| Air Freight & Logistics – 1.5% | Air Freight & Logistics – 1.5% |  |
| CH Robinson Worldwide Inc | 48527 | 4443132 |
| GXO Logistics Inc\* | 23119 | 986950 |
| United Parcel Service Inc | 22912 | 3983022 |
|  |  | 9413104 |
| Auto Components – 0.2% | Auto Components – 0.2% |  |
| BorgWarner Inc | 26649 | 1072622 |
| Automobiles – 0.8% | Automobiles – 0.8% |  |
| Ferrari NV | 4639 | 993767 |
| Harley-Davidson Inc | 6166 | 256506 |
| Stellantis NV<sup>#</sup> | 267955 | 3804961 |
|  |  | 5055234 |
| Banks – 5.8% | Banks – 5.8% |  |
| Bank of Montreal<sup>#</sup> | 31740 | 2875644 |
| Bank OZK | 137666 | 5514900 |
| Canadian Imperial Bank of Commerce<sup>#</sup> | 50980 | 2062141 |
| Comerica Inc | 20746 | 1386870 |
| Fifth Third Bancorp | 87201 | 2861065 |
| JPMorgan Chase & Co | 45012 | 6036109 |
| PNC Financial Services Group Inc | 18115 | 2861083 |
| Royal Bank of Canada | 29984 | 2819096 |
| Toronto-Dominion Bank | 29854 | 1933345 |
| Truist Financial Corp | 135596 | 5834696 |
| Zions Bancorp NA | 26240 | 1289958 |
|  |  | 35474907 |
| Beverages – 2.0% | Beverages – 2.0% |  |
| Coca-Cola Co | 43614 | 2774287 |
| Keurig Dr Pepper Inc | 150591 | 5370075 |
| PepsiCo Inc | 22576 | 4078580 |
|  |  | 12222942 |
| Biotechnology – 2.2% | Biotechnology – 2.2% |  |
| Amgen Inc | 10569 | 2775842 |
| Beam Therapeutics Inc\* | 3076 | 120302 |
| Exact Sciences Corp\* | 3383 | 167492 |
| Gilead Sciences Inc | 43194 | 3708205 |
| Intellia Therapeutics Inc\* | 36547 | 1275125 |
| Ionis Pharmaceuticals Inc\* | 28432 | 1073877 |
| Seagen Inc\* | 24125 | 3100304 |
| Vertex Pharmaceuticals Inc\* | 4777 | 1379502 |
|  |  | 13600649 |
| Building Products – 0.8% | Building Products – 0.8% |  |
| Johnson Controls International PLC | 48613 | 3111232 |
| Masco Corp | 44501 | 2076862 |
|  |  | 5188094 |
| Capital Markets – 6.1% | Capital Markets – 6.1% |  |
| Bank of New York Mellon Corp | 64155 | 2920336 |
| Blue Owl Capital Inc | 236803 | 2510112 |
| Carlyle Group Inc/The | 34643 | 1033747 |
| CME Group Inc | 29032 | 4882021 |
| Franklin Resources Inc | 100729 | 2657231 |
| FS KKR Capital Corp | 158510 | 2773925 |
| Intercontinental Exchange Inc | 82153 | 8428076 |
| Jefferies Financial Group Inc | 5428 | 186072 |
| Lazard Ltd | 27568 | 955783 |
| Nasdaq Inc | 44189 | 2710995 |
| Owl Rock Capital Corp | 232950 | 2690572 |
| S&P Global Inc | 9530 | 3191978 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Capital Markets– (continued) | Capital Markets– (continued) |  |
| T Rowe Price Group Inc | 19174 | $2091116 |
|  |  | 37031964 |
| Chemicals – 2.1% | Chemicals – 2.1% |  |
| DuPont de Nemours Inc | 37389 | 2566007 |
| Ecolab Inc | 26780 | 3898097 |
| Linde PLC | 12939 | 4220443 |
| PPG Industries Inc | 8985 | 1129774 |
| Sherwin-Williams Co | 5214 | 1237439 |
|  |  | 13051760 |
| Communications Equipment – 0.5% | Communications Equipment – 0.5% |  |
| Ciena Corp\* | 17517 | 893017 |
| Cisco Systems Inc | 42705 | 2034466 |
|  |  | 2927483 |
| Construction Materials – 0.6% | Construction Materials – 0.6% |  |
| Martin Marietta Materials Inc | 10956 | 3702799 |
| Consumer Finance – 0.2% | Consumer Finance – 0.2% |  |
| American Express Co | 9860 | 1456815 |
| Containers & Packaging – 0.5% | Containers & Packaging – 0.5% |  |
| Ball Corp | 19971 | 1021317 |
| Berry Global Group Inc | 8160 | 493109 |
| Crown Holdings Inc | 4543 | 373480 |
| Westrock Co | 26896 | 945663 |
|  |  | 2833569 |
| Distributors – 0.3% | Distributors – 0.3% |  |
| LKQ Corp | 32512 | 1736466 |
| Diversified Consumer Services – 0.5% | Diversified Consumer Services – 0.5% |  |
| Service Corp International/US | 40119 | 2773828 |
| Diversified Financial Services – 0.6% | Diversified Financial Services – 0.6% |  |
| Berkshire Hathaway Inc\* | 11078 | 3421994 |
| Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% |  |
| AT&T Inc | 79018 | 1454721 |
| Electric Utilities – 3.3% | Electric Utilities – 3.3% |  |
| American Electric Power Co Inc | 43421 | 4122824 |
| Duke Energy Corp | 4493 | 462734 |
| Edison International | 10898 | 693331 |
| Exelon Corp | 133238 | 5759879 |
| PPL Corp | 19063 | 557021 |
| Southern Co | 79599 | 5684165 |
| Xcel Energy Inc | 38328 | 2687176 |
|  |  | 19967130 |
| Electrical Equipment – 1.2% | Electrical Equipment – 1.2% |  |
| ChargePoint Holdings Inc\*<sup>,#</sup> | 29473 | 280878 |
| Eaton Corp PLC | 18987 | 2980010 |
| Emerson Electric Co | 31279 | 3004661 |
| Rockwell Automation Inc | 4446 | 1145156 |
|  |  | 7410705 |
| Electronic Equipment, Instruments & Components – 0.2% | Electronic Equipment, Instruments & Components – 0.2% |  |
| Keysight Technologies Inc\* | 6614 | 1131457 |
| Entertainment – 1.0% | Entertainment – 1.0% |  |
| AMC Entertainment Holdings Inc<sup>#</sup> | 45589 | 185547 |
| Playtika Holding Corp\* | 17394 | 148023 |
| Take-Two Interactive Software Inc\* | 10749 | 1119293 |
| Walt Disney Co\* | 22027 | 1913706 |
| World Wrestling Entertainment Inc | 39285 | 2691808 |
|  |  | 6058377 |
| Equity Real Estate Investment Trusts (REITs) – 5.7% | Equity Real Estate Investment Trusts (REITs) – 5.7% |  |
| American Tower Corp | 13357 | 2829814 |
| Equinix Inc | 1959 | 1283204 |
| Host Hotels & Resorts Inc | 47828 | 767639 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Equity Real Estate Investment Trusts (REITs)– (continued) | Equity Real Estate Investment Trusts (REITs)– (continued) |  |
| Invitation Homes Inc | 178829 | $5300492 |
| Kimco Realty Corp | 245600 | 5201808 |
| Realty Income Corp | 42958 | 2724826 |
| STAG Industrial Inc | 166784 | 5388791 |
| VICI Properties Inc | 127044 | 4116226 |
| Weyerhaeuser Co | 223589 | 6931259 |
|  |  | 34544059 |
| Food & Staples Retailing – 1.6% | Food & Staples Retailing – 1.6% |  |
| Sprouts Farmers Market Inc\* | 81683 | 2644079 |
| Sysco Corp | 36109 | 2760533 |
| US Foods Holding Corp\* | 31083 | 1057444 |
| Walgreens Boots Alliance Inc | 96068 | 3589100 |
|  |  | 10051156 |
| Food Products – 2.7% | Food Products – 2.7% |  |
| Hershey Co | 11472 | 2656571 |
| Lamb Weston Holdings Inc | 32397 | 2894996 |
| McCormick & Co Inc/MD | 57323 | 4751503 |
| Mondelez International Inc | 83852 | 5588736 |
| Tyson Foods Inc | 8612 | 536097 |
|  |  | 16427903 |
| Health Care Equipment & Supplies – 3.6% | Health Care Equipment & Supplies – 3.6% |  |
| Abbott Laboratories | 78220 | 8587774 |
| Baxter International Inc | 52480 | 2674906 |
| Lantheus Holdings Inc\* | 45288 | 2307876 |
| Medtronic PLC | 77655 | 6035347 |
| Novocure Ltd\* | 14289 | 1048098 |
| Stryker Corp | 5932 | 1450315 |
|  |  | 22104316 |
| Health Care Providers & Services – 2.7% | Health Care Providers & Services – 2.7% |  |
| Cardinal Health Inc | 34970 | 2688144 |
| CVS Health Corp | 28436 | 2649951 |
| Humana Inc | 5336 | 2733046 |
| Laboratory Corp of America Holdings | 12073 | 2842950 |
| UnitedHealth Group Inc | 10274 | 5447069 |
|  |  | 16361160 |
| Hotels, Restaurants & Leisure – 1.9% | Hotels, Restaurants & Leisure – 1.9% |  |
| Booking Holdings Inc\* | 535 | 1078175 |
| McDonald's Corp | 14106 | 3717354 |
| Starbucks Corp | 16997 | 1686102 |
| Wendy's Co<sup>#</sup> | 119244 | 2698492 |
| Yum! Brands Inc | 17910 | 2293913 |
|  |  | 11474036 |
| Household Durables – 2.0% | Household Durables – 2.0% |  |
| Garmin Ltd | 87730 | 8096602 |
| Leggett & Platt Inc | 85270 | 2748252 |
| Tempur Sealy International Inc | 31938 | 1096432 |
|  |  | 11941286 |
| Household Products – 1.4% | Household Products – 1.4% |  |
| Church & Dwight Co Inc | 11071 | 892433 |
| Procter & Gamble Co | 49509 | 7503584 |
|  |  | 8396017 |
| Independent Power and Renewable Electricity Producers – 0.4% | Independent Power and Renewable Electricity Producers – 0.4% |  |
| Vistra Energy Corp | 114874 | 2665077 |
| Industrial Conglomerates – 1.0% | Industrial Conglomerates – 1.0% |  |
| 3M Co | 22603 | 2710552 |
| Honeywell International Inc | 16509 | 3537879 |
|  |  | 6248431 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Information Technology Services – 2.8% | Information Technology Services – 2.8% |  |
| Accenture PLC | 9448 | $2521104 |
| Automatic Data Processing Inc | 6232 | 1488575 |
| Cognizant Technology Solutions Corp | 97945 | 5601475 |
| Fidelity National Information Services Inc | 17866 | 1212208 |
| Mastercard Inc | 7643 | 2657700 |
| Paychex Inc | 32770 | 3786901 |
|  |  | 17267963 |
| Insurance – 5.9% | Insurance – 5.9% |  |
| American International Group Inc | 9070 | 573587 |
| Cincinnati Financial Corp | 46780 | 4789804 |
| Hartford Financial Services Group Inc | 36827 | 2792591 |
| Lincoln National Corp | 34201 | 1050655 |
| Manulife Financial Corp | 314709 | 5614409 |
| Marsh & McLennan Cos Inc | 32676 | 5407224 |
| MetLife Inc | 118639 | 8585904 |
| Old Republic International Corp | 32603 | 787362 |
| Progressive Corp/The | 24667 | 3199557 |
| Prudential Financial Inc | 28697 | 2854204 |
|  |  | 35655297 |
| Interactive Media & Services – 1.2% | Interactive Media & Services – 1.2% |  |
| Alphabet Inc - Class A\* | 47478 | 4188984 |
| IAC / InterActiveCorp\* | 1640 | 72816 |
| ZoomInfo Technologies Inc - Class A\* | 91944 | 2768434 |
|  |  | 7030234 |
| Internet & Direct Marketing Retail – 0.9% | Internet & Direct Marketing Retail – 0.9% |  |
| Amazon.com Inc\* | 59981 | 5038404 |
| Coupang Inc\* | 43609 | 641488 |
|  |  | 5679892 |
| Leisure Products – 0.6% | Leisure Products – 0.6% |  |
| Callaway Golf Co\* | 47846 | 944958 |
| Mattel Inc\* | 164768 | 2939461 |
|  |  | 3884419 |
| Life Sciences Tools & Services – 1.3% | Life Sciences Tools & Services – 1.3% |  |
| Agilent Technologies Inc | 1562 | 233753 |
| Avantor Inc\* | 126816 | 2674549 |
| Danaher Corp | 14533 | 3857349 |
| Thermo Fisher Scientific Inc | 1571 | 865134 |
|  |  | 7630785 |
| Machinery – 1.3% | Machinery – 1.3% |  |
| Cummins Inc | 12097 | 2930982 |
| Illinois Tool Works Inc | 6259 | 1378858 |
| Ingersoll Rand Inc | 20793 | 1086434 |
| Wabtec Corp | 24612 | 2456524 |
|  |  | 7852798 |
| Media – 1.7% | Media – 1.7% |  |
| New York Times Co | 31059 | 1008175 |
| Omnicom Group Inc | 44722 | 3647974 |
| Sirius XM Holdings Inc<sup>#</sup> | 919976 | 5372660 |
| Trade Desk Inc\* | 8480 | 380158 |
|  |  | 10408967 |
| Metals & Mining – 1.1% | Metals & Mining – 1.1% |  |
| Alamos Gold Inc - Class A | 287392 | 2905533 |
| Commercial Metals Co | 21440 | 1035552 |
| Franco-Nevada Corp | 19363 | 2642662 |
|  |  | 6583747 |
| Multi-Utilities – 2.4% | Multi-Utilities – 2.4% |  |
| CenterPoint Energy Inc | 113996 | 3418740 |
| Dominion Energy Inc | 69880 | 4285042 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Multi-Utilities– (continued) | Multi-Utilities– (continued) |  |
| Public Service Enterprise Group Inc | 25769 | $1578867 |
| Sempra Energy | 33251 | 5138609 |
|  |  | 14421258 |
| Oil, Gas & Consumable Fuels – 3.8% | Oil, Gas & Consumable Fuels – 3.8% |  |
| Antero Midstream Corp | 781048 | 8427508 |
| Chevron Corp | 31177 | 5595960 |
| Crescent Point Energy Corp | 157603 | 1126861 |
| Enbridge Inc | 62520 | 2444532 |
| Magnolia Oil & Gas Corp | 118360 | 2775542 |
| New Fortress Energy Inc | 21315 | 904182 |
| Pembina Pipeline Corp | 46670 | 1584446 |
|  |  | 22859031 |
| Personal Products – 0.8% | Personal Products – 0.8% |  |
| Estee Lauder Cos Inc | 16264 | 4035261 |
| Olaplex Holdings Inc\* | 136880 | 713145 |
|  |  | 4748406 |
| Pharmaceuticals – 2.9% | Pharmaceuticals – 2.9% |  |
| Elanco Animal Health Inc\* | 219907 | 2687264 |
| Johnson & Johnson | 22737 | 4016491 |
| Merck & Co Inc | 46664 | 5177371 |
| Zoetis Inc | 38865 | 5695666 |
|  |  | 17576792 |
| Professional Services – 0.2% | Professional Services – 0.2% |  |
| Equifax Inc | 5604 | 1089193 |
| Real Estate Management & Development – 0.5% | Real Estate Management & Development – 0.5% |  |
| CBRE Group Inc\* | 36171 | 2783720 |
| Road & Rail – 0.7% | Road & Rail – 0.7% |  |
| CSX Corp | 85231 | 2640456 |
| JB Hunt Transport Services Inc | 3438 | 599450 |
| Norfolk Southern Corp | 4700 | 1158174 |
| Ryder System Inc | 1949 | 162878 |
|  |  | 4560958 |
| Semiconductor & Semiconductor Equipment – 2.5% | Semiconductor & Semiconductor Equipment – 2.5% |  |
| Analog Devices Inc | 8753 | 1435755 |
| Broadcom Inc | 3985 | 2228133 |
| Cirrus Logic Inc\* | 13455 | 1002128 |
| Lattice Semiconductor Corp\* | 29919 | 1941145 |
| Marvell Technology Inc | 23975 | 888034 |
| Teradyne Inc | 35185 | 3073410 |
| Texas Instruments Inc | 22366 | 3695310 |
| Universal Display Corp | 9166 | 990295 |
|  |  | 15254210 |
| Software – 6.1% | Software – 6.1% |  |
| Asana Inc - Class A\* | 19113 | 263186 |
| Autodesk Inc\* | 6280 | 1173544 |
| Dropbox Inc\* | 45479 | 1017820 |
| Dynatrace Inc\* | 27324 | 1046509 |
| Freshworks Inc - Class A\* | 69802 | 1026787 |
| Gitlab Inc - Class A\* | 7389 | 335756 |
| HubSpot Inc\* | 1815 | 524771 |
| Intuit Inc | 1531 | 595896 |
| Microsoft Corp | 117640 | 28208437 |
| New Relic Inc\* | 1741 | 98279 |
| Salesforce.com Inc\* | 12877 | 1707361 |
| Samsara Inc - Class A\* | 96280 | 1196760 |
|  |  | 37195106 |
| Specialty Retail – 2.1% | Specialty Retail – 2.1% |  |
| O'Reilly Automotive Inc\* | 7403 | 6248354 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Specialty Retail– (continued) | Specialty Retail– (continued) |  |
| TJX Cos Inc | 78763 | $6269535 |
|  |  | 12517889 |
| Technology Hardware, Storage & Peripherals – 2.1% | Technology Hardware, Storage & Peripherals – 2.1% |  |
| Apple Inc | 71338 | 9268946 |
| Dell Technologies Inc | 25487 | 1025087 |
| Hewlett Packard Enterprise Co | 60578 | 966825 |
| Logitech International SA (U.S. Shares)<sup>#</sup> | 10220 | 636195 |
| Pure Storage Inc\* | 28013 | 749628 |
|  |  | 12646681 |
| Textiles, Apparel & Luxury Goods – 0.4% | Textiles, Apparel & Luxury Goods – 0.4% |  |
| Under Armour Inc\* | 298526 | 2662852 |
| Tobacco – 0.5% | Tobacco – 0.5% |  |
| Philip Morris International Inc | 27276 | 2760604 |
| Trading Companies & Distributors – 0.9% | Trading Companies & Distributors – 0.9% |  |
| Fastenal Co | 113037 | 5348911 |
| Transportation Infrastructure – 0.7% | Transportation Infrastructure – 0.7% |  |
| Atlas Corp<sup>#</sup> | 277576 | 4258016 |
| Total Common Stocks (cost $592,433,647) | Total Common Stocks (cost $592,433,647) | 592728374 |
| Investment Companies– 2.2% | Investment Companies– 2.2% |  |
| Exchange-Traded Funds (ETFs) – 2.2% | Exchange-Traded Funds (ETFs) – 2.2% |  |
| Schwab US Large-Cap<sup>#</sup>((cost $13,325,770) | 294713 | 13306292 |
| Investments Purchased with Cash Collateral from Securities Lending– 1.6% | Investments Purchased with Cash Collateral from Securities Lending– 1.6% |  |
| Investment Companies – 1.3% | Investment Companies – 1.3% |  |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº,£</sup> | 8012584 | 8012584 |
| Time Deposits – 0.3% | Time Deposits – 0.3% |  |
| Royal Bank of Canada, 4.3100%, 1/3/23 | $2003146 | 2003146 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $10,015,730) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $10,015,730) | 10015730 |
| Total Investments (total cost $615,775,147) – 101.3% | Total Investments (total cost $615,775,147) – 101.3% | 616050396 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.3)% | Liabilities, net of Cash, Receivables and Other Assets – (1.3)% | (8091873) |
| Net Assets – 100% | Net Assets – 100% | $607958523 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $579291818 | 94.0% |
| Canada | 30266685 | 4.9 |
| United Kingdom | 4220443 | 0.7 |
| Italy | 993767 | 0.2 |
| South Korea | 641488 | 0.1 |
| Switzerland | 636195 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $616050396 | 100.0 | % |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | $14959 | $52 | $(15) | $- |
| Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% |
| Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 216307<sup>∆</sup> | - | - | 8012584 |
| Total Affiliated Investments - 1.3% | $231266 | $52 | $(15) | $8012584 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 1663809 | 34593222 | (36257068) | - |
| Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% |
| Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 13225166 | 99739129 | (104951711) | 8012584 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | $9757728 | $— | $(9757728) | $— |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| |
|:---|
| Russell 1000<sup><sup>®</sup></sup> Index |
| S&P 500<sup><sup>®</sup></sup> Minimum Volatility Index<br> S&P 500<sup><sup>®</sup></sup> 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&P 500 while maintaining similar characteristics. |

---

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

<br> \* Non-income producing security.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

<br> # Loaned security; a portion of the security is on loan at December 31, 2022.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* | $592728374 | $- | $- |
| *Investment Companies* | 13306292 | - | - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | 10015730 | - |
| **Total Assets** | $606034666 | $10015730 | $- |

---

<br> Janus Investment Fund 13

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $607,762,563)<sup>(1)</sup> | $608037812 |
| Affiliated investments, at value (cost $8,012,584) | 8012584 |
| Trustees' deferred compensation | 19748 |
| Receivables: |  |
| Investments sold | 15264887 |
| Dividends  | 2071504 |
| Fund shares sold | 69086 |
| Foreign tax reclaims | 14920 |
| Dividends from affiliates | 1555 |
| Other assets | 53166 |
| Total Assets  | 633545262 |
| Liabilities:  |  |
| Due to custodian | 1919891 |
| Collateral for securities loaned (Note 2) | 10015730 |
| Payables: |  |
| Investments purchased  | 12270756 |
| Fund shares repurchased | 844139 |
| Advisory fees | 253630 |
| Transfer agent fees and expenses | 95387 |
| Professional fees | 27197 |
| 12b-1 Distribution and shareholder servicing fees | 21460 |
| Trustees' deferred compensation fees | 19748 |
| Affiliated fund administration fees payable | 1409 |
| Trustees' fees and expenses | 523 |
| Custodian fees | 390 |
| Accrued expenses and other payables | 116479 |
| Total Liabilities  | 25586739 |
| Net Assets  | $607958523 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $606551691 |
| Total distributable earnings (loss) | 1406832 |
| Total Net Assets  | $607958523 |
| Net Assets - Class A Shares  | $18001072 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2007444 |
| Net Asset Value Per Share<sup>(2)</sup>  | $8.97 |
| Maximum Offering Price Per Share<sup>(3)</sup>  | $9.52 |
| Net Assets - Class C Shares | $13145274 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1537460 |
| Net Asset Value Per Share<sup>(2)</sup> | $8.55 |
| Net Assets - Class D Shares | $305058929 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 34837883 |
| Net Asset Value Per Share | $8.76 |
| Net Assets - Class I Shares | $89632218 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 10007946 |
| Net Asset Value Per Share | $8.96 |
| Net Assets - Class N Shares | $42134863 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4742349 |
| Net Asset Value Per Share | $8.88 |
| Net Assets - Class S Shares | $21640289 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2419450 |
| Net Asset Value Per Share | $8.94 |
| Net Assets - Class T Shares | $118345878 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 13501537 |
| Net Asset Value Per Share | $8.77 |

---

<br>(1) Includes $9,757,728 of securities on loan. See Note 2 in Notes to Financial Statements.<br>(2) Redemption price per share may be reduced for any applicable contingent deferred sales charge.<br>(3) Maximum offering price is computed at 100/94.25 of net asset value.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Dividends | $11023134 |
| Affiliated securities lending income, net | 216307 |
| Unaffiliated securities lending income, net | 38901 |
| Dividends from affiliates | 14959 |
| Other income | 360 |
| Foreign tax withheld | (58455) |
| Total Investment Income  | 11235206 |
| Expenses:  |  |
| Advisory fees | 1628171 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 24293 |
| Class C Shares | 56562 |
| Class S Shares | 28129 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 186965 |
| Class S Shares | 28235 |
| Class T Shares | 159617 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 8625 |
| Class C Shares | 5330 |
| Class I Shares | 38290 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 693 |
| Class C Shares | 365 |
| Class D Shares | 26077 |
| Class I Shares | 2684 |
| Class N Shares | 970 |
| Class S Shares | 206 |
| Class T Shares | 1073 |
| Registration fees | 91665 |
| Shareholder reports expense | 59075 |
| Professional fees | 26652 |
| Custodian fees | 10374 |
| Trustees' fees and expenses | 8601 |
| Affiliated fund administration fees | 8141 |
| Other expenses | 45875 |
| Total Expenses  | 2446668 |
| Less: Excess Expense Reimbursement and Waivers | (159060) |
| Net Expenses  | 2287608 |
| Net Investment Income/(Loss)  | 8947598 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments | $18230103 |
| Investments in affiliates | 52 |
| Total Net Realized Gain/(Loss) on Investments  | 18230155 |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (5207581) |
| Investments in affiliates | (15) |
| Total Change in Unrealized Net Appreciation/Depreciation  | (5207596) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $21970157 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $8947598 | $6508055 |
| Net realized gain/(loss) on investments | 18230155 | 11219270 |
| Change in unrealized net appreciation/depreciation | (5207596) | (73527699) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 21970157 | (55800374) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (425208) | (6243071) |
| Class C Shares | (245765) | (5022240) |
| Class D Shares | (8210926) | (89743113) |
| Class I Shares | (2284312) | (108118152) |
| Class N Shares | (1173586) | (11274919) |
| Class S Shares | (481720) | (6598779) |
| Class T Shares | (3044047) | (43284105) |
| Net Decrease from Dividends and Distributions to Shareholders | (15865564) | (270284379) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (3223584) | 3162568 |
| Class C Shares | (2075408) | 294153 |
| Class D Shares | (4913093) | 66914098 |
| Class I Shares | (25858503) | (243801907) |
| Class N Shares | (96098) | 2199030 |
| Class S Shares | (1653376) | 3220535 |
| Class T Shares | (12188861) | (1287739) |
| Net Increase/(Decrease) from Capital Share Transactions | (50008923) | (169299262) |
| Net Increase/(Decrease) in Net Assets | (43904330) | (495384015) |
| Net Assets: |  |  |
| Beginning of period | 651862853 | 1147246868 |
| End of period | $607958523 | $651862853 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.88  | $12.76  | $11.38  | $11.37  | $11.66  | $10.41  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.05  | 0.05  | 0.12  | 0.12  | 0.08  |
| Net realized and unrealized gain/(loss) | 0.18  | (0.77)  | 2.82  | 0.24  | 0.39  | 1.73  |
| Total from Investment Operations | 0.30  | (0.72)  | 2.87  | 0.36  | 0.51  | 1.81  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15)  | (0.03)  | (0.13)  | (0.06)  | (0.17)  | (0.40)  |
| Distributions (from capital gains) | (0.06)  | (3.13)  | (1.36)  | (0.29)  | (0.63)  | (0.16)  |
| Total Dividends and Distributions | (0.21)  | (3.16)  | (1.49)  | (0.35)  | (0.80)  | (0.56)  |
| Net Asset Value, End of Period | $8.97  | $8.88  | $12.76  | $11.38  | $11.37  | $11.66  |
| Total Return\* | 3.45% | (9.55)% | 26.48% | 3.14% | 5.54% | 17.73% |
| Net Assets, End of Period (in thousands) | $18001  | $21015  | $26218  | $27092  | $28718  | $24345  |
| Average Net Assets for the Period (in thousands) | $19079  | $25214  | $28579  | $29019  | $26466  | $26879  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.93% | 0.92% | 0.94% | 0.94% | 0.96% | 0.94% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.89% | 0.92% | 0.94% | 0.94% | 0.96% | 0.94% |
| Ratio of Net Investment Income/(Loss) | 2.58% | 0.44% | 0.43% | 1.08% | 1.07% | 0.69% |
| Portfolio Turnover Rate | 160% | 152% | 190% | 102% | 87% | 102% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.45  | $12.32  | $11.02  | $11.04  | $11.32  | $10.16  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.09  | (0.01)  | (0.02)  | 0.05  | 0.05  | 0.01  |
| Net realized and unrealized gain/(loss) | 0.17  | (0.73)  | 2.72  | 0.22  | 0.39  | 1.68  |
| Total from Investment Operations | 0.26  | (0.74)  | 2.70  | 0.27  | 0.44  | 1.69  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.10)  | —  | (0.04)  | —  | (0.09)  | (0.37)  |
| Distributions (from capital gains) | (0.06)  | (3.13)  | (1.36)  | (0.29)  | (0.63)  | (0.16)  |
| Total Dividends and Distributions | (0.16)  | (3.13)  | (1.40)  | (0.29)  | (0.72)  | (0.53)  |
| Net Asset Value, End of Period | $8.55  | $8.45  | $12.32  | $11.02  | $11.04  | $11.32  |
| Total Return\* | 3.10% | (10.05)% | 25.71% | 2.41% | 4.94% | 16.96% |
| Net Assets, End of Period (in thousands) | $13145  | $14997  | $21286  | $24089  | $29433  | $31692  |
| Average Net Assets for the Period (in thousands) | $14290  | $19294  | $23134  | $27415  | $30565  | $32871  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.45% | 1.48% | 1.58% | 1.58% | 1.61% | 1.54% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.41% | 1.48% | 1.58% | 1.58% | 1.61% | 1.54% |
| Ratio of Net Investment Income/(Loss) | 2.06% | (0.12)% | (0.21)% | 0.44% | 0.41% | 0.12% |
| Portfolio Turnover Rate | 160% | 152% | 190% | 102% | 87% | 102% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.69  | $12.56  | $11.23  | $11.22  | $11.52  | $10.29  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.08  | 0.08  | 0.15  | 0.15  | 0.11  |
| Net realized and unrealized gain/(loss) | 0.18  | (0.76)  | 2.77  | 0.24  | 0.37  | 1.70  |
| Total from Investment Operations | 0.31  | (0.68)  | 2.85  | 0.39  | 0.52  | 1.81  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.18)  | (0.06)  | (0.16)  | (0.09)  | (0.19)  | (0.42)  |
| Distributions (from capital gains) | (0.06)  | (3.13)  | (1.36)  | (0.29)  | (0.63)  | (0.16)  |
| Total Dividends and Distributions | (0.24)  | (3.19)  | (1.52)  | (0.38)  | (0.82)  | (0.58)  |
| Net Asset Value, End of Period | $8.76  | $8.69  | $12.56  | $11.23  | $11.22  | $11.52  |
| Total Return\* | 3.60% | (9.35)% | 26.71% | 3.41% | 5.79% | 17.99% |
| Net Assets, End of Period (in thousands) | $305059  | $307311  | $361567  | $315423  | $337476  | $343865  |
| Average Net Assets for the Period (in thousands) | $310984  | $357464  | $341346  | $327755  | $335559  | $334494  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.71% | 0.68% | 0.68% | 0.69% | 0.71% | 0.69% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.67% | 0.68% | 0.68% | 0.69% | 0.71% | 0.69% |
| Ratio of Net Investment Income/(Loss) | 2.82% | 0.69% | 0.66% | 1.33% | 1.31% | 0.98% |
| Portfolio Turnover Rate | 160% | 152% | 190% | 102% | 87% | 102% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.87  | $12.75  | $11.37  | $11.36  | $11.65  | $10.40  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.08  | 0.08  | 0.15  | 0.15  | 0.11  |
| Net realized and unrealized gain/(loss) | 0.19  | (0.77)  | 2.81  | 0.24  | 0.38  | 1.73  |
| Total from Investment Operations | 0.32  | (0.69)  | 2.89  | 0.39  | 0.53  | 1.84  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.17)  | (0.06)  | (0.15)  | (0.09)  | (0.19)  | (0.43)  |
| Distributions (from capital gains) | (0.06)  | (3.13)  | (1.36)  | (0.29)  | (0.63)  | (0.16)  |
| Total Dividends and Distributions | (0.23)  | (3.19)  | (1.51)  | (0.38)  | (0.82)  | (0.59)  |
| Net Asset Value, End of Period | $8.96  | $8.87  | $12.75  | $11.37  | $11.36  | $11.65  |
| Total Return\* | 3.61% | (9.31)% | 26.75% | 3.37% | 5.81% | 18.02% |
| Net Assets, End of Period (in thousands) | $89632  | $114646  | $468596  | $428888  | $685211  | $643071  |
| Average Net Assets for the Period (in thousands) | $104495  | $379547  | $439089  | $645830  | $674516  | $495143  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.72% | 0.72% | 0.73% | 0.69% | 0.70% | 0.68% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.62% | 0.68% | 0.69% | 0.69% | 0.70% | 0.68% |
| Ratio of Net Investment Income/(Loss) | 2.86% | 0.66% | 0.66% | 1.33% | 1.32% | 0.98% |
| Portfolio Turnover Rate | 160% | 152% | 190% | 102% | 87% | 102% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.82  | $12.70  | $11.34  | $11.33  | $11.62  | $10.37  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.14  | 0.09  | 0.10  | 0.17  | 0.16  | 0.12  |
| Net realized and unrealized gain/(loss) | 0.17  | (0.76)  | 2.79  | 0.23  | 0.39  | 1.72  |
| Total from Investment Operations | 0.31  | (0.67)  | 2.89  | 0.40  | 0.55  | 1.84  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.19)  | (0.08)  | (0.17)  | (0.10)  | (0.21)  | (0.43)  |
| Distributions (from capital gains) | (0.06)  | (3.13)  | (1.36)  | (0.29)  | (0.63)  | (0.16)  |
| Total Dividends and Distributions | (0.25)  | (3.21)  | (1.53)  | (0.39)  | (0.84)  | (0.59)  |
| Net Asset Value, End of Period | $8.88  | $8.82  | $12.70  | $11.34  | $11.33  | $11.62  |
| Total Return\* | 3.57% | (9.21)% | 26.89% | 3.53% | 6.01% | 18.13% |
| Net Assets, End of Period (in thousands) | $42135  | $41864  | $54635  | $46912  | $48624  | $44651  |
| Average Net Assets for the Period (in thousands) | $42934  | $49809  | $49066  | $48706  | $48621  | $43765  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.57% | 0.55% | 0.55% | 0.55% | 0.56% | 0.54% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.54% | 0.55% | 0.55% | 0.55% | 0.56% | 0.54% |
| Ratio of Net Investment Income/(Loss) | 2.97% | 0.82%  | 0.78% | 1.47% | 1.46% | 1.12% |
| Portfolio Turnover Rate | 160% | 152% | 190% | 102% | 87% | 102% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 23 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.85  | $12.73  | $11.36  | $11.35  | $11.63  | $10.40  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.04  | 0.04  | 0.11  | 0.11  | 0.07  |
| Net realized and unrealized gain/(loss) | 0.18  | (0.78)  | 2.80  | 0.24  | 0.39  | 1.72  |
| Total from Investment Operations | 0.29  | (0.74)  | 2.84  | 0.35  | 0.50  | 1.79  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14)  | (0.01)  | (0.11)  | (0.05)  | (0.15)  | (0.40)  |
| Distributions (from capital gains) | (0.06)  | (3.13)  | (1.36)  | (0.29)  | (0.63)  | (0.16)  |
| Total Dividends and Distributions | (0.20)  | (3.14)  | (1.47)  | (0.34)  | (0.78)  | (0.56)  |
| Net Asset Value, End of Period | $8.94  | $8.85  | $12.73  | $11.36  | $11.35  | $11.63  |
| Total Return\* | 3.33% | (9.69)% | 26.29% | 3.02% | 5.45% | 17.56% |
| Net Assets, End of Period (in thousands) | $21640  | $22961  | $28736  | $26404  | $28815  | $31160  |
| Average Net Assets for the Period (in thousands) | $22167  | $27437  | $28167  | $28036  | $29626  | $31843  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.08% | 1.05% | 1.05% | 1.05% | 1.06% | 1.04% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.04% | 1.04% | 1.04% | 1.05% | 1.05% | 1.03% |
| Ratio of Net Investment Income/(Loss) | 2.44% | 0.32% | 0.30% | 0.97% | 0.97% | 0.62% |
| Portfolio Turnover Rate | 160% | 152% | 190% | 102% | 87% | 102% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 24 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.69  | $12.56  | $11.22  | $11.21  | $11.51  | $10.28  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.06  | 0.07  | 0.14  | 0.14  | 0.10  |
| Net realized and unrealized gain/(loss) | 0.19  | (0.75)  | 2.77  | 0.24  | 0.37  | 1.71  |
| Total from Investment Operations | 0.31  | (0.69)  | 2.84  | 0.38  | 0.51  | 1.81  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.17)  | (0.05)  | (0.14)  | (0.08)  | (0.18)  | (0.42)  |
| Distributions (from capital gains) | (0.06)  | (3.13)  | (1.36)  | (0.29)  | (0.63)  | (0.16)  |
| Total Dividends and Distributions | (0.23)  | (3.18)  | (1.50)  | (0.37)  | (0.81)  | (0.58)  |
| Net Asset Value, End of Period | $8.77  | $8.69  | $12.56  | $11.22  | $11.21  | $11.51  |
| Total Return\* | 3.58% | (9.49)% | 26.70% | 3.32% | 5.67% | 17.94% |
| Net Assets, End of Period (in thousands) | $118346  | $129070  | $186208  | $207700  | $245736  | $260106  |
| Average Net Assets for the Period (in thousands) | $125356  | $169108  | $211171  | $230458  | $255699  | $258372  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.82% | 0.79% | 0.79% | 0.79% | 0.80% | 0.79% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.77% | 0.78% | 0.78% | 0.79% | 0.80% | 0.78% |
| Ratio of Net Investment Income/(Loss) | 2.71% | 0.57% | 0.58% | 1.23% | 1.23% | 0.88% |
| Portfolio Turnover Rate | 160% | 152% | 190% | 102% | 87% | 102% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 25 |

---

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> 26 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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

<br> Janus Investment Fund 27

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

<br> 28 DECEMBER 31, 2022

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)

#### Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

#### Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Other Investments and Strategies

#### Additional Investment Risk
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one

<br> Janus Investment Fund 29

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Exchange-Traded Funds
The Fund may invest in exchange-traded funds ("ETFs") to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. 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 ETF trades at a premium or discount. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund's performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, and commodity-linked investments risk. The Fund is also subject to substantially the same risks as those associated with direct exposure to the securities held by the ETF.

#### Real Estate Investing
To the extent that real estate-related securities may be included in the Fund's named benchmark index, Intech's mathematical investment process may select equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### Counterparties
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

<br> 30 DECEMBER 31, 2022

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. 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. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations.

<br> Janus Investment Fund 31

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
As of December 31, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $9,757,728. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2022 is $10,015,730, resulting in the net amount due to the counterparty of $258,002.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's contractual investment advisory fee rate (expressed as an annual rate) is 0.50% of its average daily net assets.

Intech Investment Management LLC ("Intech") previously served as subadviser to the Fund. Effective March 31, 2022, the Sub-Advisory Agreement between the Adviser and Intech on behalf of the Fund was terminated. As subadviser, Intech provided day-to-day management of the investment operations of the Fund subject to the general oversight of the Adviser. The Adviser owned approximately 97% of Intech before the termination. Under the Sub-Advisory Agreement, the Adviser paid Intech a subadvisory fee rate equal to 50% of the investment advisory fee paid by the Fund to the Adviser (net of any fee waivers and expense reimbursements).

**Effective March 31, 2022, the Adviser entered into an Interim Sub-Advisory Agreement with Intech on behalf of the Fund under substantially the same terms as the Sub-Advisory Agreement. The Agreement terminated on June 10, 2022, at which time the Adviser became the sole adviser to the Fund. Under the Interim Sub-Advisory Agreement, 50% of the investment advisory fee (subadvisory fee) was escrowed and then the lesser of Intech's costs or the escrowed amount was paid to Intech (net of any fee waivers or expense reimbursements).**

The Adviser has contractually agreed to waive 0.05% of its advisory fee through at least June 9, 2024. In addition, the Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.65% of the Fund's average daily net assets for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

<br> 32 DECEMBER 31, 2022

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

<br> Janus Investment Fund 33

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $61.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $149.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

<br> 34 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
As of December 31, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

---

| | | |
|:---|:---|:---|
| *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- % |
| Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class D Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class N Shares | 80  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5  |
| Class S Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class T Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |

---

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $620125309  | $16042666  | $(20117579) | $(4074913) |

---

<br> Janus Investment Fund 35

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
5. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161331  | $1473348  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479769  | $5131485  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33776  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300944  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405815  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273228  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4997876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6242145) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359564) | $(3223584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312085  | $3162568  |
| Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55416  | $496045  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176619  | $1680992  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27908  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237218  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477618  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4795282  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2808671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6182121) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238355) | $(2075408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47402  | $294153  |
| Class D Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322522  | $2867346  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925435  | $21015958  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927842  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8072230  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8582603  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88314982  |
| Shares repurchased | (1774173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15852669) | &nbsp;&nbsp;&nbsp;&nbsp;(3935475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42416842) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523809) | $(4913093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6572563  | $66914098  |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314715  | $2884620  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382089  | $62768355  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199608  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1776511  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9607993  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100883927  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (3433929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30519634) | (38809638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407454189) |
| Net Increase/(Decrease) | (2919606) | $(25858503) | (23819556) | $(243801907) |
| Class N Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166746  | $1508948  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983734  | $10031715  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132810  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1172709  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078172  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11256121  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2777755) | &nbsp;&nbsp;&nbsp;&nbsp;(1617016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19088806) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3794) | $(96098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444890  | $2199030  |
| Class S Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35918  | $322947  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109748  | $1175211  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54123  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481151  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627437  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6588086  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2457474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4542762) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174600) | $(1653376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336708  | $3220535  |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352131  | $3168118  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041702  | $11222138  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340436  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965201  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41865383  |
| Shares repurchased | (2041012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18322180) | &nbsp;&nbsp;&nbsp;&nbsp;(5087237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54375260) |
| Net Increase/(Decrease) | (1348445) | $(12188861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19065  | $(1287739) |

---

6. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $1016167195  | $1072784673  | $-  | $-  |

---

<br> 36 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes to Financial Statements (unaudited)
7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> Janus Investment Fund 37

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 60-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> 38 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> Janus Investment Fund 39

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> 40 DECEMBER 31, 2022

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> Janus Investment Fund 41

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> 42 DECEMBER 31, 2022

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> Janus Investment Fund 43

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> 44 DECEMBER 31, 2022

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> Janus Investment Fund 45

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> 46 DECEMBER 31, 2022

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> Janus Investment Fund 47

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> 48 DECEMBER 31, 2022

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### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> Janus Investment Fund 49

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> 50 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> Janus Investment Fund 51

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes

#### NotesPage2
<br> 52 DECEMBER 31, 2022

------

### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### Notes

#### NotesPage3
<br> Janus Investment Fund 53

------

---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93016 03-23 |

---

------

---

| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Developed World Bond Fund** | **Janus Henderson Developed World Bond Fund** |
| Janus Investment Fund | Janus Investment Fund |

---

**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Developed World Bond Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_6) | [1](#1_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_6) | [15](#2_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_6) | [17](#3_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_6) | [19](#4_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_6) | [21](#5_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_6) | [22](#6_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_6) | [29](#7_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_6) | [46](#8_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_6) | [57](#9_6) |

---

<br> John Pattulloco-portfolio manager Jenna Barnardco-portfolio manager <br>     

------

### Janus Henderson Developed World Bond Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| Fund Profile |  |  |
| **30-day SEC Yield\*** | **Without <br>Reimbursement** | **With <br>Reimbursement** |
| Class A Shares NAV | 3.24% | 3.24% |
| Class A Shares MOP | 3.08% | 3.08% |
| Class C Shares\*\* | 2.51% | 2.51% |
| Class D Shares | 3.46% | 3.53% |
| Class I Shares | 3.64% | 3.64% |
| Class N Shares | 3.68% | 3.68% |
| Class S Shares | 2.45% | 3.12% |
| Class T Shares | 3.39% | 3.39% |
| **Weighted Average Maturity** | **Weighted Average Maturity** | 6.9 Years |
| **Average Effective Duration\*\*\*** | **Average Effective Duration\*\*\*** | 8.9 Years |
| \* Yield will fluctuate. |  |  |
| \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. |
| \*\*\* A theoretical measure of price volatility. | \*\*\* A theoretical measure of price volatility. |  |

---

---

| | |
|:---|:---|
| Ratings<sup>†</sup> Summary - (% of Total Investments) |  |
| AAA | 16.6% |
| AA | 3.9% |
| A | 11.4% |
| BBB | 24.2% |
| BB | 5.6% |
| Not Rated | 38.7% |
| Other | -0.4% |
| † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. | † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. |

---

Significant Areas of Investment - (% of Net Assets)

---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Corporate Bonds | 49.4% | 49.4% |
| Foreign Government Bonds | 46.5% | 46.5% |
| United States Treasury Notes/Bonds | 2.1% | 2.1% |
| Investment Companies | 1.6% | 1.6% |
| Mortgage-Backed Securities | 1.4% | 1.4% |
| Asset-Backed/Commercial Mortgage-Backed Securities | 0.3% | 0.3% |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0% | 0.0% |
| Other | Other | (1.3)% |
|  |  | 100.0% |

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<br> Janus Investment Fund 1

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#### Janus Henderson Developed World Bond Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | -5.11% | -16.74% | -0.18% | 2.17% | 3.79% | 0.93% | 0.82% |
| Class A Shares at MOP | -9.63% | -20.68% | -1.14% | 1.67% | 3.53% |  |  |
| Class C Shares at NAV | -5.38% | -17.27% | -0.89% | 1.42% | 3.01% | 1.62% | 1.57% |
| Class C Shares at CDSC | -6.27% | -18.04% | -0.89% | 1.42% | 3.01% |  |  |
| Class D Shares | -5.04% | -16.53% | -0.02% | 2.26% | 3.85% | 0.70% | 0.69% |
| Class I Shares | -4.99% | -16.48% | 0.07% | 2.42% | 3.95% | 0.64% | 0.57% |
| Class N Shares | -5.11% | -16.55% | 0.09% | 2.37% | 3.90% | 0.55% | 0.55% |
| Class S Shares | -5.21% | -16.92% | -0.35% | 2.03% | 3.72% | 1.53% | 1.07% |
| Class T Shares | -5.11% | -16.73% | -0.12% | 2.20% | 3.81% | 0.79% | 0.79% |
| Bloomberg Global Aggregate Credit Index (USD Hedged) | -1.59% | -14.22% | 0.39% | 1.95% | 3.55% |  |  |
| Morningstar Quartile - Class A Shares | - | 4th | 3rd | 1st | 2nd |  |  |
| Morningstar Ranking - based on total returns for World Bond - USD Hedged Funds | - | 115/130 | 56/105 | 14/77 | 23/49 |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk* 

<br> 2 DECEMBER 31, 2022

------

#### Janus Henderson Developed World Bond Fund (unaudited)

#### Performance
*securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson Strategic Income Fund (the "Predecessor Fund"), which merged into the Fund after the close of business on June 2, 2017. 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. 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 reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. 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 D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class A Shares shown 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, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class C Shares shown for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund, 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.

Performance of Class D Shares shown 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.

Performance of Class I Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, 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 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.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, 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 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.

Performance of Class S Shares shown 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.

Performance of Class T Shares shown 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.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Predecessor Fund's inception date – September 30, 2003

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

------

#### Janus Henderson Developed World Bond Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $948.90  | $4.13  | $1000.00  | $1020.97  | $4.28  | 0.84% |
| Class C Shares | Class C Shares | $1000.00  | $946.20  | $7.65  | $1000.00  | $1017.34  | $7.93  | 1.56% |
| Class D Shares | Class D Shares | $1000.00  | $949.60  | $3.44  | $1000.00  | $1021.68  | $3.57  | 0.70% |
| Class I Shares | Class I Shares | $1000.00  | $950.10  | $2.85  | $1000.00  | $1022.28  | $2.96  | 0.58% |
| Class N Shares | Class N Shares | $1000.00  | $948.90  | $2.80  | $1000.00  | $1022.33  | $2.91  | 0.57% |
| Class S Shares | Class S Shares | $1000.00  | $947.90  | $5.16  | $1000.00  | $1019.91  | $5.35  | 1.05% |
| Class T Shares | Class T Shares | $1000.00  | $948.90  | $3.98  | $1000.00  | $1021.12  | $4.13  | 0.81% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

---

<br> 4 DECEMBER 31, 2022

------

### Janus Henderson Developed World Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– 0.3% | Asset-Backed/Commercial Mortgage-Backed Securities– 0.3% | Asset-Backed/Commercial Mortgage-Backed Securities– 0.3% |  |
| Tesco Property Finance 3 PLC, 5.7440%, 4/13/40((cost $6,790,929) | 3710810 | GBP | $4177037 |
| Corporate Bonds– 49.4% | Corporate Bonds– 49.4% | Corporate Bonds– 49.4% |  |
| Banking – 8.3% | Banking – 8.3% | Banking – 8.3% |  |
| Bank of America Corp, 4.2000%, 8/26/24 | $1860000 |  | 1831224 |
| Barclays Bank PLC, ICE LIBOR USD 3 Month + 1.5500%, 6.2780%<sup>‡,µ</sup> | 9780000 |  | 9082135 |
| Barclays PLC, 5.2000%, 5/12/26 | 246000 |  | 239234 |
| Barclays PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 1 Year + 3.0500%, 7.3250%, 11/2/26<sup>‡</sup> | 14860000 |  | 15391916 |
| BNP Paribas SA, 1.8750%, 12/14/27 | 7600000 | GBP | 7693459 |
| Cooperatieve Rabobank UA, 3.7500%, 7/21/26 | 4022000 |  | 3776420 |
| Cooperatieve Rabobank UA/Australia, 4.2500%, 5/12/26 | 2000000 | AUD | 1326843 |
| Goldman Sachs Group Inc, 4.0000%, 5/2/24 | 5270000 | AUD | 3524968 |
| JPMorgan Chase & Co, SOFR + 1.3200%, 4.0800%, 4/26/26<sup>‡</sup> | 3710000 |  | 3602121 |
| Lloyds Banking Group PLC, 4.0000%, 3/7/25 | 4400000 | AUD | 2882115 |
| Lloyds Banking Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 1 Year + 1.7500%, 4.7160%, 8/11/26<sup>‡</sup> | 7500000 |  | 7338253 |
| Lloyds Banking Group PLC, 4.2500%, 11/22/27 | 2190000 | AUD | 1349469 |
| Lloyds Banking Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;UK Govt Bonds 5 Year Note Generic Bid Yield + 2.4000%, 2.7070%, 12/3/35<sup>‡</sup> | 8508000 | GBP | 7624930 |
| Lloyds Banking Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 1.5000%, 3.3690%, 12/14/46<sup>‡</sup> | 5510000 |  | 3573038 |
| Morgan Stanley, SONIA Interest Rate Benchmark + 2.2520%, 5.7890%, 11/18/33<sup>‡</sup> | 4700000 | GBP | 5687401 |
| Nationwide Building Society, 4.0000%, 9/14/26 (144A) | 5203000 |  | 4731839 |
| Nationwide Building Society, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE SWAP Rate GBP SONIA 1 Year + 2.2130%, 6.1780%, 12/7/27<sup>‡</sup> | 6670000 | GBP | 8079234 |
| Nationwide Building Society, 10.2500%<sup>‡,µ</sup> | 850000 | GBP | 1275175 |
| Natwest Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 1 Year + 2.8500%, 7.4720%, 11/10/26<sup>‡</sup> | 13530000 |  | 14079319 |
| Santander UK Group Holdings PLC, SOFR + 2.7490%, 6.8330%, 11/21/26<sup>‡</sup> | 11438000 |  | 11585792 |
| Santander UK Group Holdings PLC, GBP SWAP 1YR + 2.8660%, 7.0980%, 11/16/27<sup>‡</sup> | 4660000 | GBP | 5708442 |
| UBS Group AG, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 1 Year + 1.6000%, 4.4900%, 8/5/25 (144A)<sup>‡</sup> | 14975000 |  | 14717822 |
|  |  |  | 135101149 |
| Brokerage – 0.6% | Brokerage – 0.6% | Brokerage – 0.6% |  |
| Intercontinental Exchange Inc, 1.8500%, 9/15/32 | 7797000 |  | 5874537 |
| LSEGA Financing PLC, 1.3750%, 4/6/26 (144A) | 5000000 |  | 4381392 |
|  |  |  | 10255929 |
| Capital Goods – 0.6% | Capital Goods – 0.6% | Capital Goods – 0.6% |  |
| Ball Corp, 4.8750%, 3/15/26 | 1730000 |  | 1675730 |
| Ball Corp, 2.8750%, 8/15/30 | 9266000 |  | 7395380 |
|  |  |  | 9071110 |
| Communications – 6.8% | Communications – 6.8% | Communications – 6.8% |  |
| American Tower Corp, 3.6000%, 1/15/28 | 7580000 |  | 6966623 |
| American Tower Corp, 3.8000%, 8/15/29<sup>#</sup> | 2896000 |  | 2627174 |
| Cellnex Finance Co SA, 3.8750%, 7/7/41 (144A) | 3385000 |  | 2315340 |
| Cellnex Telecom SA, 1.8750%, 6/26/29 | 8800000 | EUR | 7670614 |
| Comcast Corp, 0%, 9/14/26 | 1420000 | EUR | 1326935 |
| Crown Castle International Corp, 3.6500%, 9/1/27 | 1883000 |  | 1749001 |
| Crown Castle International Corp, 3.8000%, 2/15/28 | 1990000 |  | 1849439 |
| Crown Castle International Corp, 3.1000%, 11/15/29<sup>#</sup> | 2801000 |  | 2441481 |
| Crown Castle International Corp, 2.2500%, 1/15/31 | 4508000 |  | 3616461 |
| Deutsche Telekom International Finance BV, 1.5000%, 4/3/28 | 2800000 | EUR | 2710509 |
| Deutsche Telekom International Finance BV, 4.3750%, 6/21/28 (144A) | 10600000 |  | 10166110 |
| Netflix Inc, 5.8750%, 11/15/28 | 6100000 |  | 6182533 |
| Netflix Inc, 3.8750%, 11/15/29 | 1320000 | EUR | 1316824 |
| Netflix Inc, 3.6250%, 6/15/30 | 2680000 | EUR | 2630319 |
| Netflix Inc, 4.8750%, 6/15/30 (144A) | 962000 |  | 897160 |
| Orange SA, 1.1250%, 7/15/24 | 2600000 | EUR | 2701341 |
| Orange SA, 1.0000%, 5/12/25 | 4100000 | EUR | 4147445 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Developed World Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Communications– (continued) | Communications– (continued) | Communications– (continued) |  |
| Orange SA, 1.3750%, 1/16/30 | 5500000 | EUR | $5044092 |
| Sirius XM Radio Inc, 5.0000%, 8/1/27 (144A) | $2106000 |  | 1946704 |
| Sirius XM Radio Inc, 4.0000%, 7/15/28 (144A) | 2808000 |  | 2443802 |
| Sky Ltd, 2.5000%, 9/15/26 | 4025000 | EUR | 4138256 |
| T-Mobile USA Inc, 3.5000%, 4/15/25 | 9500000 |  | 9136200 |
| T-Mobile USA Inc, 2.2500%, 2/15/26 | 7500000 |  | 6822307 |
| T-Mobile USA Inc, 4.7500%, 2/1/28 | 933000 |  | 907145 |
| T-Mobile USA Inc, 2.6250%, 2/15/29 | 1794000 |  | 1518676 |
| T-Mobile USA Inc, 3.8750%, 4/15/30 | 9017000 |  | 8167732 |
| Verizon Communications Inc, 4.5000%, 8/17/27 | 5970000 | AUD | 3908277 |
| Verizon Communications Inc, 2.3500%, 3/23/28 | 3420000 | AUD | 1978880 |
| Verizon Communications Inc, 2.6500%, 5/6/30 | 3250000 | AUD | 1751164 |
| Virgin Media Secured Finance PLC, 4.1250%, 8/15/30 (144A) | 2500000 | GBP | 2303986 |
|  |  |  | 111382530 |
| Consumer Cyclical – 5.1% | Consumer Cyclical – 5.1% | Consumer Cyclical – 5.1% |  |
| Booking Holdings Inc, 4.0000%, 11/15/26 | 10358000 | EUR | 11180037 |
| Booking Holdings Inc, 3.5500%, 3/15/28 | 1116000 |  | 1040087 |
| Compass Group PLC, 2.0000%, 7/3/29 | 5100000 | GBP | 5190554 |
| Experian Finance PLC, 4.2500%, 2/1/29 (144A) | 6600000 |  | 6088716 |
| Experian Finance PLC, 2.7500%, 3/8/30 (144A) | 7341000 |  | 6071243 |
| Experian Finance PLC, 3.2500%, 4/7/32 | 830000 | GBP | 876656 |
| Levi Strauss & Co, 3.5000%, 3/1/31 (144A)<sup>#</sup> | 8000000 |  | 6349520 |
| Service Corp International/US, 4.6250%, 12/15/27 | 6882000 |  | 6428132 |
| Service Corp International/US, 5.1250%, 6/1/29 | 1994000 |  | 1869424 |
| Service Corp International/US, 3.3750%, 8/15/30 | 9803000 |  | 7968926 |
| Service Corp International/US, 4.0000%, 5/15/31 | 6752000 |  | 5686709 |
| Sodexo SA, 0.7500%, 4/14/27 | 380000 | EUR | 363764 |
| Sodexo SA, 1.7500%, 6/26/28 | 6400000 | GBP | 6518355 |
| Sodexo SA, 1.0000%, 4/27/29 | 5300000 | EUR | 4813350 |
| Tesco Corporate Treasury Services, 2.7500%, 4/27/30 | 3200000 | GBP | 3174008 |
| Walmart Inc, 4.8750%, 9/21/29 | 8500000 | EUR | 9889884 |
|  |  |  | 83509365 |
| Consumer Non-Cyclical – 13.3% | Consumer Non-Cyclical – 13.3% | Consumer Non-Cyclical – 13.3% |  |
| Abbott Ireland Financing DAC, 1.5000%, 9/27/26 | 2650000 | EUR | 2657533 |
| Anheuser-Busch InBev SA/NV, 2.7000%, 3/31/26 | 13389000 | EUR | 13995684 |
| Anheuser-Busch InBev Worldwide Inc, 4.1000%, 9/6/27 | 2840000 | AUD | 1856215 |
| Anheuser-Busch InBev Worldwide Inc, 3.5000%, 6/1/30 | 3680000 |  | 3350001 |
| Avantor Funding Inc, 3.8750%, 7/15/28 | 2365000 | EUR | 2324956 |
| Avantor Funding Inc, 3.8750%, 7/15/28 (144A) | 4590000 | EUR | 4512282 |
| Bacardi Ltd, 4.4500%, 5/15/25 (144A) | 3873000 |  | 3757986 |
| Bacardi Ltd, 4.7000%, 5/15/28 (144A) | 4806000 |  | 4587063 |
| Coca-Cola Co, 3.2500%, 6/11/24 | 4990000 | AUD | 3338854 |
| Coca-Cola Co, 2.1250%, 9/6/29 | 5330000 |  | 4557382 |
| Coca-Cola Co, 0.3750%, 3/15/33 | 10000000 | EUR | 7797157 |
| Diageo Capital PLC, 1.3750%, 9/29/25 | 5000000 |  | 4584516 |
| Diageo Capital PLC, 2.0000%, 4/29/30 | 1709000 |  | 1403745 |
| Diageo Finance PLC, 0.5000%, 6/19/24 | 7335000 | EUR | 7552070 |
| Diageo Finance PLC, 1.7500%, 10/12/26 | 6600000 | GBP | 7206248 |
| Elanco Animal Health Inc, 6.4000%, 8/28/28 | 2460000 |  | 2340715 |
| GE Healthcare Holding LLC, 5.5500%, 11/15/24 (144A) | 18844000 |  | 18911843 |
| HCA Inc, 5.0000%, 3/15/24 | 2847000 |  | 2830643 |
| HCA Inc, 5.3750%, 2/1/25 | 9202000 |  | 9190859 |
| HCA Inc, 5.2500%, 6/15/26 | 1585000 |  | 1565868 |
| HCA Inc, 4.1250%, 6/15/29 | 4675000 |  | 4267766 |
| Heineken NV, 3.5000%, 1/29/28 (144A)<sup>#</sup> | 2320000 |  | 2190978 |
| IQVIA Inc, 5.0000%, 5/15/27 (144A) | 5207000 |  | 4963833 |
| Keurig Dr Pepper Inc, 3.4000%, 11/15/25<sup>#</sup> | 4762000 |  | 4565902 |
| Keurig Dr Pepper Inc, 3.2000%, 5/1/30 | 929000 |  | 809573 |
| Kimberly-Clark Corp, 0.6250%, 9/7/24 | 7353000 | EUR | 7536998 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Consumer Non-Cyclical– (continued) | Consumer Non-Cyclical– (continued) | Consumer Non-Cyclical– (continued) |  |
| Kimberly-Clark Corp, 3.1000%, 3/26/30 | $1737000 |  | $1562536 |
| Nestle Finance International Ltd, 1.5000%, 4/1/30 | 10000000 | EUR | 9460035 |
| Nestle Holdings Inc, 3.9000%, 9/24/38 (144A) | 13745000 |  | 12224711 |
| Novartis Finance SA, 0%, 9/23/28 | 10000000 | EUR | 8847996 |
| Novo Nordisk Finance Netherlands BV, 0.7500%, 3/31/25 | 7786000 | EUR | 7868217 |
| PepsiCo Inc, 2.6250%, 7/29/29 | 2695000 |  | 2376802 |
| PepsiCo Inc, 1.1250%, 3/18/31 | 5000000 | EUR | 4482083 |
| PepsiCo Inc, 0.7500%, 10/14/33 | 13434000 | EUR | 10862802 |
| Tesco PLC, 6.1500%, 11/15/37 (144A) | 2001000 |  | 1919139 |
| Unilever PLC, 1.5000%, 7/22/26 | 2350000 | GBP | 2566179 |
| Zoetis Inc, 5.4000%, 11/14/25 | 15256000 |  | 15560780 |
| Zoetis Inc, 3.9000%, 8/20/28 | 2450000 |  | 2327218 |
| Zoetis Inc, 2.0000%, 5/15/30 | 4547000 |  | 3690045 |
|  |  |  | 216405213 |
| Government Sponsored – 1.7% | Government Sponsored – 1.7% | Government Sponsored – 1.7% |  |
| Kreditanstalt fuer Wiederaufbau, 3.2000%, 9/11/26 | 30000000 | AUD | 19730084 |
| Kreditanstalt fuer Wiederaufbau, 3.2000%, 3/15/28 | 13660000 | AUD | 8744716 |
|  |  |  | 28474800 |
| Insurance – 4.0% | Insurance – 4.0% | Insurance – 4.0% |  |
| Allianz SE, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 2.1650%, 3.2000% (144A)<sup>‡,µ</sup> | 13600000 |  | 10108339 |
| Anthem Inc, 2.2500%, 5/15/30 | 2905000 |  | 2403145 |
| Athene Global Funding, 2.6460%, 10/4/31 (144A) | 5510000 |  | 4209389 |
| Aviva PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;UK Govt Bonds 5 Year Note Generic Bid Yield + 4.7000%, 4.0000%, 6/3/55<sup>‡</sup> | 2320000 | GBP | 2145491 |
| AXA SA, SONIA Interest Rate Benchmark + 3.2700%, 5.6250%, 1/16/54<sup>‡</sup> | 724000 | GBP | 819334 |
| Berkshire Hathaway Inc, 0%, 3/12/25 | 4430000 | EUR | 4395299 |
| BUPA Finance PLC, 5.0000%, 12/8/26 | 8200000 | GBP | 9416352 |
| BUPA Finance PLC, 4.1250%, 6/14/35 | 10300000 | GBP | 9727197 |
| BUPA Finance PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;UK Govt Bonds 5 Year Note Generic Bid Yield + 3.1700%, 4.0000%<sup>‡,µ</sup> | 6475000 | GBP | 5288754 |
| Centene Corp, 3.0000%, 10/15/30 | 3876000 |  | 3177348 |
| Centene Corp, 2.6250%, 8/1/31 | 7558000 |  | 5939076 |
| Legal & General Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;UK Govt Bonds 5 Year Note Generic Bid Yield + 5.2500%, 4.5000%, 11/1/50<sup>‡</sup> | 920000 | GBP | 960141 |
| Phoenix Group Holdings PLC, 6.6250%, 12/18/25 | 2412000 | GBP | 2906201 |
| Scottish Widows Ltd, 5.5000%, 6/16/23 | 2500000 | GBP | 3026555 |
| Scottish Widows Ltd, 7.0000%, 6/16/43 | 612000 | GBP | 768550 |
|  |  |  | 65291171 |
| Real Estate Investment Trusts (REITs) – 0.2% | Real Estate Investment Trusts (REITs) – 0.2% | Real Estate Investment Trusts (REITs) – 0.2% |  |
| Digital Intrepid Holdings BV, 0.6250%, 7/15/31 | 4710000 | EUR | 3447346 |
| Technology – 8.8% | Technology – 8.8% | Technology – 8.8% |  |
| Alphabet Inc, 2.0500%, 8/15/50 | 5947000 |  | 3475765 |
| Apple Inc, 2.5130%, 8/19/24 | 5080000 | CAD | 3625157 |
| ASML Holding NV, 1.3750%, 7/7/26 | 5846000 | EUR | 5878136 |
| CrowdStrike Holdings Inc, 3.0000%, 2/15/29 | 5781000 |  | 4877805 |
| DELL International LLC / EMC Corp, 5.8500%, 7/15/25 | 9055000 |  | 9151257 |
| DELL International LLC / EMC Corp, 6.0200%, 6/15/26 | 2000000 |  | 2040312 |
| Equinix Inc, 3.2000%, 11/18/29 | 15299000 |  | 13316575 |
| Experian Finance PLC, 2.1250%, 9/27/24 | 3500000 | GBP | 4038364 |
| Fiserv Inc, 3.5000%, 7/1/29 | 1095000 |  | 986505 |
| Fiserv Inc, 1.6250%, 7/1/30 | 1770000 | EUR | 1566880 |
| Gartner Inc, 3.7500%, 10/1/30 (144A)<sup>#</sup> | 4237000 |  | 3652156 |
| Microsoft Corp, 2.5250%, 6/1/50 | 25197000 |  | 16580860 |
| MSCI Inc, 4.0000%, 11/15/29 (144A) | 2026000 |  | 1764717 |
| MSCI Inc, 3.6250%, 9/1/30 (144A) | 2483000 |  | 2063994 |
| NVIDIA Corp, 0.5840%, 6/14/24 | 5500000 |  | 5189484 |
| NVIDIA Corp, 3.2000%, 9/16/26 | 1627000 |  | 1545481 |
| Oracle Corp, 5.8000%, 11/10/25 | 11858000 |  | 12123444 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Developed World Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Technology– (continued) | Technology– (continued) | Technology– (continued) |  |
| Oracle Corp, 2.6500%, 7/15/26 | $3467000 |  | $3186599 |
| Oracle Corp, 2.9500%, 4/1/30 | 6440000 |  | 5490759 |
| Oracle Corp, 3.6000%, 4/1/50 | 9685000 |  | 6520588 |
| salesforce.com Inc, 3.7000%, 4/11/28 | 2252000 |  | 2160026 |
| salesforce.com Inc, 1.9500%, 7/15/31 | 6764000 |  | 5392705 |
| SAP SE, 1.7500%, 2/22/27 | 1127000 | EUR | 1138215 |
| VMware Inc, 1.0000%, 8/15/24 | 5602000 |  | 5212642 |
| VMware Inc, 4.5000%, 5/15/25 | 4100000 |  | 4020506 |
| VMware Inc, 1.4000%, 8/15/26 | 2245000 |  | 1957116 |
| VMware Inc, 3.9000%, 8/21/27 | 4698000 |  | 4384550 |
| VMware Inc, 4.7000%, 5/15/30 | 7315000 |  | 6804523 |
| Workday Inc, 3.8000%, 4/1/32 | 4950000 |  | 4369548 |
|  |  |  | 142514669 |
| Total Corporate Bonds (cost $903,857,604) | Total Corporate Bonds (cost $903,857,604) | Total Corporate Bonds (cost $903,857,604) | 805453282 |
| Foreign Government Bonds– 46.5% | Foreign Government Bonds– 46.5% | Foreign Government Bonds– 46.5% |  |
| Australia Government Bond, 0.2500%, 11/21/25 | 55500000 | AUD | 34435705 |
| Australia Government Bond, 0.5000%, 9/21/26 | 32870000 | AUD | 19981366 |
| Australia Government Bond, 3.2500%, 4/21/29 | 97000000 | AUD | 63919453 |
| Australia Government Bond, 1.0000%, 11/21/31 | 80000000 | AUD | 42252839 |
| Australia Government Bond, 1.7500%, 11/21/32 | 134179000 | AUD | 74349750 |
| Australia Government Bond, 2.7500%, 5/21/41 | 46294000 | AUD | 25093826 |
| Australia Government Bond, 1.7500%, 6/21/51 | 12500000 | AUD | 4930892 |
| Canadian Government Bond, 1.0000%, 9/1/26 | 26599000 | CAD | 17916503 |
| Canadian Government Bond, 1.5000%, 6/1/31 | 100000000 | CAD | 64068548 |
| Federal Republic of Germany Bond, 0%, 10/9/26 | 82000000 | EUR | 79915596 |
| Japan Government Five Year Bond, 0.0050%, 6/20/27 | 2500000000 | JPY | 18874028 |
| Kingdom of Sweden Government Bond, 2.5000%, 5/12/25 (144A) | 47205000 | SEK | 4496241 |
| Kingdom of Sweden Government Bond, 1.0000%, 11/12/26 (144A) | 351425000 | SEK | 31688668 |
| Kingdom of Sweden Government Bond, 0.1250%, 5/12/31 (144A) | 400000000 | SEK | 31816985 |
| Kingdom of the Netherlands Government Bond, 0.5000%, 7/15/32 (144A) | 29367912 | EUR | 25401459 |
| New Zealand Government Bond, 2.7500%, 4/15/25 | 33000000 | NZD | 19969864 |
| New Zealand Government Bond, 0.5000%, 5/15/26 | 60000000 | NZD | 33169369 |
| New Zealand Government Bond, 3.0000%, 4/20/29 | 20000000 | NZD | 11667037 |
| New Zealand Government Bond, 1.5000%, 5/15/31 | 33000000 | NZD | 16665990 |
| Swiss Confederation Government Bond, 0.5000%, 5/27/30 | 47000000 | CHF | 47188020 |
| Swiss Confederation Government Bond, 0%, 6/26/34 | 27856000 | CHF | 25054610 |
| United Kingdom Gilt, 1.2500%, 7/22/27 | 60000000 | GBP | 65330336 |
| Total Foreign Government Bonds (cost $853,442,825) | Total Foreign Government Bonds (cost $853,442,825) | Total Foreign Government Bonds (cost $853,442,825) | 758187085 |
| Mortgage-Backed Securities– 1.4% | Mortgage-Backed Securities– 1.4% | Mortgage-Backed Securities– 1.4% |  |
| Fannie Mae Pool: | Fannie Mae Pool: | Fannie Mae Pool: |  |
| 3.0000%, 9/1/50 | 9094225 |  | 8087273 |
| 3.5000%, 2/1/51 | 2000605 |  | 1838110 |
| 3.0000%, 1/1/52 | 2493754 |  | 2212762 |
| 3.5000%, 9/1/52 | 2380771 |  | 2174442 |
| 4.5000%, 9/1/52 | 2308958 |  | 2257002 |
|  |  |  | 16569589 |
| Freddie Mac Pool: | Freddie Mac Pool: | Freddie Mac Pool: |  |
| 3.5000%, 4/1/52 | 4561795 |  | 4197398 |
| 4.0000%, 8/1/52 | 2059596 |  | 1963452 |
|  |  |  | 6160850 |
| Total Mortgage-Backed Securities (cost $22,789,890) | Total Mortgage-Backed Securities (cost $22,789,890) | Total Mortgage-Backed Securities (cost $22,789,890) | 22730439 |
| United States Treasury Notes/Bonds– 2.1% | United States Treasury Notes/Bonds– 2.1% | United States Treasury Notes/Bonds– 2.1% |  |
| 2.8750%, 5/15/32((cost $34,889,775) | 36281500 |  | 33435670 |
| Investment Companies– 1.6% | Investment Companies– 1.6% | Investment Companies– 1.6% |  |
| Money Markets – 1.6% | Money Markets – 1.6% | Money Markets – 1.6% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº,£</sup>((cost $25,729,266) | 25726794 |  | 25731939 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Investments Purchased with Cash Collateral from Securities Lending– 0% | Investments Purchased with Cash Collateral from Securities Lending– 0% |  |
| Investment Companies – 0% | Investment Companies – 0% |  |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº,£</sup> | 426316 | $426316 |
| Time Deposits – 0% | Time Deposits – 0% |  |
| Royal Bank of Canada, 4.3100%, 1/3/23 | $106579 | 106579 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $532,895) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $532,895) | 532895 |
| Total Investments (total cost $1,848,033,184) – 101.3% | Total Investments (total cost $1,848,033,184) – 101.3% | 1650248347 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.3)% | Liabilities, net of Cash, Receivables and Other Assets – (1.3)% | (21385866) |
| Net Assets – 100% | Net Assets – 100% | $1628862481 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $532370593 | 32.3% |
| Australia | 264963831 | 16.1 |
| United Kingdom | 258182577 | 15.6 |
| Germany | 132513569 | 8.0 |
| Switzerland | 95808448 | 5.8 |
| Canada | 81985051 | 5.0 |
| New Zealand | 81472260 | 4.9 |
| Sweden | 68001894 | 4.1 |
| Netherlands | 38573836 | 2.3 |
| France | 32101140 | 2.0 |
| Belgium | 19201900 | 1.2 |
| Japan | 18874028 | 1.1 |
| Spain | 9985954 | 0.6 |
| Bermuda | 8345049 | 0.5 |
| Denmark | 7868217 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $1650248347 | 100.0 | % |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Developed World Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% |
| Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | $981361 | $5708 | $(1589) | $25731939 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.0% | Investments Purchased with Cash Collateral from Securities Lending - 0.0% | Investments Purchased with Cash Collateral from Securities Lending - 0.0% | Investments Purchased with Cash Collateral from Securities Lending - 0.0% | Investments Purchased with Cash Collateral from Securities Lending - 0.0% |
| Investment Companies - 0.0% | Investment Companies - 0.0% | Investment Companies - 0.0% | Investment Companies - 0.0% | Investment Companies - 0.0% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 4072<sup>∆</sup> | - | - | 426316 |
| Total Affiliated Investments - 1.6% | $985433 | $5708 | $(1589) | $26158255 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% |
| Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 64594507 | 951858015 | (990724702) | 25731939 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.0% | Investments Purchased with Cash Collateral from Securities Lending - 0.0% | Investments Purchased with Cash Collateral from Securities Lending - 0.0% | Investments Purchased with Cash Collateral from Securities Lending - 0.0% | Investments Purchased with Cash Collateral from Securities Lending - 0.0% |
| Investment Companies - 0.0% | Investment Companies - 0.0% | Investment Companies - 0.0% | Investment Companies - 0.0% | Investment Companies - 0.0% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 4308311 | 28610384 | (32492379) | 426316 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
***Schedule of Forward Foreign Currency Exchange Contracts***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty/*<br>*Foreign Currency* | *Settlement*<br>*Date* | *Foreign Currency*<br>*Amount (Sold)/*<br>*Purchased* | *USD Currency*<br>*Amount (Sold)/*<br>*Purchased* | *Market Value and*<br>*Unrealized*<br>*Appreciation/*<br>(Depreciation) |
| BNP Paribas: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 1/25/23 | 65924398 | $(42044963) | $2877071 |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 1/25/23 | (229307550) | 144972085 | (11282075) |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 2/22/23 | 50158820 | (33769902) | 447942 |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 2/22/23 | (212532952) | 138153778 | (6834080) |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 3/29/23 | 27114317 | (18343864) | 179379 |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 3/29/23 | (405480) | 279804 | 2800 |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 3/29/23 | (170864718) | 115492143 | (1234703) |
| &nbsp;&nbsp;&nbsp;British Pound | 1/25/23 | 81354089 | (92186891) | 6212463 |
| &nbsp;&nbsp;&nbsp;British Pound | 1/25/23 | (127592308) | 144153876 | (10171506) |
| &nbsp;&nbsp;&nbsp;British Pound | 2/22/23 | 8576766 | (10278623) | 101013 |
| &nbsp;&nbsp;&nbsp;British Pound | 2/22/23 | 2401732 | (2944827) | (38241) |
| &nbsp;&nbsp;&nbsp;British Pound | 2/22/23 | (1864371) | 2289519 | 33250 |
| &nbsp;&nbsp;&nbsp;British Pound | 2/22/23 | (70333634) | 81216437 | (3901616) |
| &nbsp;&nbsp;&nbsp;British Pound | 3/29/23 | 16483401 | (20477957) | (514499) |
| &nbsp;&nbsp;&nbsp;British Pound | 3/29/23 | (51541148) | 62921155 | 498388 |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 1/25/23 | 18067701 | (13172248) | 175667 |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 1/25/23 | (48803368) | 35358701 | (695870) |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 2/22/23 | 8446421 | (6354746) | (113116) |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 2/22/23 | (47778368) | 35358649 | 51993 |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 2/22/23 | (4961343) | 3639189 | (27081) |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 3/29/23 | (48803368) | 35788357 | (289154) |
| &nbsp;&nbsp;&nbsp;Euro | 1/25/23 | 74439903 | (74025186) | 5784924 |
| &nbsp;&nbsp;&nbsp;Euro | 1/25/23 | (176912460) | 175651071 | (14024122) |
| &nbsp;&nbsp;&nbsp;Euro | 2/22/23 | 22999548 | (24322685) | 383615 |
| &nbsp;&nbsp;&nbsp;Euro | 2/22/23 | (132721608) | 135288067 | (7282567) |
| &nbsp;&nbsp;&nbsp;Euro | 3/29/23 | 97405251 | (104264979) | 621322 |
| &nbsp;&nbsp;&nbsp;Euro | 3/29/23 | (137011551) | 145297800 | (2236695) |
| &nbsp;&nbsp;&nbsp;Japanese Yen | 2/22/23 | (2499947259) | 17327175 | (1865450) |
| &nbsp;&nbsp;&nbsp;New Zealand Dollar | 1/25/23 | 31017531 | (18276172) | 1417489 |
| &nbsp;&nbsp;&nbsp;New Zealand Dollar | 1/25/23 | (78164609) | 43811872 | (5816427) |
| &nbsp;&nbsp;&nbsp;New Zealand Dollar | 2/22/23 | 397500 | (245256) | 7192 |
| &nbsp;&nbsp;&nbsp;New Zealand Dollar | 2/22/23 | (47560381) | 27926010 | (2279025) |
| &nbsp;&nbsp;&nbsp;New Zealand Dollar | 3/29/23 | 13749014 | (8691659) | 40858 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Developed World Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty/*<br>*Foreign Currency* | *Settlement*<br>*Date* | *Foreign Currency*<br>*Amount (Sold)/*<br>*Purchased* | *USD Currency*<br>*Amount (Sold)/*<br>*Purchased* | *Market Value and*<br>*Unrealized*<br>*Appreciation/*<br>(Depreciation) |
| &nbsp;&nbsp;&nbsp;New Zealand Dollar | 3/29/23 | (47957960) | $30492222 | $32313 |
| &nbsp;&nbsp;&nbsp;Swedish Krona | 1/25/23 | (352105808) | 31292905 | (2524617) |
| &nbsp;&nbsp;&nbsp;Swedish Krona | 2/22/23 | 59034822 | (5703762) | (23855) |
| &nbsp;&nbsp;&nbsp;Swedish Krona | 2/22/23 | (257839168) | 23829106 | (978331) |
| &nbsp;&nbsp;&nbsp;Swedish Krona | 3/29/23 | 177530791 | (17072130) | 41665 |
| &nbsp;&nbsp;&nbsp;Swedish Krona | 3/29/23 | (352182908) | 34142259 | 192172 |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 1/25/23 | 29093641 | (29759448) | 1806029 |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 1/25/23 | (53499645) | 56001464 | (2043584) |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 2/22/23 | 3477504 | (3740494) | 44393 |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 2/22/23 | (27883508) | 28866113 | (1482072) |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 3/29/23 | (24406004) | 26258991 | (420403) |
| Total |  |  |  | $(55127151) |

---

#### Schedule of Futures

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br>*Contracts* | *Expiration*<br>*Date* | *Notional*<br>*Amount* | *Value and*<br>*Unrealized*<br>*Appreciation/(Depreciation)* |
| *Futures Long:* |  |  |  |  |
| 10 Year US Treasury Note | 3835 | 3/31/23 | $430658516 | $(3415547) |
| 10-Year Australian Bond | 1256 | 3/15/23 | 98902647 | (5750542) |
| 5 Year US Treasury Note | 2712 | 4/5/23 | 292705314 | (1238840) |
| Ultra 10-Year Treasury Note | 733 | 3/31/23 | 86700156 | (590297) |
| Total |  |  |  | $(10995226) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Credit Default Swaps - Buy Protection*** | ***Schedule of OTC Credit Default Swaps - Buy Protection*** | ***Schedule of OTC Credit Default Swaps - Buy Protection*** | ***Schedule of OTC Credit Default Swaps - Buy Protection*** | ***Schedule of OTC Credit Default Swaps - Buy Protection*** | ***Schedule of OTC Credit Default Swaps - Buy Protection*** |
| *Counterparty/*<br>*Reference Asset* | *Maturity*<br>*Date* | *Notional*<br>*Amount* | *Premiums*<br>*Paid/(Received)* | *Unrealized*<br>*Appreciation/*<br>(Depreciation) | *Swap Contracts,*<br>*at Value*<br>*Asset/(Liability)* |

---

#### Goldman Sachs & Co LLC:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BACR 4.375, Fixed Rate 1.00%, Paid Quarterly | 12/20/27 | (5600000) | EUR | $455024 | $(248436) | $206588 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** |
|  | *Credit* <br>*Contracts* | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| *Asset Derivatives:* |  |  |  |  |
| Forward foreign currency exchange contracts | $-  | $20951938  | $-  | $20951938  |
| Outstanding swap contracts, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206588  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | $206588  |
| Total Asset Derivatives | $206588  | $20951938  | $-  | $21158526  |
| *Liability Derivatives:* |  |  |  |  |
| Forward foreign currency exchange contracts | $-  | $76079089  | $-  | $76079089  |
| \*Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10995226  | $10995226  |
| Total Liability Derivatives | $-  | $76079089  | $10995226  | $87074315  |
| \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts* | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts | $-  | $-  | $(58646551) | $(58646551) |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75165983  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $75165983  |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203498  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $203498  |
| Total | $203498  | $75165983  | $(58646551) | $16722930  |
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts* | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts | $-  | $-  | $178526  | $178526  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57686337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | $(57686337) |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; (248436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $(248436) |
| Total | $(248436) | $(57686337) | $178526  | $(57756247) |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Developed World Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** |
| Credit default swaps:  |  |
| Average notional amount - buy protection | $15542857  |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394252657  |
| Average amounts sold - in USD | 1623988912  |
| Futures contracts: |  |
| Average notional amount of contracts - long | &nbsp;&nbsp;&nbsp;&nbsp; 862033298  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| BNP Paribas | BNP Paribas | $20951938 | $(20951938) | $— | $— |
| Goldman Sachs & Co LLC | Goldman Sachs & Co LLC | 206588 |  |  | 206588 |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | 515023 |  | (515023) |  |
| Total | Total | $21673549 | $(20951938) | $(515023) | $206588 |
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Liabilities* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| BNP Paribas | BNP Paribas | $76079089 | $(20951938) | $— | $55127151 |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> Bloomberg Global Aggregate Credit Index (USD Hedged) Bloomberg Global Aggregate Credit Index (USD Hedged) measures the credit sector of the global investment grade fixed-rate bond market, including corporate, government and agency securities.

---

| | |
|:---|:---|
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |

---

---

| | |
|:---|:---|
| 144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2022 is $230,683,417, which represents 14.2% of net assets. |

---

‡ Variable
or floating rate security. Rate shown is the current rate as of December 31, 2022. Certain variable rate
securities are not based on a published reference rate and spread; they are determined by the issuer
or agent and current market conditions. Reference rate is as of reset date and may vary by security,
which may not indicate a reference rate and/or spread in their description.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

<br> # Loaned security; a portion of the security is on loan at December 31, 2022.

<br> µ Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

∆ Net of income paid
to the securities lending agent and rebates paid to the borrowing counterparties.

<br> Janus Investment Fund 15

------

### Janus Henderson Developed World Bond Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  |  | ***Level 2 -*** | ***Level 3 -*** |
|  |  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  |  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** | **Assets** |  |  |  |
| **Investments In Securities:** | **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | $4177037 | $- |
| *Corporate Bonds* | *Corporate Bonds* | - | 805453282 | - |
| *Foreign Government Bonds* | *Foreign Government Bonds* | - | 758187085 | - |
| *Mortgage-Backed Securities* | *Mortgage-Backed Securities* | - | 22730439 | - |
| *United States Treasury Notes/Bonds* | *United States Treasury Notes/Bonds* | - | 33435670 | - |
| *Investment Companies* | *Investment Companies* | - | 25731939 | - |
| *Investments Purchased with Cash Collateral from Securities Lending* | *Investments Purchased with Cash Collateral from Securities Lending* | - | 532895 | - |
| Total Investments in Securities | Total Investments in Securities | $- | $1650248347 | $- |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | *Forward Foreign Currency Exchange Contracts* | - | 20951938 | - |
| **Total Assets** | **Total Assets** | $- | $1671200285 | $- |
| **Liabilities** | **Liabilities** |  |  |  |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *OTC Swaps* | *OTC Swaps* | $- | $248436 | $- |
| *Forward Foreign Currency Exchange Contracts* | *Forward Foreign Currency Exchange Contracts* | - | 76079089 | - |
| *Futures Contracts* | *Futures Contracts* | 10995226 | - | - |
| **Total Liabilities** | **Total Liabilities** | $10995226 | $76327525 | $- |
| (a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |

---

<br> 16 DECEMBER 31, 2022

------

### Janus Henderson Developed World Bond Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $1,821,877,602)<sup>(1)</sup> | $1624090092 |
| Affiliated investments, at value (cost $26,155,582) | 26158255 |
| Deposits with brokers for futures | 17828230 |
| Forward foreign currency exchange contracts | 20951938 |
| Cash denominated in foreign currency (cost $6,722) | 6722 |
| Outstanding swap contracts, at value (premium paid $455,024) | 206588 |
| Variation margin receivable on futures contracts | 1007436 |
| Trustees' deferred compensation | 52736 |
| Receivables: |  |
| Interest | 9971508 |
| Fund shares sold | 6153113 |
| Investments sold | 6025828 |
| Dividends from affiliates | 214790 |
| Foreign tax reclaims | 880 |
| Other assets | 2709049 |
| Total Assets  | 1715377165 |
| Liabilities:  |  |
| Collateral for securities loaned (Note 3) | 532895 |
| Forward foreign currency exchange contracts | 76079089 |
| Variation margin payable on futures contracts | 1008655 |
| Payables: |  |
| Fund shares repurchased | 4809786 |
| Dividends | 2440626 |
| Advisory fees | 638746 |
| Investments purchased  | 464671 |
| Transfer agent fees and expenses | 242461 |
| Trustees' deferred compensation fees | 52736 |
| Professional fees | 39321 |
| 12b-1 Distribution and shareholder servicing fees | 34866 |
| Custodian fees | 24605 |
| Affiliated fund administration fees payable | 3971 |
| Trustees' fees and expenses | 3635 |
| Accrued expenses and other payables | 138621 |
| Total Liabilities  | 86514684 |
| Net Assets  | $1628862481 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Developed World Bond Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $2226813187 |
| Total distributable earnings (loss) | (597950706) |
| Total Net Assets  | $1628862481 |
| Net Assets - Class A Shares  | $65805208 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8690089 |
| Net Asset Value Per Share<sup>(2)</sup>  | $7.57 |
| Maximum Offering Price Per Share<sup>(3)</sup>  | $7.95 |
| Net Assets - Class C Shares | $19632164 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2611815 |
| Net Asset Value Per Share<sup>(2)</sup> | $7.52 |
| Net Assets - Class D Shares | $26288361 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3474059 |
| Net Asset Value Per Share | $7.57 |
| Net Assets - Class I Shares | $1355550691 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 179719738 |
| Net Asset Value Per Share | $7.54 |
| Net Assets - Class N Shares | $110600283 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14658960 |
| Net Asset Value Per Share | $7.54 |
| Net Assets - Class S Shares | $501643 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 66348 |
| Net Asset Value Per Share | $7.56 |
| Net Assets - Class T Shares | $50484131 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 6676350 |
| Net Asset Value Per Share | $7.56 |

---

<br>(1) Includes $515,023 of securities on loan. See Note 3 in Notes to Financial Statements.<br>(2) Redemption price per share may be reduced for any applicable contingent deferred sales charge.<br>(3) Maximum offering price is computed at 100/95.25 of net asset value.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Interest | $21569513 |
| Dividends from affiliates | 981361 |
| Affiliated securities lending income, net | 4072 |
| Unaffiliated securities lending income, net | 1462 |
| Other income | 191349 |
| Total Investment Income  | 22747757 |
| Expenses:  |  |
| Advisory fees | 5250934 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 94151 |
| Class C Shares | 120196 |
| Class S Shares | 615 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 17209 |
| Class S Shares | 682 |
| Class T Shares | 84901 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 71583 |
| Class C Shares | 9925 |
| Class I Shares | 902750 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 2566 |
| Class C Shares | 588 |
| Class D Shares | 3024 |
| Class I Shares | 46644 |
| Class N Shares | 3182 |
| Class S Shares | 15 |
| Class T Shares | 2961 |
| Shareholder reports expense | 89176 |
| Custodian fees | 78793 |
| Professional fees | 40949 |
| Trustees' fees and expenses | 31920 |
| Affiliated fund administration fees | 25632 |
| Registration fees | 22638 |
| Other expenses | 127531 |
| Total Expenses  | 7028565 |
| Less: Excess Expense Reimbursement and Waivers | (823097) |
| Net Expenses  | 6205468 |
| Net Investment Income/(Loss)  | 16542289 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson Developed World Bond Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments and foreign currency transactions | $(179533205) |
| Investments in affiliates | 5708 |
| Forward foreign currency exchange contracts | 75165983 |
| Futures contracts | (58646551) |
| Swap contracts | 203498 |
| Total Net Realized Gain/(Loss) on Investments  | (162804567) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 99993778 |
| Investments in affiliates | (1589) |
| Forward foreign currency exchange contracts | (57686337) |
| Futures contracts | 178526 |
| Swap contracts | (248436) |
| Total Change in Unrealized Net Appreciation/Depreciation  | 42235942 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $(104026336) |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $16542289 | $39493741 |
| Net realized gain/(loss) on investments | (162804567) | 57629851 |
| Change in unrealized net appreciation/depreciation | 42235942 | (439128888) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (104026336) | (342005296) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (5027209) | (1353980) |
| Class C Shares | (1450761) | (178692) |
| Class D Shares | (1991253) | (505532) |
| Class I Shares | (109407092) | (34599590) |
| Class N Shares | (8447244) | (1651730) |
| Class S Shares | (36765) | (6612) |
| Class T Shares | (3940248) | (1351302) |
| Net Decrease from Dividends and Distributions to Shareholders | (130300572) | (39647438) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (7221441) | (20275944) |
| Class C Shares | (4471240) | (5510550) |
| Class D Shares | (25177) | (4565825) |
| Class I Shares | (341243716) | 69051910 |
| Class N Shares | (1505125) | 74184313 |
| Class S Shares | (18831) | 150839 |
| Class T Shares | (16879212) | (29914527) |
| Net Increase/(Decrease) from Capital Share Transactions | (371364742) | 83120216 |
| Net Increase/(Decrease) in Net Assets | (605691650) | (298532518) |
| Net Assets: |  |  |
| Beginning of period | 2234554131 | 2533086649 |
| End of period | $1628862481 | $2234554131 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Developed World Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.60  | $9.93  | $9.94  | $9.69  | $9.35  | $9.46  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.06  | 0.12  | 0.17  | 0.14  | 0.18  | 0.21  |
| Net realized and unrealized gain/(loss) | (0.49)  | (1.33)  | 0.26  | 0.44  | 0.58  | (0.12)  |
| Total from Investment Operations | (0.43)  | (1.21)  | 0.43  | 0.58  | 0.76  | 0.09  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.60)  | (0.12)  | (0.44)  | (0.30)  | (0.42)  | (0.20)  |
| Distributions (from capital gains) | —  | —  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.60)  | (0.12)  | (0.44)  | (0.33)  | (0.42)  | (0.20)  |
| Net Asset Value, End of Period | $7.57  | $8.60  | $9.93  | $9.94  | $9.69  | $9.35  |
| Total Return\* | (5.11)% | (12.28)% | 4.30% | 6.07% | 8.48% | 0.99% |
| Net Assets, End of Period (in thousands) | $65805  | $81662  | $116629  | $59079  | $51463  | $40600  |
| Average Net Assets for the Period (in thousands) | $73988  | $109414  | $94430  | $59858  | $43495  | $43700  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.01% | 0.93% | 0.92% | 0.94% | 0.99% | 0.98% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.84% | 0.83% | 0.83% | 0.90% | 0.99% | 0.98% |
| Ratio of Net Investment Income/(Loss) | 1.42% | 1.25% | 1.69% | 1.45% | 1.98% | 2.23% |
| Portfolio Turnover Rate | 40% | 86% | 37% | 88% | 42% | 125% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.54  | $9.85  | $9.87  | $9.63  | $9.30  | $9.41  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.03  | 0.05  | 0.10  | 0.07  | 0.12  | 0.14  |
| Net realized and unrealized gain/(loss) | (0.48)  | (1.31)  | 0.24  | 0.43  | 0.57  | (0.12)  |
| Total from Investment Operations | (0.45)  | (1.26)  | 0.34  | 0.50  | 0.69  | 0.02  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.57)  | (0.05)  | (0.36)  | (0.23)  | (0.36)  | (0.13)  |
| Distributions (from capital gains) | —  | —  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.57)  | (0.05)  | (0.36)  | (0.26)  | (0.36)  | (0.13)  |
| Net Asset Value, End of Period | $7.52  | $8.54  | $9.85  | $9.87  | $9.63  | $9.30  |
| Total Return\* | (5.38)% | (12.83)% | 3.47% | 5.26% | 7.67% | 0.25% |
| Net Assets, End of Period (in thousands) | $19632  | $26901  | $36918  | $37641  | $37165  | $40085  |
| Average Net Assets for the Period (in thousands) | $24344  | $34064  | $38596  | $37191  | $36574  | $39996  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.63% | 1.59% | 1.60% | 1.64% | 1.72% | 1.72% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.56% | 1.54% | 1.55% | 1.62% | 1.72% | 1.72% |
| Ratio of Net Investment Income/(Loss) | 0.68% | 0.54% | 0.99% | 0.74% | 1.27% | 1.48% |
| Portfolio Turnover Rate | 40% | 86% | 37% | 88% | 42% | 125% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 23 |

---

------

### Janus Henderson Developed World Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.60  | $9.92  | $9.93  | $9.69  | $9.34  | $9.45  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.07  | 0.13  | 0.19  | 0.16  | 0.20  | 0.22  |
| Net realized and unrealized gain/(loss) | (0.49)  | (1.31)  | 0.25  | 0.43  | 0.59  | (0.11)  |
| Total from Investment Operations | (0.42)  | (1.18)  | 0.44  | 0.59  | 0.79  | 0.11  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.61)  | (0.14)  | (0.45)  | (0.32)  | (0.44)  | (0.22)  |
| Distributions (from capital gains) | —  | —  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.61)  | (0.14)  | (0.45)  | (0.35)  | (0.44)  | (0.22)  |
| Net Asset Value, End of Period | $7.57  | $8.60  | $9.92  | $9.93  | $9.69  | $9.34  |
| Total Return\* | (5.04)% | (12.06)% | 4.43% | 6.17% | 8.78% | 1.17% |
| Net Assets, End of Period (in thousands) | $26288  | $29812  | $39211  | $30219  | $16056  | $8848  |
| Average Net Assets for the Period (in thousands) | $28644  | $36141  | $42506  | $21662  | $10281  | $6302  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.74% | 0.69% | 0.70% | 0.75% | 0.86% | 0.79% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.70% | 0.68% | 0.69% | 0.73% | 0.81% | 0.79% |
| Ratio of Net Investment Income/(Loss) | 1.56% | 1.40% | 1.86% | 1.65% | 2.13% | 2.39% |
| Portfolio Turnover Rate | 40% | 86% | 37% | 88% | 42% | 125% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 24 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.57  | $9.89  | $9.91  | $9.66  | $9.32  | $9.43  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.07  | 0.14  | 0.19  | 0.17  | 0.21  | 0.23  |
| Net realized and unrealized gain/(loss) | (0.49)  | (1.31)  | 0.25  | 0.43  | 0.58  | (0.11)  |
| Total from Investment Operations | (0.42)  | (1.17)  | 0.44  | 0.60  | 0.79  | 0.12  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.61)  | (0.15)  | (0.46)  | (0.32)  | (0.45)  | (0.23)  |
| Distributions (from capital gains) | —  | —  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.61)  | (0.15)  | (0.46)  | (0.35)  | (0.45)  | (0.23)  |
| Net Asset Value, End of Period | $7.54  | $8.57  | $9.89  | $9.91  | $9.66  | $9.32  |
| Total Return\* | (4.99)% | (12.01)% | 4.46% | 6.36% | 8.77% | 1.25% |
| Net Assets, End of Period (in thousands) | $1355551  | $1894294  | $2151534  | $1348740  | $948619  | $659214  |
| Average Net Assets for the Period (in thousands) | $1706011  | $2273485  | $1744298  | $1202926  | $732591  | $496179  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.67% | 0.64% | 0.65% | 0.68% | 0.74% | 0.72% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.58% | 0.58% | 0.58% | 0.65% | 0.74% | 0.72% |
| Ratio of Net Investment Income/(Loss) | 1.65% | 1.52% | 1.94% | 1.71% | 2.23% | 2.47% |
| Portfolio Turnover Rate | 40% | 86% | 37% | 88% | 42% | 125% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 25 |

---

------

### Janus Henderson Developed World Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.57  | $9.90  | $9.91  | $9.67  | $9.32  | $9.44  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.07  | 0.15  | 0.19  | 0.18  | 0.21  | 0.23  |
| Net realized and unrealized gain/(loss) | (0.49)  | (1.33)  | 0.26  | 0.42  | 0.59  | (0.12)  |
| Total from Investment Operations | (0.42)  | (1.18)  | 0.45  | 0.60  | 0.80  | 0.11  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.61)  | (0.15)  | (0.46)  | (0.33)  | (0.45)  | (0.23)  |
| Distributions (from capital gains) | —  | —  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.61)  | (0.15)  | (0.46)  | (0.36)  | (0.45)  | (0.23)  |
| Net Asset Value, End of Period | $7.54  | $8.57  | $9.90  | $9.91  | $9.67  | $9.32  |
| Total Return\* | (5.00)% | (12.06)% | 4.58% | 6.32% | 8.94% | 1.19% |
| Net Assets, End of Period (in thousands) | $110600  | $126445  | $69800  | $31829  | $5789  | $4168  |
| Average Net Assets for the Period (in thousands) | $115723  | $100399  | $50273  | $19208  | $5062  | $2007  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.57% | 0.55% | 0.56% | 0.61% | 0.71% | 0.67% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.57% | 0.55% | 0.56% | 0.59% | 0.67% | 0.67% |
| Ratio of Net Investment Income/(Loss) | 1.71% | 1.59%  | 1.94% | 1.82% | 2.31% | 2.51% |
| Portfolio Turnover Rate | 40% | 86% | 37% | 88% | 42% | 125% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 26 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.59  | $9.91  | $9.93  | $9.69  | $9.34  | $9.45  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.05  | 0.10  | 0.15  | 0.13  | 0.18  | 0.20  |
| Net realized and unrealized gain/(loss) | (0.49)  | (1.32)  | 0.25  | 0.42  | 0.59  | (0.12)  |
| Total from Investment Operations | (0.44)  | (1.22)  | 0.40  | 0.55  | 0.77  | 0.08  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.59)  | (0.10)  | (0.42)  | (0.28)  | (0.42)  | (0.19)  |
| Distributions (from capital gains) | —  | —  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.59)  | (0.10)  | (0.42)  | (0.31)  | (0.42)  | (0.19)  |
| Net Asset Value, End of Period | $7.56  | $8.59  | $9.91  | $9.93  | $9.69  | $9.34  |
| Total Return\* | (5.21)% | (12.38)% | 3.99% | 5.83% | 8.51% | 0.85% |
| Net Assets, End of Period (in thousands) | $502  | $585  | $527  | $224  | $158  | $121  |
| Average Net Assets for the Period (in thousands) | $536  | $614  | $500  | $201  | $141  | $70  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.61% | 1.50% | 1.62% | 2.55% | 3.21% | 2.19% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.05% | 1.03% | 1.02% | 1.06% | 1.06% | 1.05% |
| Ratio of Net Investment Income/(Loss) | 1.22% | 1.06% | 1.50% | 1.31% | 1.91% | 2.12% |
| Portfolio Turnover Rate | 40% | 86% | 37% | 88% | 42% | 125% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 27 |

---

------

### Janus Henderson Developed World Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.59  | $9.91  | $9.93  | $9.68  | $9.34  | $9.45  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.06  | 0.13  | 0.17  | 0.15  | 0.19  | 0.21  |
| Net realized and unrealized gain/(loss) | (0.49)  | (1.32)  | 0.25  | 0.44  | 0.58  | (0.10)  |
| Total from Investment Operations | (0.43)  | (1.19)  | 0.42  | 0.59  | 0.77  | 0.11  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.60)  | (0.13)  | (0.44)  | (0.31)  | (0.43)  | (0.22)  |
| Distributions (from capital gains) | —  | —  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.60)  | (0.13)  | (0.44)  | (0.34)  | (0.43)  | (0.22)  |
| Net Asset Value, End of Period | $7.56  | $8.59  | $9.91  | $9.93  | $9.68  | $9.34  |
| Total Return\* | (5.11)% | (12.17)% | 4.23% | 6.17% | 8.59% | 1.11% |
| Net Assets, End of Period (in thousands) | $50484  | $74856  | $118467  | $100323  | $70554  | $30023  |
| Average Net Assets for the Period (in thousands) | $66820  | $106431  | $131360  | $106719  | $45901  | $19756  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.82% | 0.78% | 0.81% | 0.84% | 0.91% | 0.89% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.81% | 0.77% | 0.79% | 0.83% | 0.90% | 0.88% |
| Ratio of Net Investment Income/(Loss) | 1.41% | 1.31% | 1.74% | 1.52% | 2.05% | 2.31% |
| Portfolio Turnover Rate | 40% | 86% | 37% | 88% | 42% | 125% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 28 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Developed World Bond Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through current income and capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> Janus Investment Fund 29

------

### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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

<br> 30 DECEMBER 31, 2022

------

### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

<br> Janus Investment Fund 31

------

### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)

#### Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

#### Dividends and Distributions
Dividends are declared and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended December 31, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the

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### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;· **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;· **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;· **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

#### Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract ("forward currency contract") is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign

<br> Janus Investment Fund 33

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### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

#### Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or "ASET" price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund's futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

#### Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap

<br> 34 DECEMBER 31, 2022

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### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty ("CCP"). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the "Executing Dealer") and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission ("CFTC"). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund's exposure to the counterparty.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the "notional value") (or other agreed-upon value) of a referenced debt obligation to

<br> Janus Investment Fund 35

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### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Fund may invest in single-name credit default swaps ("CDS") to buy or sell credit protection to hedge its credit exposure, gain issuer exposure without owning the underlying security, or increase the Fund's total return. Single-name CDS enable the Fund to buy or sell protection against a credit event of a specific issuer. When the Fund buys a single-name CDS, the Fund will receive a return on its investment only in the event of a credit event, such as default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). If a single-name CDS transaction is particularly large, or if the relevant market is illiquid, it may not be possible for the Fund to initiate a single-name CDS transaction or to liquidate its position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a single-name CDS in the event of the default or bankruptcy of the counterparty. The risks associated with cleared single-name CDS may be lower than that for uncleared single-name CDS because for cleared single-name CDS, the counterparty is a clearinghouse (to the extent such a trading market is available). However, there can be no assurance that a clearinghouse or its members will satisfy their obligations to the Fund.

The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.

During the period, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.

3. Other Investments and Strategies

#### Additional Investment Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-

<br> 36 DECEMBER 31, 2022

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### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities' mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities.

<br> Janus Investment Fund 37

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### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities ("sovereign debt"). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed 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, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor's policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund's holdings. 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. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In

<br> 38 DECEMBER 31, 2022

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### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. 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. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of December 31, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $515,023. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2022 is $532,895, resulting in the net amount due to the counterparty of $17,872.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the "Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022" table located in the Fund's Schedule of Investments.

<br> Janus Investment Fund 39

------

### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to these contracts. Certain securities may be segregated at the Fund's custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund's corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| *Average Daily Net* <br>*Assets of the Fund* | *Contractual Investment* <br>*Advisory Fee (%)* |
| First $1 Billion | 0.55 |
| Next $500 Million | 0.50 |
| Above $1.5 Billion | 0.45 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.52% of average annual net assets before any applicable waivers.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, "HGIL"), pursuant to which HGIL and certain employees of HGIL serve as "associated persons" of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the 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, such as transfer agency fees (but excluding out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.57% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. Networking/omnibus fees and out-of-pocket transfer agency fees were not waived under the Fund's prior expense limitation agreement. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and

<br> 40 DECEMBER 31, 2022

------

### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares' average daily net assets, of up to 1.00% of the Class C Shares' average daily net assets and of up to 0.25% of the Class S Shares' average daily net assets. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

<br> Janus Investment Fund 41

------

### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $413.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $730.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

5. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

<br> 42 DECEMBER 31, 2022

------

### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2022, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |
| *For the year ended June 30, 2022* | *For the year ended June 30, 2022* | *For the year ended June 30, 2022* |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | *Accumulated* <br> *Capital Losses* |
| $(66785775) | $(68631549) | $(135417324) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle deferrals, and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $1862199563  | $10555169  | $(222506385) | $(211951216) |

---

<br> Janus Investment Fund 43

------

### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
6. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019104  | $8479123  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724450  | $36170406  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562239  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4356673  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128149  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221106  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2385111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20057237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6109525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57667456) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(803768) | $(7221441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2256926) | $(20275944) |
| Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114083  | $944164  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509317  | $4920366  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175470  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345145  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17675  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165894  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(827080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6760549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1125213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10596810) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537527) | $(4471240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(598221) | $(5510550) |
| Class D Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133335  | $1141488  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713782  | $6955172  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243726  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889513  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51468  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489636  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3056178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1249560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12010633) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6196  | $(25177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484310) | $(4565825) |
| Class I Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55088595  | $464675829  | &nbsp;&nbsp;&nbsp;&nbsp;120461770  | $1155949553  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13212099  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102203693  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350139  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31715689  |
| Shares repurchased | (109570288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(908123238) | (120336993) | &nbsp;&nbsp;&nbsp;&nbsp;(1118613332) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41269594) | $(341243716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474916  | $69051910  |
| Class N Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615295  | $21892877  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11532890  | $109974619  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046643  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8094107  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165644  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1547996  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3750317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31492109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4004887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37338302) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88379) | $(1505125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7693647  | $74184313  |
| Class S Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226  | $10293  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24245  | $238399  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4757  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36765  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6612  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94172) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1716) | $(18831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14929  | $150839  |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230445  | $10191209  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830394  | $27554407  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488252  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3784017  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137011  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1307056  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3756435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30854438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6204046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58775990) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2037738) | $(16879212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3236641) | $(29914527) |

---

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $666465193  | $855199552  | $91756252  | $302667381  |

---

<br> 44 DECEMBER 31, 2022

------

### Janus Henderson Developed World Bond Fund

#### Notes to Financial Statements (unaudited)
8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> Janus Investment Fund 45

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### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> 46 DECEMBER 31, 2022

------

### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> Janus Investment Fund 47

------

### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> 48 DECEMBER 31, 2022

------

### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> Janus Investment Fund 49

------

### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> 50 DECEMBER 31, 2022

------

### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> Janus Investment Fund 51

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### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> 52 DECEMBER 31, 2022

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### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> Janus Investment Fund 53

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### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> 54 DECEMBER 31, 2022

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### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> Janus Investment Fund 55

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### Janus Henderson Developed World Bond Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> 56 DECEMBER 31, 2022

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### Janus Henderson Developed World Bond Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> Janus Investment Fund 57

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### Janus Henderson Developed World Bond Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> 58 DECEMBER 31, 2022

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### Janus Henderson Developed World Bond Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> Janus Investment Fund 59

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### Janus Henderson Developed World Bond Fund

#### Notes

#### NotesPage1
<br> 60 DECEMBER 31, 2022

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### Janus Henderson Developed World Bond Fund

#### Notes

#### NotesPage2
<br> Janus Investment Fund 61

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---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93077 03-23 |

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Flexible Bond Fund**  | **Janus Henderson Flexible Bond Fund**  |
| Janus Investment Fund | Janus Investment Fund |

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**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

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### **Table of Contents**

#### Janus Henderson Flexible Bond Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_7) | [1](#1_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_7) | [19](#2_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_7) | [21](#3_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_7) | [23](#4_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_7) | [25](#5_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_7) | [26](#6_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_7) | [34](#7_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_7) | [49](#8_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_7) | [60](#9_7) |

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<br> Greg Wilenskyco-portfolio manager Michael Keoughco-portfolio manager <br>     

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### Janus Henderson Flexible Bond Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

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| | | |
|:---|:---|:---|
| Fund Profile |  |  |
| **30-day SEC Yield\*** | **Without <br>Reimbursement** | **With <br>Reimbursement** |
| Class A Shares NAV | 2.72% | 2.72% |
| Class A Shares MOP | 2.59% | 2.59% |
| Class C Shares\*\* | 2.01% | 2.01% |
| Class D Shares | 3.02% | 3.02% |
| Class I Shares | 3.10% | 3.10% |
| Class N Shares | 3.18% | 3.18% |
| Class R Shares | 2.36% | 2.36% |
| Class S Shares | 2.62% | 2.63% |
| Class T Shares | 2.91% | 2.91% |
| **Weighted Average Maturity** | **Weighted Average Maturity** | 8.1 Years |
| **Average Effective Duration\*\*\*** | **Average Effective Duration\*\*\*** | 6.0 Years |
| \* Yield will fluctuate. |  |  |
| \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. |
| \*\*\* A theoretical measure of price volatility. | \*\*\* A theoretical measure of price volatility. |  |

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| | |
|:---|:---|
| Ratings<sup>†</sup> Summary - (% of Total Investments) |  |
| AAA | 26.9% |
| AA | 33.2% |
| A | 4.6% |
| BBB | 12.0% |
| BB | 1.9% |
| B | 0.1% |
| Not Rated | 18.6% |
| Other | 2.7% |
| † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. | † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. |

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Significant Areas of Investment - (% of Net Assets)

---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| United States Treasury Notes/Bonds | 30.9% | 30.9% |
| Mortgage-Backed Securities | 25.7% | 25.7% |
| Asset-Backed/Commercial Mortgage-Backed Securities | 23.6% | 23.6% |
| Corporate Bonds | 16.6% | 16.6% |
| Investment Companies | 9.7% | 9.7% |
| Investments Purchased with Cash Collateral from Securities Lending | 3.6% | 3.6% |
| Other | Other | (10.1)% |
|  |  | 100.0% |

---

<br> Janus Investment Fund 1

------

#### Janus Henderson Flexible Bond Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | -3.18% | -13.88% | 0.28% | 1.12% | 5.69% | 0.85% | 0.70% |
| Class A Shares at MOP | -7.80% | -17.95% | -0.70% | 0.63% | 5.54% |  |  |
| Class C Shares at NAV | -3.53% | -14.50% | -0.35% | 0.45% | 5.01% | 1.51% | 1.45% |
| Class C Shares at CDSC | -4.49% | -15.34% | -0.35% | 0.45% | 5.01% |  |  |
| Class D Shares | -3.11% | -13.76% | 0.54% | 1.36% | 5.78% | 0.57% | 0.57% |
| Class I Shares | -3.05% | -13.66% | 0.62% | 1.43% | 5.80% | 0.51% | 0.45% |
| Class N Shares | -3.05% | -13.66% | 0.66% | 1.50% | 5.82% | 0.43% | 0.43% |
| Class R Shares | -3.42% | -14.30% | -0.07% | 0.76% | 5.30% | 1.19% | 1.19% |
| Class S Shares | -3.30% | -14.09% | 0.17% | 1.01% | 5.55% | 0.95% | 0.95% |
| Class T Shares | -3.16% | -13.86% | 0.44% | 1.27% | 5.74% | 0.68% | 0.68% |
| Bloomberg U.S. Aggregate Bond Index | -2.97% | -13.01% | 0.02% | 1.06% | 5.44%<sup>\*\*</sup> |  |  |
| Morningstar Quartile - Class T Shares | - | 3rd | 2nd | 3rd | 1st |  |  |
| Morningstar Ranking - based on total returns for Intermediate Core - Plus Bond Funds | - | 319/625 | 133/554 | 232/477 | 24/89 |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

<br> 2 DECEMBER 31, 2022

------

#### Janus Henderson Flexible Bond Fund (unaudited)

#### Performance
*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund's Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund's Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – July 7, 1987

\*\* The Bloomberg U.S. Aggregate Bond Index's since inception returns are calculated from June 30, 1987.

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

------

#### Janus Henderson Flexible Bond Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $968.20  | $3.57  | $1000.00  | $1021.58  | $3.67  | 0.72% |
| Class C Shares | Class C Shares | $1000.00  | $964.70  | $7.13  | $1000.00  | $1017.95  | $7.32  | 1.44% |
| Class D Shares | Class D Shares | $1000.00  | $968.90  | $2.83  | $1000.00  | $1022.33  | $2.91  | 0.57% |
| Class I Shares | Class I Shares | $1000.00  | $969.50  | $2.28  | $1000.00  | $1022.89  | $2.35  | 0.46% |
| Class N Shares | Class N Shares | $1000.00  | $969.50  | $2.23  | $1000.00  | $1022.94  | $2.29  | 0.45% |
| Class R Shares | Class R Shares | $1000.00  | $965.80  | $6.00  | $1000.00  | $1019.11  | $6.16  | 1.21% |
| Class S Shares | Class S Shares | $1000.00  | $967.00  | $4.76  | $1000.00  | $1020.37  | $4.89  | 0.96% |
| Class T Shares | Class T Shares | $1000.00  | $968.40  | $3.42  | $1000.00  | $1021.73  | $3.52  | 0.69% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

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<br> 4 DECEMBER 31, 2022

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– 23.6% | Asset-Backed/Commercial Mortgage-Backed Securities– 23.6% |  |
| 208 Park Avenue Mortgage Trust 2017-280P, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.8800%, 5.1170%, 9/15/34 (144A)<sup>‡</sup> | $4050930 | $3951888 |
| ACC Auto Trust 2021-A A, 1.0800%, 4/15/27 (144A) | 933046 | 922266 |
| ACC Auto Trust 2022-A A, 4.5800%, 7/15/26 (144A) | 2268398 | 2226155 |
| ACM Auto Trust 2022-1A A, 3.2300%, 4/20/29 (144A) | 941228 | 936609 |
| Affirm Asset Securitization Trust 2020-Z2 A, 1.9000%, 1/15/25 (144A) | 507277 | 494687 |
| Affirm Asset Securitization Trust 2021-B A, 1.0300%, 8/17/26 (144A) | 4780000 | 4531585 |
| Aimco 2020-11A AR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.1300%, 5.2091%, 10/17/34 (144A)<sup>‡</sup> | 1763000 | 1716120 |
| Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49 (144A)<sup>‡</sup> | 595251 | 570911 |
| Angel Oak Mortgage Trust I LLC 2019-6, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 12 Month + 0.9500%, 2.6200%, 11/25/59 (144A)<sup>‡</sup> | 514181 | 487241 |
| Angel Oak Mortgage Trust I LLC 2020-2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 12 Month + 2.2000%, 2.5310%, 1/26/65 (144A)<sup>‡</sup> | 1445484 | 1303780 |
| Angel Oak Mortgage Trust I LLC 2020-3, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 12 Month + 1.0000%, 2.4100%, 4/25/65 (144A)<sup>‡</sup> | 1229504 | 1111366 |
| Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46 (144A) | 2153758 | 1934133 |
| ARES CLO Ltd 2021-60A A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.1200%, 3.8603%, 7/18/34 (144A)<sup>‡</sup> | 1486000 | 1445431 |
| Arivo Acceptance Auto Loan Receivables 2022-1A A, 3.9300%, 5/15/28 (144A) | 1969822 | 1911872 |
| Atalaya Equipment Leasing Fund I LP 2021-1A A2, 1.2300%, 5/15/26 (144A) | 2688270 | 2609444 |
| Babson CLO Ltd 2018-3A A1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 0.9500%, 5.1926%, 7/20/29 (144A)<sup>‡</sup> | 2769810 | 2747968 |
| Babson CLO Ltd 2019-3A A1R, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.0700%, 5.3126%, 4/20/31 (144A)<sup>‡</sup> | 6351000 | 6260625 |
| Barclays Commercial Mortgage Securities LLC 2015-SRCH, |  |  |
| &nbsp;&nbsp;&nbsp;4.1970%, 8/10/35 (144A) | 9721000 | 9048140 |
| Barclays Commercial Mortgage Securities LLC 2017-DELC, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.9750%, 5.2929%, 8/15/36 (144A)<sup>‡</sup> | 3044000 | 2988618 |
| BPR Trust 2022-OANA A, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.8980%, 6.2336%, 4/15/37 (144A)<sup>‡</sup> | 11487000 | 11311376 |
| BX Commercial Mortgage Trust 2019-OC11, 3.6050%, 12/9/41 (144A) | 2160000 | 1775979 |
| BX Commercial Mortgage Trust 2019-OC11, 3.8560%, 12/9/41 (144A) | 4295000 | 3548560 |
| BX Commercial Mortgage Trust 2019-XL, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.0345%, 5.3701%, 10/15/36 (144A)<sup>‡</sup> | 9471465 | 9354554 |
| BX Commercial Mortgage Trust 2019-XL, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.1945%, 5.5301%, 10/15/36 (144A)<sup>‡</sup> | 2552550 | 2505596 |
| BX Commercial Mortgage Trust 2020-VKNG A, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.0445%, 5.3801%, 10/15/37 (144A)<sup>‡</sup> | 1032857 | 1008418 |
| BX Commercial Mortgage Trust 2021-LBA AJV, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.8000%, 5.1180%, 2/15/36 (144A)<sup>‡</sup> | 5348000 | 5085178 |
| BX Commercial Mortgage Trust 2021-LBA AV, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.8000%, 5.1180%, 2/15/36 (144A)<sup>‡</sup> | 6081000 | 5792591 |
| BX Commercial Mortgage Trust 2021-VINO A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.6523%, 4.9703%, 5/15/38 (144A)<sup>‡</sup> | 1473000 | 1418727 |
| BX Commercial Mortgage Trust 2021-VOLT B, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.9500%, 5.2679%, 9/15/36 (144A)<sup>‡</sup> | 6188000 | 5852865 |
| BX Commercial Mortgage Trust 2021-VOLT D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.6500%, 5.9679%, 9/15/36 (144A)<sup>‡</sup> | 6499000 | 6082184 |
| BX Commercial Mortgage Trust 2022-FOX2 A2, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 0.7492%, 5.0848%, 4/15/39 (144A)<sup>‡</sup> | 6251000 | 5756136 |
| Carvana Auto Receivables Trust 2021-P4 A2, 0.8200%, 4/10/25 | 1946821 | 1921796 |
| CBAM CLO Management 2019-11RA A1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.1800%, 5.4226%, 1/20/35 (144A)<sup>‡</sup> | 7300000 | 7106842 |
| CBAM CLO Management 2019-11RA B, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.7500%, 5.9926%, 1/20/35 (144A)<sup>‡</sup> | 2775193 | 2638384 |
| Cedar Funding Ltd 2019-11A A1R, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.0500%, 5.7863%, 5/29/32 (144A)<sup>‡</sup> | 5305000 | 5202274 |
| CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61 (144A) | 7175021 | 6189188 |
| CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61 (144A) | 2634362 | 2162339 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62 (144A) | $6646712 | $6442790 |
| CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62 (144A) | 16060256 | 15214511 |
| Chase Auto Credit Linked Notes 2021-2 B, 0.8890%, 12/26/28 (144A) | 2824079 | 2698551 |
| Chase Mortgage Finance Corp 2021-CL1 M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 1.2000%, 5.1277%, 2/25/50 (144A)<sup>‡</sup> | 3198867 | 2897215 |
| CIFC Funding Ltd 2021-4A A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.0500%, 5.1291%, 7/15/33 (144A)<sup>‡</sup> | 5567595 | 5480256 |
| CIFC Funding Ltd 2021-7A B, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.6000%, 5.9246%, 1/23/35 (144A)<sup>‡</sup> | 2232376 | 2131578 |
| CIM Trust 2021-NR1 A1, 2.5690%, 7/25/55 (144A)<sup>Ç</sup> | 3898788 | 3671045 |
| Cold Storage Trust 2020-ICE5 A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.9000%, 5.2179%, 11/15/37 (144A)<sup>‡</sup> | 10993766 | 10705986 |
| Cold Storage Trust 2020-ICE5 B, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.3000%, 5.6179%, 11/15/37 (144A)<sup>‡</sup> | 4888412 | 4732697 |
| Cold Storage Trust 2020-ICE5 C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.6500%, 5.9679%, 11/15/37 (144A)<sup>‡</sup> | 4906106 | 4745351 |
| COLT Funding LLC 2020-2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 12 Month + 1.5000%, 1.8530%, 3/25/65 (144A)<sup>‡</sup> | 118292 | 115074 |
| COLT Funding LLC 2020-3, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 12 Month + 1.2000%, 1.5060%, 4/27/65 (144A)<sup>‡</sup> | 435082 | 402907 |
| Conn Funding II LP 2021-A A, 1.0500%, 5/15/26 (144A) | 3894 | 3887 |
| Connecticut Avenue Securities Trust 2014-C04, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.9000%, 9.2887%, 11/25/24<sup>‡</sup> | 260361 | 267721 |
| Connecticut Avenue Securities Trust 2015-C02 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.0000%, 8.3887%, 5/25/25<sup>‡</sup> | 660527 | 662427 |
| Connecticut Avenue Securities Trust 2018-R07, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.4000%, 6.7887%, 4/25/31 (144A)<sup>‡</sup> | 242769 | 242050 |
| Connecticut Avenue Securities Trust 2019-R02, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.3000%, 6.6887%, 8/25/31 (144A)<sup>‡</sup> | 111843 | 111628 |
| Connecticut Avenue Securities Trust 2019-R03, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.1500%, 6.5387%, 9/25/31 (144A)<sup>‡</sup> | 452490 | 451214 |
| Connecticut Avenue Securities Trust 2019-R07, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.1000%, 6.4887%, 10/25/39 (144A)<sup>‡</sup> | 164476 | 164031 |
| Connecticut Avenue Securities Trust 2021-R02 2M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.0000%, 5.9277%, 11/25/41 (144A)<sup>‡</sup> | 5654000 | 5261892 |
| Connecticut Avenue Securities Trust 2021-R03 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 1.6500%, 5.5777%, 12/25/41 (144A)<sup>‡</sup> | 3943000 | 3661458 |
| Connecticut Avenue Securities Trust 2022-R01 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 3.1500%, 7.0777%, 12/25/41 (144A)<sup>‡</sup> | 6109000 | 5733915 |
| Connecticut Avenue Securities Trust 2022-R03 1M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.1000%, 6.0277%, 3/25/42 (144A)<sup>‡</sup> | 7756990 | 7713508 |
| Connecticut Avenue Securities Trust 2022-R04 1M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.0000%, 5.9277%, 3/25/42 (144A)<sup>‡</sup> | 3411358 | 3403142 |
| Connecticut Avenue Securities Trust 2022-R06 1M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.7500%, 6.6777%, 5/25/42 (144A)<sup>‡</sup> | 2319389 | 2340554 |
| Connecticut Avenue Securities Trust 2022-R08 1M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.5500%, 6.4777%, 7/25/42 (144A)<sup>‡</sup> | 1803654 | 1808792 |
| Consumer Loan Underlying Bond Credit Trust 2019-P2 C, |  |  |
| &nbsp;&nbsp;&nbsp;4.4100%, 10/15/26 (144A) | 676772 | 672624 |
| Consumer Loan Underlying Bond Credit Trust 2020-P1 C, |  |  |
| &nbsp;&nbsp;&nbsp;4.6100%, 3/15/28 (144A) | 330729 | 327536 |
| CP EF Asset Securitization I LLC 2002-1A A, 5.9600%, 4/15/30 (144A) | 2917294 | 2869680 |
| Credit Suisse Commercial Mortgage Trust 2019-ICE4, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.9800%, 5.2980%, 5/15/36 (144A)<sup>‡</sup> | 9188000 | 9082462 |
| Credit Suisse Commercial Mortgage Trust 2019-ICE4 C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.4300%, 5.7480%, 5/15/36 (144A)<sup>‡</sup> | 5168000 | 5055495 |
| Credit Suisse Commercial Mortgage Trust 2021-WEHO A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.9693%, 8.2873%, 4/15/23 (144A)<sup>‡</sup> | 5107342 | 4959435 |
| Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49 (144A) | 7083000 | 5801592 |
| Domino's Pizza Master Issuer LLC, 4.1160%, 7/25/48 (144A) | 7237440 | 6826930 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| Elmwood CLO VIII Ltd 2019-2A AR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.1500%, 3.8599%, 4/20/34 (144A)<sup>‡</sup> | $2239000 | $2186034 |
| Exeter Automobile Receivables Trust 2019-1, 5.2000%, 1/15/26 (144A) | 3260000 | 3229456 |
| Exeter Automobile Receivables Trust 2021-1A D, 1.0800%, 11/16/26 | 3626000 | 3378970 |
| Extended Stay America Trust 2021-ESH B, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.3800%, 5.6980%, 7/15/38 (144A)<sup>‡</sup> | 2391671 | 2291209 |
| Fannie Mae Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 5.0000%, 9.3887%, 7/25/25<sup>‡</sup> | 1351796 | 1401996 |
| Fannie Mae REMICS, 3.0000%, 5/25/48 | 5056578 | 4561913 |
| Fannie Mae REMICS, 3.0000%, 11/25/49 | 6275796 | 5571444 |
| Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51 (144A)<sup>‡</sup> | 14271792 | 11910839 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA4 M2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.9500%, 6.3387%, 10/25/49 (144A)<sup>‡</sup> | 114648 | 114573 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA6 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.0000%, 5.9277%, 12/25/50 (144A)<sup>‡</sup> | 4874684 | 4836164 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA4 M2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.1500%, 7.5387%, 9/25/50 (144A)<sup>‡</sup> | 26307 | 26307 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.6000%, 6.5277%, 11/25/50 (144A)<sup>‡</sup> | 5574303 | 5506520 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.3000%, 6.2277%, 8/25/33 (144A)<sup>‡</sup> | 2791000 | 2760033 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA1 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.2500%, 6.1777%, 8/25/33 (144A)<sup>‡</sup> | 3013000 | 2775478 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA5 M1A, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.9500%, 6.8777%, 6/25/42 (144A)<sup>‡</sup> | 4832696 | 4876664 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M1A, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.1500%, 6.0777%, 9/25/42 (144A)<sup>‡</sup> | 1040295 | 1036660 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.1000%, 6.0277%, 3/25/42 (144A)<sup>‡</sup> | 3668774 | 3635092 |
| FREED ABS Trust 2019-2 C, 4.8600%, 11/18/26 (144A) | 453362 | 452882 |
| FREED ABS Trust 2022-3FP A, 4.5000%, 8/20/29 (144A) | 2022061 | 2014374 |
| GCAT 2022-INV1 A1, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 15195542 | 12515703 |
| Great Wolf Trust, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.0340%, 5.3520%, 12/15/36 (144A)<sup>‡</sup> | 2050000 | 1989388 |
| Great Wolf Trust, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.3340%, 5.6520%, 12/15/36 (144A)<sup>‡</sup> | 2296000 | 2207199 |
| Great Wolf Trust, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.6330%, 5.9510%, 12/15/36 (144A)<sup>‡</sup> | 2558000 | 2454025 |
| Highbridge Loan Management Ltd 2021-16A B, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.7000%, 6.0246%, 1/23/35 (144A)<sup>‡</sup> | 2113425 | 2008840 |
| JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE A, |  |  |
| &nbsp;&nbsp;&nbsp;3.2865%, 1/10/37 (144A) | 6185000 | 5686760 |
| JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE B, |  |  |
| &nbsp;&nbsp;&nbsp;3.6401%, 1/10/37 (144A) | 4370000 | 4006731 |
| LAD Auto Receivables Trust 2021-1A A, 1.3000%, 8/17/26 (144A) | 2206441 | 2141312 |
| LAD Auto Receivables Trust 2022-1A A, 5.2100%, 6/15/27 (144A) | 5148899 | 5064159 |
| Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27 (144A)<sup>‡</sup> | 5031004 | 4833065 |
| Life Financial Services Trust 2021-BMR A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.7000%, 5.0180%, 3/15/38 (144A)<sup>‡</sup> | 11607894 | 11239994 |
| Life Financial Services Trust 2021-BMR C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.1000%, 5.4180%, 3/15/38 (144A)<sup>‡</sup> | 6486620 | 6165300 |
| Life Financial Services Trust 2022-BMR2 A1, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.2952%, 5.6309%, 5/15/39 (144A)<sup>‡</sup> | 6610000 | 6446277 |
| Madison Park Funding Ltd 2019-35A A1R, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 0.9900%, 5.2326%, 4/20/32 (144A)<sup>‡</sup> | 7174000 | 7050579 |
| MED Trust 2021-MDLN C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.8000%, 6.1180%, 11/15/38 (144A)<sup>‡</sup> | 1845000 | 1749614 |
| MED Trust 2021-MDLN D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.0000%, 6.3180%, 11/15/38 (144A)<sup>‡</sup> | 1873000 | 1773072 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| MED Trust 2021-MDLN E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.1500%, 7.4680%, 11/15/38 (144A)<sup>‡</sup> | $8317000 | $7719914 |
| MED Trust 2021-MDLN F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.0000%, 8.3180%, 11/15/38 (144A)<sup>‡</sup> | 5232000 | 4818250 |
| Mello Mortgage Capital Acceptance Trust 2021-INV2 A11, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.9500%, 4.4708%, 8/25/51 (144A)<sup>‡</sup> | 4378771 | 3948459 |
| Mello Mortgage Capital Acceptance Trust 2021-INV3 A11, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.9500%, 4.4708%, 10/25/51 (144A)<sup>‡</sup> | 5554699 | 5015017 |
| Mello Mortgage Capital Acceptance Trust 2021-INV4 A3, |  |  |
| &nbsp;&nbsp;&nbsp;2.5000%, 12/25/51 (144A)<sup>‡</sup> | 4177371 | 3336205 |
| Mello Mortgage Capital Acceptance Trust 2022-INV1 A2, |  |  |
| &nbsp;&nbsp;&nbsp;3.0000%, 3/25/52 (144A)<sup>‡</sup> | 10426678 | 8550343 |
| Mercury Financial Credit Card Master Trust 2021-1A A, |  |  |
| &nbsp;&nbsp;&nbsp;1.5400%, 3/20/26 (144A) | 6186000 | 5921930 |
| MHC Commercial Mortgage Trust 2021-MHC A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.8010%, 5.1190%, 4/15/38 (144A)<sup>‡</sup> | 10483358 | 10169613 |
| MHC Commercial Mortgage Trust 2021-MHC C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.3510%, 5.6690%, 4/15/38 (144A)<sup>‡</sup> | 5917835 | 5640325 |
| New Residential Mortgage Loan Trust 2018-2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 6 Month + 0.6800%, 4.5000%, 2/25/58 (144A)<sup>‡</sup> | 2234056 | 2110425 |
| NRZ Excess Spread Collateralized Notes 2020-PLS1 A, |  |  |
| &nbsp;&nbsp;&nbsp;3.8440%, 12/25/25 (144A) | 1307371 | 1191502 |
| NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26 (144A) | 4125683 | 3581895 |
| Oak Street Investment Grade Net Lease Fund 2020-1A A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.8500%, 11/20/50 (144A) | 4709449 | 4186902 |
| Oasis Securitization 2022-1A A, 4.7500%, 5/15/34 (144A) | 1986471 | 1948747 |
| Oceanview Mortgage Trust 2021-4 A11, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.8500%, 4.3708%, 10/25/51 (144A)<sup>‡</sup> | 6106309 | 5470540 |
| Oceanview Mortgage Trust 2021-5 AF, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.8500%, 4.3708%, 11/25/51 (144A)<sup>‡</sup> | 5929278 | 5325133 |
| Oceanview Mortgage Trust 2022-1 A1, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 6164422 | 5144650 |
| Oceanview Mortgage Trust 2022-2 A1, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 12008775 | 10022198 |
| Onslow Bay Financial LLC 2021-INV3 A3, 2.5000%, 10/25/51 (144A)<sup>‡</sup> | 4743152 | 3792019 |
| Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 12097265 | 10098174 |
| Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 5129641 | 4059826 |
| Pagaya AI Debt Selection Trust 2021-1 A, 1.1800%, 11/15/27 (144A) | 3503188 | 3450008 |
| Pagaya AI Debt Selection Trust 2022-1 A, 2.0300%, 10/15/29 (144A) | 2966960 | 2829180 |
| Preston Ridge Partners Mortgage Trust 2020-4 A1, 2.9510%, 10/25/25 (144A)<sup>Ç</sup> | 3228935 | 3029398 |
| Preston Ridge Partners Mortgage Trust 2021-10 A1, 2.4870%, 10/25/26 (144A)<sup>Ç</sup> | 6000890 | 5395930 |
| Preston Ridge Partners Mortgage Trust 2021-9 A1, 2.3630%, 10/25/26 (144A)<sup>Ç</sup> | 11564705 | 10475131 |
| Preston Ridge Partners Mortgage Trust 2021-RPL2 A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.4550%, 10/25/51 (144A)<sup>‡</sup> | 6826090 | 5979879 |
| Preston Ridge Partners Mortgage Trust 2022-2 A1, 5.0000%, 3/25/27 (144A)<sup>Ç</sup> | 7632160 | 7131743 |
| Provident Funding Mortgage Trust 2021-INV1 A1, 2.5000%, 8/25/51 (144A)<sup>‡</sup> | 4992417 | 3985420 |
| Regatta XXIII Funding Ltd 2021-4A B, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.7000%, 5.9426%, 1/20/35 (144A)<sup>‡</sup> | 2192711 | 2089375 |
| Santander Bank Auto Credit-Linked Notes 2021-1A B, 1.8330%, 12/15/31 (144A) | 1331315 | 1285720 |
| Santander Bank Auto Credit-Linked Notes 2022-A B, 5.2810%, 5/15/32 (144A) | 4615403 | 4468914 |
| Santander Drive Auto Receivables Trust 2020-3 D, 1.6400%, 11/16/26 | 8839000 | 8474898 |
| Santander Drive Auto Receivables Trust 2021-1 D, 1.1300%, 11/16/26 | 15238000 | 14391875 |
| Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43 (144A)<sup>‡</sup> | 573868 | 495311 |
| Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50 (144A)<sup>‡</sup> | 458830 | 400077 |
| SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 5.3360%, 1/15/39 (144A)<sup>‡</sup> | 3548000 | 3425065 |
| Sound Point CLO Ltd 2019-1A AR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.0800%, 3.7899%, 1/20/32 (144A)<sup>‡</sup> | 6462000 | 6324269 |
| Spruce Hill Mortgage Loan Trust 2020-SH1 A1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 12 Month + 0.9500%, 2.5210%, 1/28/50 (144A)<sup>‡</sup> | 64691 | 67399 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| Spruce Hill Mortgage Loan Trust 2020-SH1 A2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 12 Month + 1.0500%, 2.6240%, 1/28/50 (144A)<sup>‡</sup> | $284504 | $279167 |
| SREIT Trust 2021-MFP A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.7308%, 5.0487%, 11/15/38 (144A)<sup>‡</sup> | 816000 | 784696 |
| Tesla Auto Lease Trust 2021-B A3, 0.6000%, 9/22/25 (144A) | 3326000 | 3131944 |
| Tesla Auto Lease Trust 2021-B B, 0.9100%, 9/22/25 (144A) | 1705000 | 1575327 |
| Theorem Funding Trust 2021-1A A, 1.2100%, 12/15/27 (144A) | 2931987 | 2877984 |
| TPI Re-Remic Trust 2022-FRR1 AK33, 0%, 7/25/46 (144A)<sup>◊</sup> | 3087000 | 2967871 |
| TPI Re-Remic Trust 2022-FRR1 AK34, 0%, 7/25/46 (144A)<sup>◊</sup> | 2543000 | 2444864 |
| TPI Re-Remic Trust 2022-FRR1 AK35, 0%, 8/25/46 (144A)<sup>◊</sup> | 3447000 | 3293778 |
| Tricolor Auto Securitization Trust 2022-1A A, 3.3000%, 2/18/25 (144A) | 663005 | 657132 |
| UNIFY Auto Receivables Trust 2021-1A A4, 0.9800%, 7/15/26 (144A) | 3808000 | 3636594 |
| United Wholesale Mortgage LLC 2021-INV1 A9, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.9000%, 4.4208%, 8/25/51 (144A)<sup>‡</sup> | 5268971 | 4744393 |
| United Wholesale Mortgage LLC 2021-INV4 A3, 2.5000%, 12/25/51 (144A)<sup>‡</sup> | 3225426 | 2601992 |
| Upstart Securitization Trust 2021-5 A, 1.3100%, 11/20/31 (144A) | 1429527 | 1376119 |
| Upstart Securitization Trust 2022-1 A, 3.1200%, 3/20/32 (144A) | 5726388 | 5497120 |
| Upstart Securitization Trust 2022-2 A, 4.3700%, 5/20/32 (144A) | 8155425 | 7938564 |
| Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45 (144A) | 6324000 | 5566912 |
| Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45 (144A) | 4083000 | 3342015 |
| VASA Trust 2021-VASA A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.9000%, 5.2180%, 7/15/39 (144A)<sup>‡</sup> | 3768000 | 3486857 |
| VCAT Asset Securitization LLC 2021-NPL1 A1, 2.2891%, 12/26/50 (144A) | 954942 | 900245 |
| VMC Finance LLC 2021-HT1 A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.6500%, 5.9891%, 1/18/37 (144A)<sup>‡</sup> | 3880788 | 3745979 |
| Wells Fargo Commercial Mortgage Trust 2021-SAVE A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.1500%, 5.4680%, 2/15/40 (144A)<sup>‡</sup> | 2718884 | 2540281 |
| Westgate Resorts 2022-1A A, 1.7880%, 8/20/36 (144A) | 2032986 | 1938201 |
| Westlake Automobile Receivable Trust 2020-1A D, 2.8000%, 6/16/25 (144A) | 4016000 | 3923209 |
| Woodward Capital Management 2021-3 A21, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.8000%, 4.3208%, 7/25/51 (144A)<sup>‡</sup> | 4241086 | 3800502 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $715,672,480) | Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $715,672,480) | 667273791 |
| Corporate Bonds– 16.6% | Corporate Bonds– 16.6% |  |
| Banking – 6.1% | Banking – 6.1% |  |
| American Express Co, SOFR + 2.2550%, 4.9890%, 5/26/33<sup>‡</sup> | 6137000 | 5898945 |
| Bank of America Corp, ICE LIBOR USD 3 Month + 1.5120%, 3.7050%, 4/24/28<sup>‡</sup> | 6770000 | 6264914 |
| Bank of America Corp, SOFR + 1.5800%, 4.3760%, 4/27/28<sup>‡</sup> | 9773000 | 9346144 |
| Bank of America Corp, SOFR + 1.9900%, 6.2040%, 11/10/28<sup>‡</sup> | 2498000 | 2579114 |
| Bank of America Corp, ICE LIBOR USD 3 Month + 3.7050%, 6.2500%<sup>‡,µ</sup> | 8517000 | 8179394 |
| Bank of America Corp, ICE LIBOR USD 3 Month + 3.1350%, 5.2000%<sup>‡,µ</sup> | 3295000 | 3192860 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 1.4000%, 3.0880%, 1/10/37<sup>‡</sup> | 18727000 | 14159555 |
| BNP Paribas SA, SOFR + 1.2280%, 2.5910%, 1/20/28 (144A)<sup>‡</sup> | 4430000 | 3896196 |
| BNP Paribas SA, SOFR + 1.5610%, 3.1320%, 1/20/33 (144A)<sup>‡,#</sup> | 3723000 | 2939547 |
| Citigroup Inc, ICE LIBOR USD 3 Month + 3.4660%, 5.3500%<sup>‡,µ</sup> | 4013000 | 3910284 |
| Citigroup Inc, ICE LIBOR USD 3 Month + 3.9050%, 5.9500%<sup>‡,µ</sup> | 4099000 | 3691969 |
| Citigroup Inc, ICE LIBOR USD 3 Month + 3.4230%, 6.3000%<sup>‡,µ</sup> | 916000 | 864017 |
| Commonwealth Bank of Australia, 3.7840%, 3/14/32 (144A) | 7942000 | 6546458 |
| Credit Suisse Group AG, SOFR + 5.0200%, 9.0160%, 11/15/33 (144A)<sup>‡</sup> | 7993000 | 8183770 |
| JPMorgan Chase & Co, SOFR + 1.7500%, 4.5650%, 6/14/30<sup>‡</sup> | 5362000 | 5044914 |
| JPMorgan Chase & Co, SOFR + 2.5150%, 2.9560%, 5/13/31<sup>‡</sup> | 9112000 | 7507885 |
| JPMorgan Chase & Co, SOFR + 2.5800%, 5.7170%, 9/14/33<sup>‡</sup> | 3406000 | 3324438 |
| JPMorgan Chase & Co, SOFR + 3.3800%, 5.0000%<sup>‡,µ</sup> | 3293000 | 3012867 |
| JPMorgan Chase & Co, SOFR + 3.1250%, 4.6000%<sup>‡,µ</sup> | 3476000 | 3063225 |
| Mitsubishi UFJ Financial Group Inc, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 1 Year + 1.7000%, 4.7880%, 7/18/25<sup>‡</sup> | 4681000 | 4634343 |
| Morgan Stanley, SOFR + 1.9900%, 2.1880%, 4/28/26<sup>‡</sup> | 11145000 | 10356662 |
| Morgan Stanley, SOFR + 0.8790%, 1.5930%, 5/4/27<sup>‡</sup> | 4849000 | 4253710 |
| Morgan Stanley, SOFR + 1.2900%, 2.9430%, 1/21/33<sup>‡</sup> | 14116000 | 11419538 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Banking– (continued) | Banking– (continued) |  |
| Morgan Stanley, SOFR + 1.3600%, 2.4840%, 9/16/36<sup>‡</sup> | $13235000 | $9597112 |
| SVB Financial Group, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.0740%, 4.2500%<sup>‡,µ</sup> | 13894000 | 9115141 |
| SVB Financial Group, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 10 Year + 3.0640%, 4.1000%<sup>‡,µ</sup> | 10526000 | 6024254 |
| SVB Financial Group, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.2020%, 4.0000%<sup>‡,µ</sup> | 1793000 | 1183416 |
| US Bancorp, SOFR + 2.1100%, 4.9670%, 7/22/33<sup>‡</sup> | 8250000 | 7827424 |
| Westpac Banking Corp, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 1.7500%, 2.6680%, 11/15/35<sup>‡</sup> | 9029000 | 6710862 |
|  |  | 172728958 |
| Brokerage – 0.3% | Brokerage – 0.3% |  |
| Pershing Square Holdings Ltd, 3.2500%, 10/1/31 (144A) | 9400000 | 7071056 |
| Consumer Cyclical – 0% | Consumer Cyclical – 0% |  |
| GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29 | 603000 | 570643 |
| Consumer Non-Cyclical – 2.4% | Consumer Non-Cyclical – 2.4% |  |
| CSL Finance Ltd, 3.8500%, 4/27/27 (144A) | 1839000 | 1759239 |
| GE Healthcare Holding LLC, 5.6500%, 11/15/27 (144A) | 5628000 | 5693850 |
| GE Healthcare Holding LLC, 5.8570%, 3/15/30 (144A) | 6721000 | 6878014 |
| GE Healthcare Holding LLC, 5.9050%, 11/22/32 (144A) | 9575000 | 9921598 |
| Hasbro Inc, 3.9000%, 11/19/29 | 15619000 | 13880360 |
| Hasbro Inc, 6.3500%, 3/15/40 | 1354000 | 1310855 |
| Hasbro Inc, 5.1000%, 5/15/44 | 2787000 | 2372567 |
| Illumina Inc, 5.7500%, 12/13/27 | 8548000 | 8654469 |
| JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, |  |  |
| &nbsp;&nbsp;&nbsp;5.5000%, 1/15/30 (144A) | 9007000 | 8570341 |
| JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, |  |  |
| &nbsp;&nbsp;&nbsp;3.6250%, 1/15/32 (144A) | 3897000 | 3156570 |
| Pilgrim's Pride Corp, 3.5000%, 3/1/32 (144A) | 8144000 | 6372680 |
|  |  | 68570543 |
| Electric – 0.6% | Electric – 0.6% |  |
| CMS Energy Corp, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 4.1160%, 4.7500%, 6/1/50<sup>‡</sup> | 8111000 | 7015685 |
| Duke Energy Corp, 4.3000%, 3/15/28 | 4804000 | 4622523 |
| Southern California Edison Co, 5.8500%, 11/1/27 | 6094000 | 6272475 |
|  |  | 17910683 |
| Energy – 0.9% | Energy – 0.9% |  |
| Energy Transfer LP, 5.5500%, 2/15/28 | 3965000 | 3933002 |
| Energy Transfer LP, 5.7500%, 2/15/33 | 3966000 | 3880176 |
| EQT Corp, 3.1250%, 5/15/26 (144A) | 13469000 | 12378484 |
| EQT Corp, 5.7000%, 4/1/28 | 2135000 | 2123528 |
| Hess Midstream Operations LP, 5.1250%, 6/15/28 (144A) | 3041000 | 2812002 |
|  |  | 25127192 |
| Finance Companies – 1.2% | Finance Companies – 1.2% |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, |  |  |
| &nbsp;&nbsp;&nbsp;4.6250%, 10/15/27 | 7710000 | 7160763 |
| Ares Capital Corp, 2.8750%, 6/15/27 | 6128000 | 5193617 |
| Ares Capital Corp, 3.2000%, 11/15/31 | 7000000 | 5136950 |
| OWL Rock Core Income Corp, 4.7000%, 2/8/27 | 743000 | 669969 |
| OWL Rock Core Income Corp, 7.7500%, 9/16/27 (144A) | 4462000 | 4447563 |
| Quicken Loans LLC, 3.6250%, 3/1/29 (144A) | 5122000 | 4058868 |
| Quicken Loans LLC, 3.8750%, 3/1/31 (144A) | 4262000 | 3253080 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc, |  |  |
| &nbsp;&nbsp;&nbsp;4.0000%, 10/15/33 (144A) | 4295000 | 3207764 |
|  |  | 33128574 |
| Insurance – 1.6% | Insurance – 1.6% |  |
| Athene Global Funding, 2.7170%, 1/7/29 (144A) | 7222000 | 5963575 |
| Athene Global Funding, 2.6460%, 10/4/31 (144A) | 12791000 | 9771742 |
| Brown & Brown Inc, 4.2000%, 3/17/32 | 2203000 | 1909917 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Insurance– (continued) | Insurance– (continued) |  |
| Centene Corp, 4.2500%, 12/15/27 | $16614000 | $15581659 |
| Centene Corp, 2.4500%, 7/15/28 | 7054000 | 5953929 |
| Centene Corp, 3.0000%, 10/15/30 | 5571000 | 4566823 |
| UnitedHealth Group Inc, 5.2500%, 2/15/28 | 2771000 | 2832602 |
|  |  | 46580247 |
| Real Estate Investment Trusts (REITs) – 0.5% | Real Estate Investment Trusts (REITs) – 0.5% |  |
| Agree LP, 2.9000%, 10/1/30 | 7291000 | 5918737 |
| Sun Communities Operating LP, 2.7000%, 7/15/31 | 8985000 | 7092042 |
|  |  | 13010779 |
| Technology – 2.8% | Technology – 2.8% |  |
| Cadence Design Systems Inc, 4.3750%, 10/15/24 | 18064000 | 17916963 |
| CoStar Group Inc, 2.8000%, 7/15/30 (144A) | 5441000 | 4443609 |
| Marvell Technology Inc, 1.6500%, 4/15/26 | 5742000 | 5071405 |
| Marvell Technology Inc, 4.8750%, 6/22/28 | 6709000 | 6394461 |
| Microchip Technology Inc, 2.6700%, 9/1/23 | 9518000 | 9340539 |
| Total System Services Inc, 4.8000%, 4/1/26 | 15432000 | 15015103 |
| Trimble Inc, 4.7500%, 12/1/24 | 10216000 | 10098765 |
| Trimble Inc, 4.9000%, 6/15/28 | 5033000 | 4825748 |
| TSMC Arizona Corp, 3.8750%, 4/22/27 | 4730000 | 4547017 |
|  |  | 77653610 |
| Transportation – 0.2% | Transportation – 0.2% |  |
| GXO Logistics Inc, 1.6500%, 7/15/26 | 6199000 | 5307442 |
| Total Corporate Bonds (cost $531,326,536) | Total Corporate Bonds (cost $531,326,536) | 467659727 |
| Mortgage-Backed Securities– 25.7% | Mortgage-Backed Securities– 25.7% |  |
| Fannie Mae: | Fannie Mae: |  |
| 2.0000%, TBA, 15 Year Maturity | 17396694 | 15477195 |
| 2.5000%, TBA, 15 Year Maturity | 2932700 | 2684872 |
| 3.0000%, TBA, 15 Year Maturity | 2307597 | 2161166 |
| 2.5000%, TBA, 30 Year Maturity | 2801801 | 2369775 |
| 3.0000%, TBA, 30 Year Maturity | 88695 | 77772 |
| 3.5000%, TBA, 30 Year Maturity | 26901204 | 24419595 |
| 4.5000%, TBA, 30 Year Maturity | 11872732 | 11428146 |
| 5.0000%, TBA, 30 Year Maturity | 30523805 | 30068481 |
| 5.5000%, TBA, 30 Year Maturity | 19660868 | 19713363 |
|  |  | 108400365 |
| Fannie Mae Pool: | Fannie Mae Pool: |  |
| 3.0000%, 10/1/34 | 24576 | 23167 |
| 2.5000%, 11/1/34 | 2198334 | 2023401 |
| 3.0000%, 11/1/34 | 131096 | 123579 |
| 3.0000%, 12/1/34 | 137540 | 129653 |
| 6.0000%, 2/1/37 | 735301 | 769616 |
| 4.5000%, 11/1/42 | 717514 | 710197 |
| 3.0000%, 1/1/43 | 138128 | 125111 |
| 3.0000%, 2/1/43 | 230784 | 209036 |
| 5.0000%, 7/1/44 | 3682247 | 3725581 |
| 4.5000%, 10/1/44 | 1638663 | 1634785 |
| 4.5000%, 3/1/45 | 2508471 | 2502536 |
| 4.5000%, 6/1/45 | 1268782 | 1254925 |
| 3.5000%, 12/1/45 | 971089 | 899379 |
| 4.5000%, 2/1/46 | 2477673 | 2452407 |
| 3.5000%, 7/1/46 | 6221877 | 5818974 |
| 3.0000%, 9/1/46 | 2515781 | 2278279 |
| 3.0000%, 1/1/47 | 8718358 | 7895303 |
| 3.0000%, 2/1/47 | 32892072 | 29786903 |
| 3.5000%, 3/1/47 | 852282 | 789345 |
| 3.5000%, 7/1/47 | 755389 | 699607 |
| 3.5000%, 8/1/47 | 1728172 | 1597915 |
| 4.0000%, 10/1/47 | 1241967 | 1184910 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Mortgage-Backed Securities– (continued) | Mortgage-Backed Securities– (continued) |  |
| Fannie Mae Pool– (continued) | Fannie Mae Pool– (continued) |  |
| 3.0000%, 2/1/48 | $334048 | $303736 |
| 5.0000%, 5/1/48 | 600155 | 599677 |
| 4.5000%, 6/1/48 | 1229181 | 1203469 |
| 3.5000%, 7/1/48 | 19259098 | 17810145 |
| 4.0000%, 7/1/48 | 1529986 | 1458429 |
| 4.0000%, 10/1/48 | 585815 | 562156 |
| 4.0000%, 11/1/48 | 1777930 | 1694777 |
| 4.0000%, 12/1/48 | 283678 | 270411 |
| 4.0000%, 2/1/49 | 1070983 | 1020893 |
| 4.0000%, 6/1/49 | 233304 | 221914 |
| 4.5000%, 6/1/49 | 115720 | 113186 |
| 3.0000%, 8/1/49 | 1614710 | 1433717 |
| 3.0000%, 8/1/49 | 444016 | 394246 |
| 4.5000%, 8/1/49 | 158659 | 155185 |
| 3.0000%, 9/1/49 | 230411 | 208022 |
| 4.0000%, 11/1/49 | 3765085 | 3588994 |
| 4.0000%, 11/1/49 | 336899 | 322747 |
| 3.5000%, 12/1/49 | 9625153 | 8899675 |
| 4.5000%, 1/1/50 | 3043343 | 2979681 |
| 4.5000%, 1/1/50 | 222217 | 217352 |
| 4.0000%, 3/1/50 | 5514866 | 5292134 |
| 4.0000%, 3/1/50 | 2991706 | 2851785 |
| 4.0000%, 3/1/50 | 1141598 | 1088206 |
| 2.5000%, 8/1/50 | 879810 | 758698 |
| 4.0000%, 9/1/50 | 6318143 | 6009693 |
| 4.0000%, 10/1/50 | 6068935 | 5814010 |
| 4.5000%, 10/1/50 | 3756042 | 3677471 |
| 4.0000%, 3/1/51 | 15506190 | 14749183 |
| 4.0000%, 3/1/51 | 299623 | 284996 |
| 4.0000%, 3/1/51 | 146030 | 139200 |
| 4.0000%, 10/1/51 | 2176532 | 2070274 |
| 3.0000%, 12/1/51 | 188765 | 167594 |
| 2.5000%, 1/1/52 | 5267248 | 4507847 |
| 2.5000%, 2/1/52 | 25572461 | 21859768 |
| 2.5000%, 3/1/52 | 10914476 | 9322203 |
| 2.5000%, 3/1/52 | 10558244 | 9025363 |
| 2.5000%, 3/1/52 | 3891806 | 3327989 |
| 2.5000%, 3/1/52 | 895655 | 764504 |
| 2.5000%, 3/1/52 | 879663 | 751332 |
| 2.5000%, 3/1/52 | 758118 | 648052 |
| 2.5000%, 3/1/52 | 303696 | 259920 |
| 3.0000%, 3/1/52 | 4262795 | 3773333 |
| 3.5000%, 3/1/52 | 5444541 | 5006810 |
| 3.0000%, 4/1/52 | 2569585 | 2280961 |
| 3.0000%, 4/1/52 | 2256958 | 1997119 |
| 3.5000%, 4/1/52 | 3079918 | 2816503 |
| 3.5000%, 4/1/52 | 2132190 | 1965594 |
| 3.5000%, 4/1/52 | 1737190 | 1587398 |
| 3.5000%, 4/1/52 | 1053571 | 963463 |
| 3.5000%, 4/1/52 | 630912 | 576588 |
| 3.5000%, 4/1/52 | 505025 | 461478 |
| 4.0000%, 4/1/52 | 2253971 | 2139407 |
| 4.5000%, 4/1/52 | 438240 | 422201 |
| 4.5000%, 4/1/52 | 337277 | 324933 |
| 4.5000%, 4/1/52 | 193443 | 186364 |
| 4.5000%, 4/1/52 | 175556 | 169131 |
| 4.5000%, 4/1/52 | 153558 | 147938 |
| 4.5000%, 4/1/52 | 98875 | 95172 |
| 3.5000%, 5/1/52 | 2474697 | 2274198 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Mortgage-Backed Securities– (continued) | Mortgage-Backed Securities– (continued) |  |
| Fannie Mae Pool– (continued) | Fannie Mae Pool– (continued) |  |
| 3.5000%, 5/1/52 | $1686842 | $1542311 |
| 4.5000%, 5/1/52 | 535063 | 515481 |
| 3.5000%, 6/1/52 | 9044194 | 8329107 |
| 3.5000%, 6/1/52 | 5155762 | 4756989 |
| 4.0000%, 6/1/52 | 1751156 | 1642902 |
| 4.0000%, 6/1/52 | 469182 | 440178 |
| 3.5000%, 7/1/52 | 11299114 | 10380154 |
| 3.5000%, 7/1/52 | 1309392 | 1205864 |
| 3.5000%, 7/1/52 | 452768 | 417608 |
| 4.0000%, 7/1/52 | 748522 | 702249 |
| 4.5000%, 7/1/52 | 2243298 | 2162470 |
| 3.5000%, 8/1/52 | 2209417 | 2029038 |
| 3.5000%, 8/1/52 | 818139 | 753198 |
| 4.5000%, 8/1/52 | 8596656 | 8286914 |
| 5.5000%, 9/1/52 | 10937040 | 11010369 |
| 5.0000%, 10/1/52 | 1688180 | 1684792 |
| 5.0000%, 10/1/52 | 754652 | 753137 |
| 5.5000%, 10/1/52 | 17333650 | 17649802 |
| 5.0000%, 11/1/52 | 4143016 | 4134703 |
| 5.5000%, 11/1/52 | 3849026 | 3919229 |
| 4.5000%, 12/1/52 | 2554308 | 2471166 |
| 3.5000%, 8/1/56 | 17847332 | 16608522 |
| 3.0000%, 2/1/57 | 10381933 | 9247327 |
| 3.0000%, 6/1/57 | 38348 | 34155 |
|  |  | 341329499 |
| Freddie Mac Gold Pool: | Freddie Mac Gold Pool: |  |
| 3.5000%, 1/1/47 | 595255 | 557461 |
| Freddie Mac Pool: | Freddie Mac Pool: |  |
| 3.0000%, 5/1/31 | 8532441 | 8083732 |
| 3.0000%, 9/1/32 | 262518 | 248580 |
| 3.0000%, 10/1/32 | 332327 | 314683 |
| 3.0000%, 1/1/33 | 193646 | 183365 |
| 2.5000%, 12/1/33 | 6990773 | 6513268 |
| 3.0000%, 10/1/34 | 58402 | 55051 |
| 3.0000%, 10/1/34 | 26981 | 25433 |
| 2.5000%, 11/1/34 | 2231441 | 2053841 |
| 2.5000%, 11/1/34 | 848520 | 780987 |
| 6.0000%, 4/1/40 | 1241558 | 1301330 |
| 3.5000%, 7/1/42 | 47919 | 44833 |
| 3.5000%, 8/1/42 | 53470 | 50027 |
| 3.5000%, 8/1/42 | 49019 | 45862 |
| 3.5000%, 2/1/43 | 2100174 | 1963922 |
| 3.0000%, 3/1/43 | 716615 | 648959 |
| 3.0000%, 6/1/43 | 58185 | 51992 |
| 3.5000%, 2/1/44 | 3565274 | 3333971 |
| 4.5000%, 5/1/44 | 1122852 | 1110579 |
| 3.5000%, 12/1/44 | 42022 | 39296 |
| 3.0000%, 1/1/46 | 98448 | 89911 |
| 4.0000%, 2/1/46 | 2949648 | 2843361 |
| 4.0000%, 3/1/47 | 7421 | 7154 |
| 3.0000%, 4/1/47 | 867691 | 778769 |
| 3.5000%, 4/1/47 | 41195 | 38529 |
| 3.5000%, 9/1/47 | 13616 | 12590 |
| 4.5000%, 7/1/48 | 686689 | 672324 |
| 5.0000%, 9/1/48 | 119468 | 119372 |
| 4.0000%, 11/1/48 | 160452 | 152948 |
| 4.0000%, 12/1/48 | 1952298 | 1860995 |
| 4.5000%, 6/1/49 | 115577 | 113049 |
| 4.5000%, 7/1/49 | 1024829 | 1002407 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Mortgage-Backed Securities– (continued) | Mortgage-Backed Securities– (continued) |  |
| Freddie Mac Pool– (continued) | Freddie Mac Pool– (continued) |  |
| 4.5000%, 7/1/49 | $175904 | $172055 |
| 3.0000%, 8/1/49 | 548286 | 486825 |
| 4.5000%, 8/1/49 | 898024 | 878377 |
| 3.0000%, 12/1/49 | 825856 | 733280 |
| 3.0000%, 12/1/49 | 382422 | 339554 |
| 4.5000%, 1/1/50 | 610591 | 597232 |
| 4.5000%, 1/1/50 | 172903 | 169120 |
| 4.0000%, 3/1/50 | 1880110 | 1792184 |
| 4.0000%, 6/1/50 | 3083029 | 2963358 |
| 2.5000%, 8/1/50 | 430629 | 371484 |
| 2.5000%, 8/1/50 | 153426 | 132306 |
| 2.5000%, 9/1/50 | 811570 | 699601 |
| 4.5000%, 9/1/50 | 5708743 | 5589320 |
| 4.0000%, 10/1/50 | 557602 | 530382 |
| 2.5000%, 11/1/51 | 6705296 | 5755488 |
| 2.5000%, 1/1/52 | 1647192 | 1412004 |
| 2.5000%, 1/1/52 | 1012838 | 867182 |
| 2.5000%, 2/1/52 | 2361210 | 2018405 |
| 3.0000%, 2/1/52 | 1135149 | 1005161 |
| 3.0000%, 2/1/52 | 857631 | 761901 |
| 2.5000%, 3/1/52 | 369761 | 315802 |
| 3.0000%, 3/1/52 | 1456394 | 1293321 |
| 4.5000%, 3/1/52 | 83199 | 80155 |
| 3.5000%, 4/1/52 | 1226439 | 1121552 |
| 3.5000%, 4/1/52 | 1178012 | 1077266 |
| 3.5000%, 4/1/52 | 415529 | 379753 |
| 3.5000%, 4/1/52 | 364038 | 332650 |
| 3.5000%, 6/1/52 | 5234027 | 4811617 |
| 3.5000%, 7/1/52 | 17931681 | 16473371 |
| 4.0000%, 7/1/52 | 1682416 | 1578441 |
| 4.0000%, 8/1/52 | 1917340 | 1799655 |
| 4.5000%, 8/1/52 | 18992378 | 18308350 |
| 4.5000%, 8/1/52 | 8081234 | 7804758 |
| 4.5000%, 8/1/52 | 4127288 | 3978640 |
| 5.5000%, 9/1/52 | 2764002 | 2802415 |
| 4.5000%, 10/1/52 | 2597061 | 2538644 |
| 5.0000%, 10/1/52 | 5187694 | 5177284 |
| 5.0000%, 10/1/52 | 3366363 | 3359608 |
| 5.0000%, 10/1/52 | 101897 | 101693 |
| 5.5000%, 11/1/52 | 11875269 | 12091918 |
|  |  | 147243232 |
| Ginnie Mae: | Ginnie Mae: |  |
| 2.5000%, TBA, 30 Year Maturity | 30286459 | 26159868 |
| 3.5000%, TBA, 30 Year Maturity | 21691648 | 19891697 |
| 4.0000%, TBA, 30 Year Maturity | 23340360 | 22062522 |
| 4.5000%, TBA, 30 Year Maturity | 20017687 | 19397959 |
|  |  | 87512046 |
| Ginnie Mae I Pool: | Ginnie Mae I Pool: |  |
| 4.0000%, 8/15/47 | 439793 | 422727 |
| 4.0000%, 11/15/47 | 449797 | 432343 |
| 4.0000%, 12/15/47 | 1277457 | 1227888 |
|  |  | 2082958 |
| Ginnie Mae II Pool: | Ginnie Mae II Pool: |  |
| 4.0000%, 8/20/47 | 358746 | 344650 |
| 4.0000%, 8/20/47 | 166328 | 159793 |
| 4.5000%, 2/20/48 | 1552508 | 1523644 |
| 4.0000%, 5/20/48 | 6446346 | 6174780 |
| 4.5000%, 5/20/48 | 568608 | 558068 |
| 4.0000%, 6/20/48 | 1810656 | 1734378 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Mortgage-Backed Securities– (continued) | Mortgage-Backed Securities– (continued) |  |
| Ginnie Mae II Pool– (continued) | Ginnie Mae II Pool– (continued) |  |
| 5.0000%, 8/20/48 | $1795675 | $1798921 |
| 3.0000%, 7/20/51 | 7532281 | 6728898 |
| 3.0000%, 8/20/51 | 21548998 | 19244609 |
|  |  | 38267741 |
| Total Mortgage-Backed Securities (cost $767,926,629) | Total Mortgage-Backed Securities (cost $767,926,629) | 725393302 |
| United States Treasury Notes/Bonds– 30.9% | United States Treasury Notes/Bonds– 30.9% |  |
| 4.3750%, 10/31/24 | 56814000 | 56651991 |
| 4.5000%, 11/15/25 | 10787000 | 10851891 |
| 4.1250%, 9/30/27 | 55600400 | 55808902 |
| 4.1250%, 10/31/27 | 58011900 | 58224913 |
| 3.8750%, 11/30/27 | 92111000 | 91607268 |
| 1.1250%, 8/31/28 | 65528600 | 55950161 |
| 3.8750%, 11/30/29 | 65188000 | 64750018 |
| 4.1250%, 11/15/32 | 160555200 | 164026627 |
| 1.7500%, 8/15/41 | 56867000 | 38916132 |
| 2.0000%, 11/15/41 | 57881000 | 41328391 |
| 2.3750%, 2/15/42 | 36070000 | 27540008 |
| 4.0000%, 11/15/42<sup>#</sup> | 100543000 | 98437881 |
| 3.0000%, 8/15/52 | 129757000 | 106907603 |
| Total United States Treasury Notes/Bonds (cost $919,947,305) | Total United States Treasury Notes/Bonds (cost $919,947,305) | 871001786 |
| Investment Companies– 9.7% | Investment Companies– 9.7% |  |
| Money Markets – 9.7% | Money Markets – 9.7% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº,£</sup>((cost $273,679,308) | 273652060 | 273706790 |
| Investments Purchased with Cash Collateral from Securities Lending– 3.6% | Investments Purchased with Cash Collateral from Securities Lending– 3.6% |  |
| Investment Companies – 2.9% | Investment Companies – 2.9% |  |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº,£</sup> | 81879614 | 81879614 |
| Time Deposits – 0.7% | Time Deposits – 0.7% |  |
| Royal Bank of Canada, 4.3100%, 1/3/23 | $21090218 | 21090218 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $102,969,832) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $102,969,832) | 102969832 |
| Total Investments (total cost $3,311,522,090) – 110.1% | Total Investments (total cost $3,311,522,090) – 110.1% | 3108005228 |
| Liabilities, net of Cash, Receivables and Other Assets – (10.1)% | Liabilities, net of Cash, Receivables and Other Assets – (10.1)% | (285469422) |
| Net Assets – 100% | Net Assets – 100% | $2822535806 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $3040396422 | 97.8% |
| Australia | 15016559 | 0.5 |
| Canada | 14159555 | 0.5 |
| Switzerland | 8183770 | 0.3 |
| Ireland | 7160763 | 0.2 |
| Guernsey | 7071056 | 0.2 |
| France | 6835743 | 0.2 |
| Japan | 4634343 | 0.2 |
| Taiwan | 4547017 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $3108005228 | 100.0 | % |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% |
| Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | $4019508 | $(1079) | $24058 | $273706790 |
| Investments Purchased with Cash Collateral from Securities Lending - 2.9% | Investments Purchased with Cash Collateral from Securities Lending - 2.9% | Investments Purchased with Cash Collateral from Securities Lending - 2.9% | Investments Purchased with Cash Collateral from Securities Lending - 2.9% | Investments Purchased with Cash Collateral from Securities Lending - 2.9% |
| Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 331970<sup>∆</sup> | - | - | 81879614 |
| Total Affiliated Investments - 12.6% | $4351478 | $(1079) | $24058 | $355586404 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% |
| Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 340994626 | 873837799 | (941148614) | 273706790 |
| Investments Purchased with Cash Collateral from Securities Lending - 2.9% | Investments Purchased with Cash Collateral from Securities Lending - 2.9% | Investments Purchased with Cash Collateral from Securities Lending - 2.9% | Investments Purchased with Cash Collateral from Securities Lending - 2.9% | Investments Purchased with Cash Collateral from Securities Lending - 2.9% |
| Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 200500 | 434857039 | (353177925) | 81879614 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedule of Futures

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br>*Contracts* | *Expiration*<br>*Date* | *Notional*<br>*Amount* | *Value and*<br>*Unrealized*<br>*Appreciation/(Depreciation)* |
| *Futures Long:* |  |  |  |  |
| 2 Year US Treasury Note | 2159 | 4/5/23 | $442763674 | $178742 |
| 5 Year US Treasury Note | 1647 | 4/5/23 | 177760196 | (497021) |
| Ultra Long Term US Treasury Bond | 161 | 3/31/23 | 21624313 | (553258) |
| Total - Futures Long |  |  |  | (871537) |
| *Futures Short:* |  |  |  |  |
| Ultra 10-Year Treasury Note | 271 | 3/31/23 | (32054219) | 404383 |
| Total |  |  |  | $(467154) |

---

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2022.

---

| | |
|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** |
|  | *Interest Rate* <br>*Contracts* |
| *Asset Derivatives:* |  |
| \*Futures contracts | $583125  |
| *Liability Derivatives:* |  |
| \*Futures contracts | $1050279  |
| \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended December 31, 2022.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Interest Rate* <br>*Contracts* |
| Futures contracts | $(7913973) |
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Interest Rate* <br>*Contracts* |
| Futures contracts | $391642  |

---

Please see the "Net Realized Gain/(Loss) on investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** |
| Futures contracts: |  |
| Average notional amount of contracts - long | $330868513  |
| Average notional amount of contracts - short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57558030  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | $99582019 | $— | $(99582019) | $— |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> Bloomberg U.S. Aggregate Bond Index Bloomberg U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.

---

| | |
|:---|:---|
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| SOFR | Secured Overnight Financing Rate |
| TBA | (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when specific mortgage pools are assigned. |

---

---

| | |
|:---|:---|
| 144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2022 is $747,966,757, which represents 26.5% of net assets. |

---

‡ Variable or floating
rate security. Rate shown is the current rate as of December 31, 2022. Certain variable rate securities
are not based on a published reference rate and spread; they are determined by the issuer or agent and
current market conditions. Reference rate is as of reset date and may vary by security, which may not
indicate a reference rate and/or spread in their description.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

<br> # Loaned security; a portion of the security is on loan at December 31, 2022.

<br> µ Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

<br> Ç Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.

◊ Zero
coupon bond.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

∆ Net of income paid
to the securities lending agent and rebates paid to the borrowing counterparties.

<br> Janus Investment Fund 19

------

### Janus Henderson Flexible Bond Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  |  | ***Level 2 -*** | ***Level 3 -*** |
|  |  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  |  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** | **Assets** |  |  |  |
| **Investments In Securities:** | **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | $667273791 | $- |
| *Corporate Bonds* | *Corporate Bonds* | - | 467659727 | - |
| *Mortgage-Backed Securities* | *Mortgage-Backed Securities* | - | 725393302 | - |
| *United States Treasury Notes/Bonds* | *United States Treasury Notes/Bonds* | - | 871001786 | - |
| *Investment Companies* | *Investment Companies* | - | 273706790 | - |
| *Investments Purchased with Cash Collateral from Securities Lending* | *Investments Purchased with Cash Collateral from Securities Lending* | - | 102969832 | - |
| Total Investments in Securities | Total Investments in Securities | $- | $3108005228 | $- |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Futures Contracts* | *Futures Contracts* | 583125 | - | - |
| **Total Assets** | **Total Assets** | $583125 | $3108005228 | $- |
| **Liabilities** | **Liabilities** |  |  |  |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Futures Contracts* | *Futures Contracts* | $1050279 | $- | $- |
| (a) | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |

---

<br> 20 DECEMBER 31, 2022

------

### Janus Henderson Flexible Bond Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $2,955,963,168)<sup>(1)</sup> | $2752418824 |
| Affiliated investments, at value (cost $355,558,922) | 355586404 |
| Deposits with brokers for futures | 10350000 |
| Variation margin receivable on futures contracts | 16902 |
| Trustees' deferred compensation | 91467 |
| Receivables: |  |
| Interest | 14669834 |
| Fund shares sold | 3007388 |
| Dividends from affiliates | 939427 |
| Other assets | 300602 |
| Total Assets  | 3137380848 |
| Liabilities:  |  |
| Due to custodian | 1083129 |
| Collateral for securities loaned (Note 3) | 102969832 |
| Variation margin payable on futures contracts | 559382 |
| Payables: |  |
| TBA investments purchased | 199521300 |
| Fund shares repurchased | 7869585 |
| Dividends | 1073274 |
| Advisory fees | 958408 |
| Transfer agent fees and expenses | 341767 |
| Trustees' deferred compensation fees | 91467 |
| 12b-1 Distribution and shareholder servicing fees | 69097 |
| Professional fees | 43648 |
| Affiliated fund administration fees payable | 6477 |
| Trustees' fees and expenses | 3797 |
| Custodian fees | 3313 |
| Accrued expenses and other payables | 250566 |
| Total Liabilities  | 314845042 |
| Net Assets  | $2822535806 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Flexible Bond Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $3401706124 |
| Total distributable earnings (loss) | (579170318) |
| Total Net Assets  | $2822535806 |
| Net Assets - Class A Shares  | $112855288 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12110994 |
| Net Asset Value Per Share<sup>(2)</sup>  | $9.32 |
| Maximum Offering Price Per Share<sup>(3)</sup>  | $9.78 |
| Net Assets - Class C Shares | $34453992 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3696052 |
| Net Asset Value Per Share<sup>(2)</sup> | $9.32 |
| Net Assets - Class D Shares | $457498680 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 49081809 |
| Net Asset Value Per Share | $9.32 |
| Net Assets - Class I Shares | $1393150797 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 149436697 |
| Net Asset Value Per Share | $9.32 |
| Net Assets - Class N Shares | $428627029 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 46014021 |
| Net Asset Value Per Share | $9.32 |
| Net Assets - Class R Shares | $18130249 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1944737 |
| Net Asset Value Per Share | $9.32 |
| Net Assets - Class S Shares | $14663393 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1572993 |
| Net Asset Value Per Share | $9.32 |
| Net Assets - Class T Shares | $363156378 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 38966340 |
| Net Asset Value Per Share | $9.32 |

---

<br>(1) Includes $99,582,019 of securities on loan. See Note 3 in Notes to Financial Statements.<br>(2) Redemption price per share may be reduced for any applicable contingent deferred sales charge.<br>(3) Maximum offering price is computed at 100/95.25 of net asset value.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Interest | $49024406 |
| Dividends from affiliates | 4019508 |
| Affiliated securities lending income, net | 331970 |
| Unaffiliated securities lending income, net | 55254 |
| Other income | 111125 |
| Total Investment Income  | 53542263 |
| Expenses:  |  |
| Advisory fees | 6169613 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 142991 |
| Class C Shares | 193229 |
| Class R Shares | 47821 |
| Class S Shares | 18794 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 285937 |
| Class R Shares | 24238 |
| Class S Shares | 18835 |
| Class T Shares | 477311 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 102546 |
| Class C Shares | 15058 |
| Class I Shares | 551665 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 3709 |
| Class C Shares | 853 |
| Class D Shares | 44319 |
| Class I Shares | 36238 |
| Class N Shares | 9621 |
| Class R Shares | 267 |
| Class S Shares | 158 |
| Class T Shares | 2123 |
| Registration fees | 120769 |
| Shareholder reports expense | 79982 |
| Trustees' fees and expenses | 47712 |
| Professional fees | 40763 |
| Affiliated fund administration fees | 37606 |
| Custodian fees | 13501 |
| Other expenses | 112800 |
| Total Expenses  | 8598459 |
| Less: Excess Expense Reimbursement and Waivers | (605329) |
| Net Expenses  | 7993130 |
| Net Investment Income/(Loss)  | 45549133 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 23 |

---

------

### Janus Henderson Flexible Bond Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments | $(161669767) |
| Investments in affiliates | (1079) |
| Futures contracts | (7913973) |
| Total Net Realized Gain/(Loss) on Investments  | (169584819) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments and Trustees' deferred compensation | 32002135 |
| Investments in affiliates | 24058 |
| Futures contracts | 391642 |
| Total Change in Unrealized Net Appreciation/Depreciation  | 32417835 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $(91617851) |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 24 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $45549133 | $65834218 |
| Net realized gain/(loss) on investments | (169584819) | (146413867) |
| Change in unrealized net appreciation/depreciation | 32417835 | (315721916) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (91617851) | (396301565) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1657370) | (2319706) |
| Class C Shares | (427170) | (629788) |
| Class D Shares | (7343694) | (11208505) |
| Class I Shares | (23161996) | (37482205) |
| Class N Shares | (7499064) | (10093840) |
| Class R Shares | (232944) | (320467) |
| Class S Shares | (200015) | (267972) |
| Class T Shares | (5575606) | (8632499) |
| Net Decrease from Dividends and Distributions to Shareholders | (46097859) | (70954982) |
| Capital Share Transactions:  |  |  |
| Class A Shares | 4267681 | (13933764) |
| Class C Shares | (7803021) | (23291071) |
| Class D Shares | (17266544) | (68347840) |
| Class I Shares | (67104059) | (199015100) |
| Class N Shares | (99164767) | 125235678 |
| Class R Shares | (1096883) | (2343443) |
| Class S Shares | 353183 | (1891500) |
| Class T Shares | (2452017) | (105092515) |
| Net Increase/(Decrease) from Capital Share Transactions | (190266427) | (288679555) |
| Net Increase/(Decrease) in Net Assets | (327982137) | (755936102) |
| Net Assets: |  |  |
| Beginning of period | 3150517943 | 3906454045 |
| End of period | $2822535806 | $3150517943 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 25 |

---

------

### Janus Henderson Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  | $10.39  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.14  | 0.17  | 0.20  | 0.25  | 0.28  | 0.24  |
| Net realized and unrealized gain/(loss) | (0.44)  | (1.38)  | 0.04  | 0.76  | 0.37  | (0.34)  |
| Total from Investment Operations | (0.30)  | (1.21)  | 0.24  | 1.01  | 0.65  | (0.10)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14)  | (0.19)  | (0.22)  | (0.26)  | (0.29)  | —<sup>(2)</sup>  |
| Return of capital | —  | —  | —  | —  | —  | (0.26)  |
| Total Dividends and Distributions | (0.14)  | (0.19)  | (0.22)  | (0.26)  | (0.29)  | (0.26)  |
| Net Asset Value, End of Period | $9.32  | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  |
| Total Return\* | (3.08)% | (11.00)% | 2.19% | 9.90% | 6.61% | (0.95)% |
| Net Assets, End of Period (in thousands) | $112855  | $113840  | $144886  | $118862  | $115349  | $164453  |
| Average Net Assets for the Period (in thousands) | $112187  | $134145  | $145458  | $114334  | $137456  | $227344  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.89% | 0.85% | 0.86% | 0.92% | 1.01% | 0.95% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.72% | 0.76% | 0.86% | 0.88% | 0.91% | 0.89% |
| Ratio of Net Investment Income/(Loss) | 2.89% | 1.59% | 1.74% | 2.30% | 2.78% | 2.32% |
| Portfolio Turnover Rate<sup>(3)</sup> | 90% | 158% | 132% | 175% | 219% | 181% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 26 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  | $10.39  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.10  | 0.09  | 0.13  | 0.18  | 0.22  | 0.18  |
| Net realized and unrealized gain/(loss) | (0.43)  | (1.38)  | 0.05  | 0.77  | 0.37  | (0.34)  |
| Total from Investment Operations | (0.33)  | (1.29)  | 0.18  | 0.95  | 0.59  | (0.16)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11)  | (0.11)  | (0.16)  | (0.20)  | (0.23)  | —<sup>(2)</sup>  |
| Return of capital | —  | —  | —  | —  | —  | (0.20)  |
| Total Dividends and Distributions | (0.11)  | (0.11)  | (0.16)  | (0.20)  | (0.23)  | (0.20)  |
| Net Asset Value, End of Period | $9.32  | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  |
| Total Return\* | (3.43)% | (11.62)% | 1.60% | 9.23% | 5.97% | (1.54)% |
| Net Assets, End of Period (in thousands) | $34454  | $44112  | $74867  | $122908  | $135639  | $194727  |
| Average Net Assets for the Period (in thousands) | $39165  | $61758  | $97560  | $123202  | $155770  | $242549  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.51% | 1.49% | 1.44% | 1.50% | 1.52% | 1.50% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.44% | 1.45% | 1.44% | 1.50% | 1.52% | 1.50% |
| Ratio of Net Investment Income/(Loss) | 2.12% | 0.88% | 1.17% | 1.67% | 2.17% | 1.74% |
| Portfolio Turnover Rate<sup>(3)</sup> | 90% | 158% | 132% | 175% | 219% | 181% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 27 |

---

------

### Janus Henderson Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  | $10.39  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.15  | 0.19  | 0.23  | 0.28  | 0.31  | 0.27  |
| Net realized and unrealized gain/(loss) | (0.44)  | (1.38)  | 0.05  | 0.77  | 0.37  | (0.33)  |
| Total from Investment Operations | (0.29)  | (1.19)  | 0.28  | 1.05  | 0.68  | (0.06)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15)  | (0.21)  | (0.26)  | (0.30)  | (0.32)  | —<sup>(2)</sup>  |
| Return of capital | —  | —  | —  | —  | —  | (0.30)  |
| Total Dividends and Distributions | (0.15)  | (0.21)  | (0.26)  | (0.30)  | (0.32)  | (0.30)  |
| Net Asset Value, End of Period | $9.32  | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  |
| Total Return\* | (3.01)% | (10.83)% | 2.49% | 10.22% | 6.93% | (0.64)% |
| Net Assets, End of Period (in thousands) | $457499  | $496739  | $639286  | $641920  | $547759  | $562065  |
| Average Net Assets for the Period (in thousands) | $475834  | $583882  | $664448  | $576119  | $538993  | $599185  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.59% | 0.57% | 0.57% | 0.59% | 0.61% | 0.59% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.57% | 0.57% | 0.57% | 0.59% | 0.61% | 0.59% |
| Ratio of Net Investment Income/(Loss) | 3.02% | 1.78% | 2.03% | 2.58% | 3.09% | 2.66% |
| Portfolio Turnover Rate<sup>(3)</sup> | 90% | 158% | 132% | 175% | 219% | 181% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 28 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  | $10.39  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.15  | 0.20  | 0.24  | 0.28  | 0.32  | 0.28  |
| Net realized and unrealized gain/(loss) | (0.44)  | (1.38)  | 0.04  | 0.77  | 0.37  | (0.33)  |
| Total from Investment Operations | (0.29)  | (1.18)  | 0.28  | 1.05  | 0.69  | (0.05)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15)  | (0.22)  | (0.26)  | (0.30)  | (0.33)  | 0.01  |
| Return of capital | —  | —  | —  | —  | —  | (0.32)  |
| Total Dividends and Distributions | (0.15)  | (0.22)  | (0.26)  | (0.30)  | (0.33)  | (0.31)  |
| Net Asset Value, End of Period | $9.32  | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  |
| Total Return\* | (2.95)% | (10.75)% | 2.56% | 10.31% | 7.02% | (0.55)% |
| Net Assets, End of Period (in thousands) | $1393151  | $1527891  | $1967268  | $1746376  | $2007132  | $4027112  |
| Average Net Assets for the Period (in thousands) | $1447966  | $1864618  | $1866732  | $1806163  | $3245500  | $4996045  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.52% | 0.51% | 0.50% | 0.51% | 0.52% | 0.50% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.46% | 0.47% | 0.50% | 0.51% | 0.52% | 0.50% |
| Ratio of Net Investment Income/(Loss) | 3.14% | 1.87% | 2.10% | 2.67% | 3.17% | 2.73% |
| Portfolio Turnover Rate<sup>(2)</sup> | 90% | 158% | 132% | 175% | 219% | 181% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 29 |

---

------

### Janus Henderson Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.76  | $11.15  | $11.14  | $10.38  | $10.02  | $10.39  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.15  | 0.21  | 0.24  | 0.29  | 0.33  | 0.29  |
| Net realized and unrealized gain/(loss) | (0.44)  | (1.38)  | 0.04  | 0.78  | 0.37  | (0.35)  |
| Total from Investment Operations | (0.29)  | (1.17)  | 0.28  | 1.07  | 0.70  | (0.06)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15)  | (0.22)  | (0.27)  | (0.31)  | (0.34)  | 0.01  |
| Return of capital | —  | —  | —  | —  | —  | (0.32)  |
| Total Dividends and Distributions | (0.15)  | (0.22)  | (0.27)  | (0.31)  | (0.34)  | (0.31)  |
| Net Asset Value, End of Period | $9.32  | $9.76  | $11.15  | $11.14  | $10.38  | $10.02  |
| Total Return\* | (2.95)% | (10.63)% | 2.54% | 10.49% | 7.10% | (0.59)% |
| Net Assets, End of Period (in thousands) | $428627  | $549639  | $487997  | $539154  | $680664  | $1354610  |
| Average Net Assets for the Period (in thousands) | $469216  | $485064  | $509158  | $662412  | $1190558  | $990124  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.45% | 0.43% | 0.43% | 0.44% | 0.45% | 0.44% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.45% | 0.43% | 0.43% | 0.44% | 0.45% | 0.44% |
| Ratio of Net Investment Income/(Loss) | 3.14% | 1.94%  | 2.18% | 2.74% | 3.25% | 2.90% |
| Portfolio Turnover Rate<sup>(2)</sup> | 90% | 158% | 132% | 175% | 219% | 181% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 30 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.76  | $11.16  | $11.15  | $10.39  | $10.03  | $10.39  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.12  | 0.16  | 0.21  | 0.25  | 0.21  |
| Net realized and unrealized gain/(loss) | (0.43)  | (1.38)  | 0.04  | 0.78  | 0.37  | (0.34)  |
| Total from Investment Operations | (0.32)  | (1.26)  | 0.20  | 0.99  | 0.62  | (0.13)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.12)  | (0.14)  | (0.19)  | (0.23)  | (0.26)  | —<sup>(2)</sup>  |
| Return of capital | —  | —  | —  | —  | —  | (0.23)  |
| Total Dividends and Distributions | (0.12)  | (0.14)  | (0.19)  | (0.23)  | (0.26)  | (0.23)  |
| Net Asset Value, End of Period | $9.32  | $9.76  | $11.16  | $11.15  | $10.39  | $10.03  |
| Total Return\* | (3.32)% | (11.38)% | 1.80% | 9.65% | 6.30% | (1.23)% |
| Net Assets, End of Period (in thousands) | $18130  | $20102  | $25664  | $24453  | $27580  | $36235  |
| Average Net Assets for the Period (in thousands) | $19045  | $24638  | $26042  | $25769  | $31616  | $38913  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.21% | 1.18% | 1.16% | 1.20% | 1.21% | 1.19% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.21% | 1.18% | 1.16% | 1.20% | 1.21% | 1.19% |
| Ratio of Net Investment Income/(Loss) | 2.39% | 1.16% | 1.45% | 1.98% | 2.49% | 2.07% |
| Portfolio Turnover Rate<sup>(3)</sup> | 90% | 158% | 132% | 175% | 219% | 181% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 31 |

---

------

### Janus Henderson Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  | $10.39  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.15  | 0.19  | 0.24  | 0.27  | 0.24  |
| Net realized and unrealized gain/(loss) | (0.44)  | (1.38)  | 0.04  | 0.77  | 0.37  | (0.34)  |
| Total from Investment Operations | (0.31)  | (1.23)  | 0.23  | 1.01  | 0.64  | (0.10)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.13)  | (0.17)  | (0.21)  | (0.26)  | (0.28)  | —<sup>(2)</sup>  |
| Return of capital | —  | —  | —  | —  | —  | (0.26)  |
| Total Dividends and Distributions | (0.13)  | (0.17)  | (0.21)  | (0.26)  | (0.28)  | (0.26)  |
| Net Asset Value, End of Period | $9.32  | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  |
| Total Return\* | (3.20)% | (11.17)% | 2.11% | 9.83% | 6.56% | (0.98)% |
| Net Assets, End of Period (in thousands) | $14663  | $15002  | $19114  | $18630  | $28020  | $36398  |
| Average Net Assets for the Period (in thousands) | $14783  | $17308  | $19517  | $23253  | $30601  | $41035  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.97% | 0.95% | 0.94% | 0.95% | 0.96% | 0.93% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.96% | 0.94% | 0.94% | 0.95% | 0.96% | 0.93% |
| Ratio of Net Investment Income/(Loss) | 2.65% | 1.41% | 1.66% | 2.24% | 2.73% | 2.31% |
| Portfolio Turnover Rate<sup>(3)</sup> | 90% | 158% | 132% | 175% | 219% | 181% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 32 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  | $10.39  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.14  | 0.18  | 0.22  | 0.27  | 0.30  | 0.26  |
| Net realized and unrealized gain/(loss) | (0.44)  | (1.38)  | 0.04  | 0.77  | 0.37  | (0.33)  |
| Total from Investment Operations | (0.30)  | (1.20)  | 0.26  | 1.04  | 0.67  | (0.07)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14)  | (0.20)  | (0.24)  | (0.29)  | (0.31)  | —<sup>(2)</sup>  |
| Return of capital | —  | —  | —  | —  | —  | (0.29)  |
| Total Dividends and Distributions | (0.14)  | (0.20)  | (0.24)  | (0.29)  | (0.31)  | (0.29)  |
| Net Asset Value, End of Period | $9.32  | $9.76  | $11.16  | $11.14  | $10.39  | $10.03  |
| Total Return\* | (3.06)% | (10.93)% | 2.39% | 10.12% | 6.84% | (0.72)% |
| Net Assets, End of Period (in thousands) | $363156  | $383193  | $547371  | $597879  | $641190  | $898156  |
| Average Net Assets for the Period (in thousands) | $374806  | $477073  | $590025  | $605817  | $736901  | $1120052  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.70% | 0.68% | 0.68% | 0.69% | 0.70% | 0.68% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.69% | 0.67% | 0.67% | 0.68% | 0.69% | 0.67% |
| Ratio of Net Investment Income/(Loss) | 2.91% | 1.67% | 1.94% | 2.49% | 3.00% | 2.56% |
| Portfolio Turnover Rate<sup>(3)</sup> | 90% | 158% | 132% | 175% | 219% | 181% |

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\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 33 |

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### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Flexible Bond Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to obtain maximum total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> 34 DECEMBER 31, 2022

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### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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.

<br> Janus Investment Fund 35

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### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

<br> 36 DECEMBER 31, 2022

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### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)

#### Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended December 31, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;· **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

<br> Janus Investment Fund 37

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### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;· **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;· **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

#### Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or "ASET" price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used.

Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on

<br> 38 DECEMBER 31, 2022

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### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.

Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund's futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

3. Other Investments and Strategies

#### Additional Investment Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other

<br> Janus Investment Fund 39

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### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### LIBOR Replacement Risk
**The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate ("LIBOR") or other interbank offered rates as a reference rate for various rate calculations. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit rates for many LIBOR settings after December 31, 2021, and for certain other commonly used U.S. dollar LIBOR settings after June 30, 2023. The elimination of LIBOR or other reference rates and the transition process away from LIBOR could adversely impact (i) volatility and liquidity in markets that are tied to those reference rates, (ii) the market for, or value of, specific securities or payments linked to those reference rates, (iii) availability or terms of borrowing or refinancing, or (iv) the effectiveness of hedging strategies. For these and other reasons, the elimination of LIBOR or changes to other reference rates may adversely affect the Fund's performance and/or net asset value. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR") that is intended to replace the U.S. dollar LIBOR. The effect of the discontinuation of, LIBOR or other reference rates will depend on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR or other reference rates on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.**

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities' mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or

<br> 40 DECEMBER 31, 2022

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### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
other collateral. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. 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. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05%

<br> Janus Investment Fund 41

------

### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of December 31, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $99,582,019. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2022 is $102,969,832, resulting in the net amount due to the counterparty of $3,387,813.

#### Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities ("sovereign debt"). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed 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, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor's policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund's holdings. 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. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

#### TBA Commitments
The Fund may enter into "to be announced" or "TBA" commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although the particular TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. To facilitate TBA commitments, the Fund will segregate or otherwise earmark liquid assets marked to market daily in an amount at least equal to such TBA commitments. Proposed rules of the Financial Industry Regulatory Authority ("FINRA") include mandatory margin requirements for TBA commitments which, in some circumstances, will require the Fund to also post collateral. These collateral requirements may increase costs associated with the Fund's participation in the TBA market.

#### When-Issued, Delayed Delivery and Forward Commitment Transactions
The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights

<br> 42 DECEMBER 31, 2022

------

### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund's other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| *Average Daily Net* <br>*Assets of the Fund* | *Contractual Investment* <br>*Advisory Fee (%)* |
| First $300 Million | 0.50 |
| Over $300 Million | 0.40 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.41% of average annual net assets before any applicable waivers.

The Adviser has contractually agreed to waive the 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, such as transfer agency fees (but excluding out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.45% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. Networking/omnibus fees and out-of-pocket transfer agency fees were not waived under the Fund's prior expense limitation agreement. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not

<br> Janus Investment Fund 43

------

### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $1,020.

<br> 44 DECEMBER 31, 2022

------

### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class A Shares paid CDSCs of $13,570 to Janus Henderson Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $1,955.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

5. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

<br> Janus Investment Fund 45

------

### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2022, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |
| *For the year ended June 30, 2022* | *For the year ended June 30, 2022* | *For the year ended June 30, 2022* |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | *Accumulated* <br> *Capital Losses* |
| $(187481505) | $(18831814) | $(206313319) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary difference between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $3316830546  | $1663826  | $(210489144) | $(208825318) |

---

<br> 46 DECEMBER 31, 2022

------

### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
6. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232901  | $21116112  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509778  | $27098443  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124280  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1172338  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151483  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612422  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1911955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18020769) | &nbsp;&nbsp;&nbsp;&nbsp;(3980526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42644629) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445226  | $4267681  | &nbsp;&nbsp;&nbsp;&nbsp;(1319265) | $(13933764) |
| Class C Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386928  | $3624650  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470760  | $5110551  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42507  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401131  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55132  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587782  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1252984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11828802) | &nbsp;&nbsp;&nbsp;&nbsp;(2714547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28989404) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(823549) | $(7803021) | &nbsp;&nbsp;&nbsp;&nbsp;(2188655) | $(23291071) |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921007  | $8740119  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666390  | $39538215  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729443  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6886408  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983618  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10506056  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(3457325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32893071) | (11038639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118392111) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1806875) | $(17266544) | &nbsp;&nbsp;&nbsp;&nbsp;(6388631) | $(68347840) |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;32264491  | $305494942  | &nbsp;&nbsp;&nbsp;&nbsp;45929554  | $494478634  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 2068315  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19522680  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861250  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30540098  |
| Shares repurchased | (41401651) | &nbsp;&nbsp;&nbsp;&nbsp;(392121681) | (68532690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724033832) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(7068845) | $(67104059) | (19741886) | $(199015100) |
| Class N Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102058  | $38836123  | &nbsp;&nbsp;&nbsp;&nbsp;25585523  | $261848513  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690981  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6528134  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818330  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8679692  |
| Shares repurchased | (15111820) | &nbsp;&nbsp;&nbsp;&nbsp;(144529024) | (13829568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145292527) |
| Net Increase/(Decrease) | (10318781) | $(99164767) | &nbsp;&nbsp;&nbsp;&nbsp;12574285  | $125235678  |
| Class R Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103115  | $987796  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465683  | $5057712  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230149  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29594  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315241  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2314828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7716396) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114395) | $(1096883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239898) | $(2343443) |
| Class S Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176539  | $1680519  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338169  | $3634299  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21086  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198947  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25133  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267784  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1526283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5793583) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36262  | $353183  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175879) | $(1891500) |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220592  | $30915356  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3908810  | $42339769  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583359  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5505383  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796864  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8520000  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(4102259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38872756) | (14493731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155952284) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298308) | $(2452017) | &nbsp;&nbsp;&nbsp;&nbsp;(9788057) | $(105092515) |

---

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $506491464  | $585526885  | $1887437496  | $1927292305  |

---

<br> Janus Investment Fund 47

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### Janus Henderson Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
8. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") in March 2020. The new guidance in the ASU provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR or other interbank-offered based reference rates as of the end of 2021. For new and existing contracts, Funds may elect to apply the guidance as of March 12, 2020 through December 31, 2022. FASB has deferred the sunset date to December 31, 2024. Management is currently evaluating the impact, if any, of the ASU's adoption to the Fund's financial statements.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 48 DECEMBER 31, 2022

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### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 49

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### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 50 DECEMBER 31, 2022

------

### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 51

------

### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 52 DECEMBER 31, 2022

------

### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 53

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### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 54 DECEMBER 31, 2022

------

### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 55

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### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 56 DECEMBER 31, 2022

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### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 57

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### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 58 DECEMBER 31, 2022

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### Janus Henderson Flexible Bond Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 59

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### Janus Henderson Flexible Bond Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 60 DECEMBER 31, 2022

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### Janus Henderson Flexible Bond Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 61

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### Janus Henderson Flexible Bond Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 62 DECEMBER 31, 2022

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### Janus Henderson Flexible Bond Fund

#### Notes

#### NotesPage1
<br> Janus Investment Fund 63

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### Janus Henderson Flexible Bond Fund

#### Notes

#### NotesPage2
<br> 64 DECEMBER 31, 2022

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### Janus Henderson Flexible Bond Fund

#### Notes

#### NotesPage3
<br> Janus Investment Fund 65

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---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93019 03-23 |

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Global Allocation Fund – Conservative** | **Janus Henderson Global Allocation Fund – Conservative** |
| Janus Investment Fund | Janus Investment Fund |

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**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Global Allocation Fund - Conservative

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_8) | [1](#1_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_8) | [8](#2_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_8) | [9](#3_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_8) | [11](#4_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_8) | [12](#5_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_8) | [13](#6_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_8) | [19](#7_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_8) | [27](#8_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_8) | [38](#9_8) |

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<br>**Ashwin Alankar**<br>**portfolio manager**<br>

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### Janus Henderson Global Allocation Fund - Conservative (unaudited)

#### Fund At A Glance

#### December 31, 2022

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| | |
|:---|:---|
| Holdings - (% of Net Assets) |  |
| Janus Henderson Global Bond Fund - Class N Shares | 34.6<br>&nbsp;&nbsp;% |
| Janus Henderson Overseas Fund - Class N Shares | 5.9 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 5.9 |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | 5.4 |
| Janus Henderson High-Yield Fund - Class N Shares | 5.4 |
| Janus Henderson AAA CLO | 5.2 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 4.2 |
| Janus Henderson Emerging Markets Fund - Class N Shares | 4.0 |
| Janus Henderson Global Select Fund - Class N Shares | 3.5 |
| Janus Henderson Contrarian Fund - Class N Shares | 3.1 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 2.6 |
| Janus Henderson European Focus Fund - Class N Shares | 2.3 |
| Janus Henderson Growth and Income Fund - Class N Shares | 2.2 |
| Janus Henderson Enterprise Fund - Class N Shares | 2.0 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | 2.0 |
| Janus Henderson Forty Fund - Class N Shares | 2.0 |
| Janus Henderson Triton Fund - Class N Shares | 1.8 |
| Janus Henderson Global Research Fund - Class N Shares | 1.7 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 1.7 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 1.6 |
| Janus Henderson Asia Equity Fund - Class N Shares | 1.4 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 1.4 |
| Janus Henderson Cash Liquidity Fund LLC | 0.1 |

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| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Fixed Income Funds | 49.3% | 49.3% |
| Equity Funds | 45.4% | 45.4% |
| Exchange-Traded Funds (ETFs) | 5.2% | 5.2% |
| Money Markets | 0.1% | 0.1% |
| Other | Other | (0.0)% |
|  |  | 100.0% |

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<br> Janus Investment Fund 1

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#### Janus Henderson Global Allocation Fund - Conservative (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | -0.12% | -17.13% | 0.76% | 2.98% | 4.43% | 1.11% |
| Class A Shares at MOP | -5.85% | -21.88% | -0.42% | 2.37% | 4.06% |  |
| Class C Shares at NAV | -0.48% | -17.69% | 0.07% | 2.33% | 3.72% | 1.86% |
| Class C Shares at CDSC | -1.46% | -18.50% | 0.07% | 2.33% | 3.72% |  |
| Class D Shares | 0.04% | -16.91% | 0.98% | 3.19% | 4.64% | 0.91% |
| Class I Shares | -0.03% | -16.90% | 1.02% | 3.24% | 4.68% | 0.88% |
| Class S Shares | -0.28% | -17.33% | 0.58% | 2.80% | 4.22% | 1.29% |
| Class T Shares | 0.02% | -16.97% | 0.89% | 3.12% | 4.58% | 1.03% |
| Bloomberg Global Aggregate Bond Index | -2.71% | -16.25% | -1.66% | -0.44% | 2.23% |  |
| Global Conservative Allocation Index | -0.61% | -16.91% | 1.33% | 3.05% | 4.05% |  |
| Morningstar Quartile - Class T Shares | - | 3rd | 4th | 3rd | 2nd |  |
| Morningstar Ranking - based on total returns for World Allocation Funds | - | 317/421 | 335/405 | 269/340 | 118/211 |  |

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*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

<br> 2 DECEMBER 31, 2022

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#### Janus Henderson Global Allocation Fund - Conservative (unaudited)

#### Performance
*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

*Performance of the Fund depends on that of the underlying funds. They are subject to the volatility of the financial markets. Because Janus Henderson Investors US LLC is the adviser to the Fund and to the underlying affiliated funds held within the Fund, it is subject to certain potential conflicts of interest.*

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund's Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – December 30, 2005

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

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#### Janus Henderson Global Allocation Fund - Conservative (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)††** |
| Class A Shares | Class A Shares | $1000.00  | $998.80  | $2.47  | $1000.00  | $1022.74  | $2.50  | 0.49% |
| Class C Shares | Class C Shares | $1000.00  | $995.20  | $5.63  | $1000.00  | $1019.56  | $5.70  | 1.12% |
| Class D Shares | Class D Shares | $1000.00  | $1000.40  | $1.41  | $1000.00  | $1023.79  | $1.43  | 0.28% |
| Class I Shares | Class I Shares | $1000.00  | $999.70  | $1.21  | $1000.00  | $1024.00  | $1.22  | 0.24% |
| Class S Shares | Class S Shares | $1000.00  | $997.20  | $3.32  | $1000.00  | $1021.88  | $3.36  | 0.66% |
| Class T Shares | Class T Shares | $1000.00  | $1000.20  | $1.76  | $1000.00  | $1023.44  | $1.79  | 0.35% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |
| †† | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |

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<br> 4 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Conservative

#### Schedule of Investments (unaudited)

#### December 31, 2022

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| | | |
|:---|:---|:---|
| *<br>*Shares* | *<br>*Shares* | *Value* |
| Investment Companies<sup>£</sup>– 100.0% | Investment Companies<sup>£</sup>– 100.0% |  |
| Equity Funds – 45.4% | Equity Funds – 45.4% |  |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | 878219 | $8032806 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 697206 | 6189634 |
| Janus Henderson Asia Equity Fund - Class N Shares\* | 227522 | 2129516 |
| Janus Henderson Contrarian Fund - Class N Shares | 197727 | 4533666 |
| Janus Henderson Emerging Markets Fund - Class N Shares\* | 701214 | 5822686 |
| Janus Henderson Enterprise Fund - Class N Shares | 24481 | 2971422 |
| Janus Henderson European Focus Fund - Class N Shares | 90782 | 3428761 |
| Janus Henderson Forty Fund - Class N Shares | 77987 | 2960955 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 643686 | 3868127 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 215777 | 2417836 |
| Janus Henderson Global Research Fund - Class N Shares | 31131 | 2451011 |
| Janus Henderson Global Select Fund - Class N Shares | 326426 | 5108315 |
| Janus Henderson Growth and Income Fund - Class N Shares | 51854 | 3276731 |
| Janus Henderson Overseas Fund - Class N Shares | 221674 | 8744049 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 190970 | 2428678 |
| Janus Henderson Triton Fund - Class N Shares | 105229 | 2620733 |
|  |  | 66984926 |
| Exchange-Traded Funds (ETFs) – 5.2% | Exchange-Traded Funds (ETFs) – 5.2% |  |
| Janus Henderson AAA CLO | 156135 | 7691210 |
| Fixed Income Funds – 49.3% | Fixed Income Funds – 49.3% |  |
| Janus Henderson Flexible Bond Fund - Class N Shares | 933215 | 8687615 |
| Janus Henderson Global Bond Fund - Class N Shares | 6563468 | 50968810 |
| Janus Henderson High-Yield Fund - Class N Shares | 1155993 | 7984876 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | 356696 | 2971267 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 755971 | 2123954 |
|  |  | 72736522 |
| Money Markets – 0.1% | Money Markets – 0.1% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 88212 | 88230 |
| Total Investments (total cost $160,728,494) – 100.0% | Total Investments (total cost $160,728,494) – 100.0% | 147500888 |
| Liabilities, net of Cash, Receivables and Other Assets – (0)% | Liabilities, net of Cash, Receivables and Other Assets – (0)% | (17087) |
| Net Assets – 100% | Net Assets – 100% | $147483801 |

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| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

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### Janus Henderson Global Allocation Fund - Conservative

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Capital Gain Distributions from Underlying Funds* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% |
| Equity Funds - 45.4% | Equity Funds - 45.4% | Equity Funds - 45.4% | Equity Funds - 45.4% | Equity Funds - 45.4% | Equity Funds - 45.4% |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | $101352 | $(76905) | $- | $(26666) | $8032806 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 131326 | (73251) | 41594 | 124316 | 6189634 |
| Janus Henderson Asia Equity Fund - Class N Shares<sup>\*</sup> | - | (76452) | - | (119694) | 2129516 |
| Janus Henderson Contrarian Fund - Class N Shares | 30804 | (122766) | - | 198971 | 4533666 |
| Janus Henderson Emerging Markets Fund - Class N Shares<sup>\*</sup> | - | (142417) | - | (257447) | 5822686 |
| Janus Henderson Enterprise Fund - Class N Shares | - | (448396) | 280497 | 437102 | 2971422 |
| Janus Henderson European Focus Fund - Class N Shares | 93555 | (7834) | - | 102712 | 3428761 |
| Janus Henderson Forty Fund - Class N Shares | - | (3474) | 1653 | 10281 | 2960955 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 148728 | (90451) | - | 119199 | 3868127 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 26201 | (26558) | - | (110429) | 2417836 |
| Janus Henderson Global Research Fund - Class N Shares | 28049 | (29332) | 83321 | 14691 | 2451011 |
| Janus Henderson Global Select Fund - Class N Shares | 57936 | (22145) | 92097 | 50703 | 5108315 |
| Janus Henderson Growth and Income Fund - Class N Shares | 20088 | (1536) | 168568 | (99096) | 3276731 |
| Janus Henderson Overseas Fund - Class N Shares | 151510 | (43367) | - | 365129 | 8744049 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 16864 | (162090) | - | 619193 | 2428678 |
| Janus Henderson Triton Fund - Class N Shares | - | (779955) | 151723 | 756049 | 2620733 |
| Total Equity Funds | $806413 | $(2106929) | $819453 | $2185014 | $66984926 |
| Exchange-Traded Funds (ETFs) - 5.2% | Exchange-Traded Funds (ETFs) - 5.2% | Exchange-Traded Funds (ETFs) - 5.2% | Exchange-Traded Funds (ETFs) - 5.2% | Exchange-Traded Funds (ETFs) - 5.2% | Exchange-Traded Funds (ETFs) - 5.2% |
| Janus Henderson AAA CLO | 68909 | (330) | - | (9602) | 7691210 |
| Fixed Income Funds - 49.3% | Fixed Income Funds - 49.3% | Fixed Income Funds - 49.3% | Fixed Income Funds - 49.3% | Fixed Income Funds - 49.3% | Fixed Income Funds - 49.3% |
| Janus Henderson Flexible Bond Fund - Class N Shares | 139416 | (28265) | - | (381173) | 8687615 |
| Janus Henderson Global Bond Fund - Class N Shares | 512796 | (792066) | - | (1410642) | 50968810 |
| Janus Henderson High-Yield Fund - Class N Shares | 392764 | (1468510) | - | 1344757 | 7984876 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | 17309 | 357 | - | (7106) | 2971267 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 154212 | (456531) | - | 303464 | 2123954 |
| Total Fixed Income Funds | $1216497 | $(2745015) | $- | $(150700) | $72736522 |
| Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 161 | - | - | 5 | 88230 |
| Total Affiliated Investments - 100.0% | $2091980 | $(4852274) | $819453 | $2024717 | $147500888 |

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| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

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### Janus Henderson Global Allocation Fund - Conservative

#### Schedule of Investments (unaudited)

#### December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% |
| Equity Funds - 45.4% | Equity Funds - 45.4% | Equity Funds - 45.4% | Equity Funds - 45.4% | Equity Funds - 45.4% |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | 8662926 | 156458 | (683007) | 8032806 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 6407255 | 217646 | (486332) | 6189634 |
| Janus Henderson Asia Equity Fund - Class N Shares<sup>\*</sup> | 2594833 | 15145 | (284316) | 2129516 |
| Janus Henderson Contrarian Fund - Class N Shares | 5482392 | 66391 | (1091322) | 4533666 |
| Janus Henderson Emerging Markets Fund - Class N Shares<sup>\*</sup> | 6795688 | 40659 | (613797) | 5822686 |
| Janus Henderson Enterprise Fund - Class N Shares | 4888687 | 313027 | (2218998) | 2971422 |
| Janus Henderson European Focus Fund - Class N Shares | 2297986 | 1231996 | (196099) | 3428761 |
| Janus Henderson Forty Fund - Class N Shares | 2346302 | 804039 | (196193) | 2960955 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 4453555 | 176834 | (791010) | 3868127 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 1903276 | 802316 | (150769) | 2417836 |
| Janus Henderson Global Research Fund - Class N Shares | 2450154 | 204254 | (188756) | 2451011 |
| Janus Henderson Global Select Fund - Class N Shares | 3158216 | 2204183 | (282642) | 5108315 |
| Janus Henderson Growth and Income Fund - Class N Shares | 2037272 | 1525246 | (185155) | 3276731 |
| Janus Henderson Overseas Fund - Class N Shares | 4463814 | 4382093 | (423620) | 8744049 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 4561241 | 47965 | (2637631) | 2428678 |
| Janus Henderson Triton Fund - Class N Shares | 4307864 | 180216 | (1843441) | 2620733 |
| Exchange-Traded Funds (ETFs) - 5.2% | Exchange-Traded Funds (ETFs) - 5.2% | Exchange-Traded Funds (ETFs) - 5.2% | Exchange-Traded Funds (ETFs) - 5.2% | Exchange-Traded Funds (ETFs) - 5.2% |
| Janus Henderson AAA CLO | - | 7854202 | (153060) | 7691210 |
| Fixed Income Funds - 49.3% | Fixed Income Funds - 49.3% | Fixed Income Funds - 49.3% | Fixed Income Funds - 49.3% | Fixed Income Funds - 49.3% |
| Janus Henderson Flexible Bond Fund - Class N Shares | 8964028 | 791975 | (658950) | 8687615 |
| Janus Henderson Global Bond Fund - Class N Shares | 53237204 | 3780146 | (3845832) | 50968810 |
| Janus Henderson High-Yield Fund - Class N Shares | 14231126 | 484093 | (6606590) | 7984876 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | - | 3042373 | (64357) | 2971267 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 14747967 | 246504 | (12717450) | 2123954 |
| Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | - | 136984 | (48759) | 88230 |

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| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

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### Janus Henderson Global Allocation Fund - Conservative

#### Notes to Schedule of Investments and Other Information (unaudited)

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| | |
|:---|:---|
| Bloomberg Global Aggregate Bond Index | Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets. |
| Global Conservative Allocation Index | Global Conservative Allocation Index is an internally-calculated, hypothetical combination of total returns from the Bloomberg Global Aggregate Bond Index (60%) and the MSCI All Country World Index<sup>SM</sup> (40%). |
| MSCI All Country World Index<sup>SM</sup> | MSCI All Country World Index<sup>SM</sup> reflects the equity market performance of global developed and emerging markets. |

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<br> LLC Limited Liability Company

<br> \* Non-income producing security.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

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| | | | |
|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Investment Companies* |  |  |  |
| Equity Funds | $66984926 | $- | $- |
| Exchange-Traded Funds (ETFs) | 7691210 | - | - |
| Fixed Income Funds | 72736522 | - | - |
| Money Markets | - | 88230 | - |
| **Total Assets** | $147412658 | $88230 | $- |

---

<br> 8 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Conservative

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Affiliated investments, at value (cost $160,728,494) | $147500888 |
| Trustees' deferred compensation | 4793 |
| Receivables: |  |
| Dividends  | 301730 |
| Investments sold | 243848 |
| Fund shares sold | 62804 |
| Due from adviser | 8528 |
| Other assets | 1501 |
| Total Assets  | 148124092 |
| Liabilities:  |  |
| Payables: |  |
| Investments purchased  | 301570 |
| Fund shares repurchased | 233031 |
| Transfer agent fees and expenses | 22948 |
| Professional fees | 22394 |
| Advisory fees | 6791 |
| 12b-1 Distribution and shareholder servicing fees | 5536 |
| Trustees' deferred compensation fees | 4793 |
| Custodian fees | 1575 |
| Trustees' fees and expenses | 139 |
| Accrued expenses and other payables | 41514 |
| Total Liabilities  | 640291 |
| Net Assets  | $147483801 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Global Allocation Fund - Conservative

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $165027012 |
| Total distributable earnings (loss) | (17543211) |
| Total Net Assets  | $147483801 |
| Net Assets - Class A Shares  | $6310298 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 613309 |
| Net Asset Value Per Share<sup>(1)</sup>  | $10.29 |
| Maximum Offering Price Per Share<sup>(2)</sup>  | $10.92 |
| Net Assets - Class C Shares | $4190834 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 417074 |
| Net Asset Value Per Share<sup>(1)</sup> | $10.05 |
| Net Assets - Class D Shares | $123808005 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 11972204 |
| Net Asset Value Per Share | $10.34 |
| Net Assets - Class I Shares | $2420425 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 234105 |
| Net Asset Value Per Share | $10.34 |
| Net Assets - Class S Shares | $57286 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5558 |
| Net Asset Value Per Share | $10.31 |
| Net Assets - Class T Shares | $10696953 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1036402 |
| Net Asset Value Per Share | $10.32 |

---

<br> (1) Redemption price per share may be reduced for any applicable contingent deferred sales charge.(2) Maximum offering price is computed at 100/94.25 of net asset value.

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Conservative

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  | Investment Income:  |
| Dividends from affiliates | $2091980 |
| Other income | 126 |
| Total Investment Income  | 2092106 |
| Expenses:  |  |
| Advisory fees | 38924 |
| 12b-1 Distribution and shareholder servicing fees:  | 12b-1 Distribution and shareholder servicing fees:  |
| Class A Shares | 8937 |
| Class C Shares | 22664 |
| Class S Shares | 115 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 75999 |
| Class S Shares | 115 |
| Class T Shares | 14901 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 3058 |
| Class C Shares | 2264 |
| Class I Shares | 1180 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 256 |
| Class C Shares | 129 |
| Class D Shares | 10458 |
| Class I Shares | 85 |
| Class S Shares | 9 |
| Class T Shares | 108 |
| Registration fees | 52698 |
| Professional fees | 18569 |
| Shareholder reports expense | 11270 |
| Custodian fees | 4533 |
| Trustees' fees and expenses | 2331 |
| Other expenses | 7677 |
| Total Expenses  | 276280 |
| Less: Excess Expense Reimbursement and Waivers | (29718) |
| Net Expenses  | 246562 |
| Net Investment Income/(Loss)  | 1845544 |
| Net Realized Gain/(Loss) on Investments:  | Net Realized Gain/(Loss) on Investments:  |
| Investments in affiliates | (4852274) |
| Capital gain distributions from underlying funds | 819453 |
| Total Net Realized Gain/(Loss) on Investments  | (4032821) |
| Change in Unrealized Net Appreciation/Depreciation:  | Change in Unrealized Net Appreciation/Depreciation:  |
| Investments in affiliates | 2024717 |
| Total Change in Unrealized Net Appreciation/Depreciation  | 2024717 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $(162560) |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Global Allocation Fund - Conservative

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $1845544 | $6228907 |
| Net realized gain/(loss) on investments | (4032821) | 4303301 |
| Change in unrealized net appreciation/depreciation | 2024717 | (44104456) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (162560) | (33572248) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (131556) | (822848) |
| Class C Shares | (74669) | (760171) |
| Class D Shares | (2866500) | (15718092) |
| Class I Shares | (59077) | (354854) |
| Class S Shares | (988) | (10096) |
| Class T Shares | (236185) | (1581411) |
| Net Decrease from Dividends and Distributions to Shareholders | (3368975) | (19247472) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (770725) | 894095 |
| Class C Shares | (1804721) | (1053445) |
| Class D Shares | (2717746) | (1870347) |
| Class I Shares | (178953) | (229562) |
| Class S Shares | (38185) | 17572 |
| Class T Shares | (1395230) | 306390 |
| Net Increase/(Decrease) from Capital Share Transactions | (6905560) | (1935297) |
| Net Increase/(Decrease) in Net Assets | (10437095) | (54755017) |
| Net Assets: |  |  |
| Beginning of period | 157920896 | 212675913 |
| End of period | $147483801 | $157920896 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Conservative

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.52  | $13.99  | $12.28  | $12.53  | $12.58  | $12.73  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.39  | 0.25  | 0.14  | 0.05  | 0.16  |
| Net realized and unrealized gain/(loss) | (0.12)  | (2.57)  | 2.07  | 0.19  | 0.35  | 0.43  |
| Total from Investment Operations | (0.01)  | (2.18)  | 2.32  | 0.33  | 0.40  | 0.59  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04)  | (0.41)  | (0.26)  | (0.13)  | (0.10)  | (0.20)  |
| Distributions (from capital gains) | (0.18)  | (0.88)  | (0.35)  | (0.45)  | (0.35)  | (0.54)  |
| Total Dividends and Distributions | (0.22)  | (1.29)  | (0.61)  | (0.58)  | (0.45)  | (0.74)  |
| Net Asset Value, End of Period | $10.29  | $10.52  | $13.99  | $12.28  | $12.53  | $12.58  |
| Total Return\* | (0.12)% | (17.15)% | 19.10% | 2.58% | 3.47% | 4.55% |
| Net Assets, End of Period (in thousands) | $6310  | $7213  | $8650  | $4030  | $4505  | $4407  |
| Average Net Assets for the Period (in thousands) | $7027  | $8494  | $6632  | $4381  | $4379  | $4494  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.51% | 0.47% | 0.47% | 0.47% | 0.46% | 0.47% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.49% | 0.47% | 0.47% | 0.47% | 0.46% | 0.47% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.17% | 3.03% | 1.84% | 1.13% | 0.43% | 1.27% |
| Portfolio Turnover Rate | 19% | 43% | 34% | 57% | 5% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Global Allocation Fund - Conservative

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.28  | $13.67  | $12.01  | $12.26  | $12.30  | $12.47  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.08  | 0.29  | 0.18  | 0.05  | (0.02)  | 0.07  |
| Net realized and unrealized gain/(loss) | (0.13)  | (2.50)  | 1.98  | 0.18  | 0.33  | 0.41  |
| Total from Investment Operations | (0.05)  | (2.21)  | 2.16  | 0.23  | 0.31  | 0.48  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | —  | (0.30)  | (0.15)  | (0.03)  | —<sup>(2)</sup>  | (0.11)  |
| Distributions (from capital gains) | (0.18)  | (0.88)  | (0.35)  | (0.45)  | (0.35)  | (0.54)  |
| Total Dividends and Distributions | (0.18)  | (1.18)  | (0.50)  | (0.48)  | (0.35)  | (0.65)  |
| Net Asset Value, End of Period | $10.05  | $10.28  | $13.67  | $12.01  | $12.26  | $12.30  |
| Total Return\* | (0.48)% | (17.65)% | 18.20% | 1.85% | 2.78% | 3.81% |
| Net Assets, End of Period (in thousands) | $4191  | $6096  | $9356  | $10655  | $13392  | $15665  |
| Average Net Assets for the Period (in thousands) | $5071  | $8302  | $9960  | $12057  | $14347  | $16576  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(3)</sup>  | 1.14% | 1.18% | 1.15% | 1.18% | 1.18% | 1.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(3)</sup> | 1.12% | 1.18% | 1.15% | 1.18% | 1.18% | 1.14% |
| Ratio of Net Investment Income/(Loss)<sup>(3)</sup> | 1.46% | 2.31% | 1.38% | 0.41% | (0.13)% | 0.58% |
| Portfolio Turnover Rate | 19% | 43% | 34% | 57% | 5% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Conservative

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.59  | $14.06  | $12.34  | $12.59  | $12.63  | $12.77  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.41  | 0.30  | 0.16  | 0.09  | 0.19  |
| Net realized and unrealized gain/(loss) | (0.14)  | (2.57)  | 2.05  | 0.20  | 0.34  | 0.43  |
| Total from Investment Operations | (0.01)  | (2.16)  | 2.35  | 0.36  | 0.43  | 0.62  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.06)  | (0.43)  | (0.28)  | (0.16)  | (0.12)  | (0.22)  |
| Distributions (from capital gains) | (0.18)  | (0.88)  | (0.35)  | (0.45)  | (0.35)  | (0.54)  |
| Total Dividends and Distributions | (0.24)  | (1.31)  | (0.63)  | (0.61)  | (0.47)  | (0.76)  |
| Net Asset Value, End of Period | $10.34  | $10.59  | $14.06  | $12.34  | $12.59  | $12.63  |
| Total Return\* | (0.06)% | (16.91)% | 19.27% | 2.77% | 3.70% | 4.78% |
| Net Assets, End of Period (in thousands) | $123808  | $129498  | $174449  | $147682  | $159468  | $177717  |
| Average Net Assets for the Period (in thousands) | $126443  | $160466  | $162759  | $152767  | $163822  | $182877  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.31% | 0.27% | 0.28% | 0.28% | 0.29% | 0.27% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.28% | 0.27% | 0.27% | 0.27% | 0.27% | 0.27% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.45% | 3.22% | 2.20% | 1.32% | 0.76% | 1.46% |
| Portfolio Turnover Rate | 19% | 43% | 34% | 57% | 5% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Global Allocation Fund - Conservative

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.59  | $14.07  | $12.34  | $12.58  | $12.63  | $12.77  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.42  | 0.29  | 0.17  | 0.11  | 0.20  |
| Net realized and unrealized gain/(loss) | (0.13)  | (2.58)  | 2.07  | 0.20  | 0.32  | 0.43  |
| Total from Investment Operations | —  | (2.16)  | 2.36  | 0.37  | 0.43  | 0.63  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07)  | (0.44)  | (0.28)  | (0.16)  | (0.13)  | (0.23)  |
| Distributions (from capital gains) | (0.18)  | (0.88)  | (0.35)  | (0.45)  | (0.35)  | (0.54)  |
| Total Dividends and Distributions | (0.25)  | (1.32)  | (0.63)  | (0.61)  | (0.48)  | (0.77)  |
| Net Asset Value, End of Period | $10.34  | $10.59  | $14.07  | $12.34  | $12.58  | $12.63  |
| Total Return\* | (0.03)% | (16.92)% | 19.39% | 2.89% | 3.71% | 4.85% |
| Net Assets, End of Period (in thousands) | $2420  | $2645  | $3830  | $3381  | $3786  | $5601  |
| Average Net Assets for the Period (in thousands) | $2510  | $3502  | $3247  | $3491  | $4489  | $5375  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.27% | 0.24% | 0.22% | 0.21% | 0.21% | 0.22% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.24% | 0.24% | 0.22% | 0.21% | 0.21% | 0.22% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.51% | 3.27% | 2.16% | 1.37% | 0.92% | 1.54% |
| Portfolio Turnover Rate | 19% | 43% | 34% | 57% | 5% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Conservative

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.52  | $13.97  | $12.25  | $12.45  | $12.51  | $12.66  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.09  | 0.36  | 0.25  | 0.11  | 0.09  | 0.16  |
| Net realized and unrealized gain/(loss) | (0.12)  | (2.55)  | 2.02  | 0.20  | 0.29  | 0.40  |
| Total from Investment Operations | (0.03)  | (2.19)  | 2.27  | 0.31  | 0.38  | 0.56  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | —  | (0.38)  | (0.20)  | (0.06)  | (0.09)  | (0.17)  |
| Distributions (from capital gains) | (0.18)  | (0.88)  | (0.35)  | (0.45)  | (0.35)  | (0.54)  |
| Total Dividends and Distributions | (0.18)  | (1.26)  | (0.55)  | (0.51)  | (0.44)  | (0.71)  |
| Net Asset Value, End of Period | $10.31  | $10.52  | $13.97  | $12.25  | $12.45  | $12.51  |
| Total Return\* | (0.28)% | (17.19)% | 18.70% | 2.43% | 3.32% | 4.35% |
| Net Assets, End of Period (in thousands) | $57  | $96  | $108  | $126  | $765  | $960  |
| Average Net Assets for the Period (in thousands) | $90  | $107  | $119  | $407  | $860  | $1266  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.69% | 0.65% | 0.65% | 0.63% | 0.56% | 0.68% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.66% | 0.65% | 0.65% | 0.63% | 0.56% | 0.64% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 1.72% | 2.83%  | 1.88% | 0.90% | 0.76% | 1.28% |
| Portfolio Turnover Rate | 19% | 43% | 34% | 57% | 5% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Global Allocation Fund - Conservative

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.56  | $14.03  | $12.32  | $12.56  | $12.61  | $12.75  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.41  | 0.29  | 0.16  | 0.10  | 0.18  |
| Net realized and unrealized gain/(loss) | (0.13)  | (2.58)  | 2.04  | 0.20  | 0.31  | 0.43  |
| Total from Investment Operations | (0.01)  | (2.17)  | 2.33  | 0.36  | 0.41  | 0.61  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.05)  | (0.42)  | (0.27)  | (0.15)  | (0.11)  | (0.21)  |
| Distributions (from capital gains) | (0.18)  | (0.88)  | (0.35)  | (0.45)  | (0.35)  | (0.54)  |
| Total Dividends and Distributions | (0.23)  | (1.30)  | (0.62)  | (0.60)  | (0.46)  | (0.75)  |
| Net Asset Value, End of Period | $10.32  | $10.56  | $14.03  | $12.32  | $12.56  | $12.61  |
| Total Return\* | (0.08)% | (17.02)% | 19.12% | 2.78% | 3.51% | 4.71% |
| Net Assets, End of Period (in thousands) | $10697  | $12373  | $16283  | $15174  | $17532  | $23342  |
| Average Net Assets for the Period (in thousands) | $11709  | $15587  | $16293  | $16406  | $19653  | $23661  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.42% | 0.39% | 0.39% | 0.38% | 0.39% | 0.38% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.35% | 0.36% | 0.35% | 0.36% | 0.37% | 0.35% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.31% | 3.22% | 2.14% | 1.27% | 0.78% | 1.41% |
| Portfolio Turnover Rate | 19% | 43% | 34% | 57% | 5% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Conservative

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Global Allocation Fund - Conservative (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Fund operates as a "fund of funds," meaning substantially all of the Fund's assets will be invested in other Janus Henderson mutual funds and exchange-traded funds ("ETFs") (the "underlying funds"). The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through a primary emphasis on income with a secondary emphasis on growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

<br> Janus Investment Fund 19

------

### Janus Henderson Global Allocation Fund - Conservative

#### Notes to Financial Statements (unaudited)
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

#### Underlying Funds
The Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. The Fund has a target allocation, which is how the Fund's investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which the Fund's asset class allocations generally will vary over short-term periods. The Fund's long-term expected average asset allocation is as follows: 40% to equity investments, 55% to fixed-income securities and money market instruments, and 5% to alternative investments. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the Fund's and underlying funds' prospectuses available at janushenderson.com. The Trustees of the underlying funds may change the investment objectives or strategies of the underlying funds at any time without prior notice to the Fund's shareholders.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### Investment Valuation
The Fund's net asset value ("NAV") is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.

#### 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.

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.

The Fund classifies each of its investments in underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds. 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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities held by the underlying funds will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes

<br> 20 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Conservative

#### Notes to Financial Statements (unaudited)
amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Dividend distributions received from the underlying funds are recorded on the ex-dividend date. Upon receipt of the notification from an underlying fund, and subsequent to the ex-dividend date, a part or all of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the underlying fund and/or increasing the realized gain on sales of investments in the underlying fund.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

#### Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The underlying funds may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the underlying funds distribute such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's contractual investment advisory fee rate (expressed as an annual rate) is 0.05% of its average daily net assets.

<br> Janus Investment Fund 21

------

### Janus Henderson Global Allocation Fund - Conservative

#### Notes to Financial Statements (unaudited)
The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, and extraordinary expenses, exceed the annual rate of 0.14% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement, and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. The Adviser does not receive compensation for serving as administrator and it bears the expenses related to operation of the Fund, such as, but not limited to fund accounting and tax services; shareholder servicing; and preparation of various documents filed with the SEC. The Fund bears costs related to any compensation, fees, or reimbursements paid to Trustees who are independent of the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; custody fees; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; blue sky registration costs; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; expenses of printing and mailing to existing shareholders prospectuses, statements of additional information, shareholder reports, and other materials required to be mailed to shareholders by federal or state laws or regulations; transfer agency fees and expenses payable pursuant to a transfer agency agreement between the Trust and the Transfer Agent on behalf of the Fund; any litigation; and other extraordinary expenses. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's and the underlying funds' transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

<br> 22 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Conservative

#### Notes to Financial Statements (unaudited)
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares' average daily net assets, of up to 1.00% of the Class C Shares' average daily net assets, and of up to 0.25% of the Class S Shares' average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $17.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $246.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate

<br> Janus Investment Fund 23

------

### Janus Henderson Global Allocation Fund - Conservative

#### Notes to Financial Statements (unaudited)
as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

3. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $163122486  | $2531714  | $(18153312) | $(15621598) |

---

<br> 24 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Conservative

#### Notes to Financial Statements (unaudited)
4. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;38373  | $403781  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131319  | $1710244  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 11370  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117336  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58531  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741591  |
| Shares repurchased | (121980) | &nbsp;&nbsp;&nbsp;&nbsp;(1291842) | &nbsp;&nbsp;&nbsp;&nbsp;(122674) | &nbsp;&nbsp;&nbsp;&nbsp;(1557740) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(72237) | $(770725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67176  | $894095  |
| Class C Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;48361  | $491452  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48373  | $647356  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 7366  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74253  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60987  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757458  |
| Shares repurchased | (231730) | &nbsp;&nbsp;&nbsp;&nbsp;(2370426) | &nbsp;&nbsp;&nbsp;&nbsp;(200594) | &nbsp;&nbsp;&nbsp;&nbsp;(2458259) |
| Net Increase/(Decrease) | (176003) | $(1804721) | &nbsp;&nbsp;&nbsp;&nbsp; (91234) | $(1053445) |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;276217  | $2928418  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914668  | $11598132  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | 274054  | &nbsp;&nbsp;&nbsp;&nbsp;2844684  | &nbsp;&nbsp;&nbsp;&nbsp;1225701  | 15615425  |
| Shares repurchased | (807550) | &nbsp;&nbsp;&nbsp;&nbsp;(8490848) | (2315355) | (29083904) |
| Net Increase/(Decrease) | (257279) | $(2717746) | &nbsp;&nbsp;&nbsp;&nbsp; (174986) | $(1870347) |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;30907  | $316575  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59747  | $758459  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 5670  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58799  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27767  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353471  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(52324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554327) | &nbsp;&nbsp;&nbsp;&nbsp;(109932) | &nbsp;&nbsp;&nbsp;&nbsp;(1341492) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(15747) | $(178953) | &nbsp;&nbsp;&nbsp;&nbsp; (22418) | $(229562) |
| Class S Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302  | $3148  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611  | $7771  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10096  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(3962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(3565) | $(38185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385  | $17572  |
| Class T Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;106833  | $1123566  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362289  | $4761019  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 22539  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233507  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118335  | &nbsp;&nbsp;&nbsp;&nbsp; 1504041  |
| Shares repurchased | (264523) | &nbsp;&nbsp;&nbsp;&nbsp;(2752303) | &nbsp;&nbsp;&nbsp;&nbsp;(469650) | &nbsp;&nbsp;&nbsp;&nbsp;(5958670) |
| Net Increase/(Decrease) | (135151) | $(1395230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10974  | $306390  |

---

<br> Janus Investment Fund 25

------

### Janus Henderson Global Allocation Fund - Conservative

#### Notes to Financial Statements (unaudited)
5. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $28704745  | $36368089  | $-  | $-  |

---

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 26 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 27

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### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 28 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 29

------

### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 30 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 31

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### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 32 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 33

------

### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 34 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 35

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### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 36 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Conservative

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 37

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### Janus Henderson Global Allocation Fund - Conservative

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 38 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Conservative

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 39

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### Janus Henderson Global Allocation Fund - Conservative

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 40 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Conservative

#### Notes

#### NotesPage1
<br> Janus Investment Fund 41

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---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93020 03-23 |

---

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Global Allocation Fund - Growth** | **Janus Henderson Global Allocation Fund - Growth** |
| Janus Investment Fund | Janus Investment Fund |

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**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Global Allocation Fund - Growth

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_9) | [1](#1_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_9) | [8](#2_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_9) | [9](#3_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_9) | [10](#4_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_9) | [11](#5_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_9) | [12](#6_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_9) | [18](#7_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_9) | [25](#8_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_9) | [36](#9_9) |

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<br>**Ashwin Alankar**<br>**portfolio manager**<br>

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### Janus Henderson Global Allocation Fund - Growth (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | |
|:---|:---|
| Holdings - (% of Net Assets) |  |
| Janus Henderson Overseas Fund - Class N Shares | 10.3<br>&nbsp;&nbsp;% |
| Janus Henderson Emerging Markets Fund - Class N Shares | 7.7 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 7.6 |
| Janus Henderson Global Bond Fund - Class N Shares | 7.5 |
| Janus Henderson Global Select Fund - Class N Shares | 6.0 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 5.9 |
| Janus Henderson Contrarian Fund - Class N Shares | 5.8 |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | 5.5 |
| Janus Henderson Growth and Income Fund - Class N Shares | 5.4 |
| Janus Henderson Forty Fund - Class N Shares | 5.4 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 5.4 |
| Janus Henderson European Focus Fund - Class N Shares | 4.3 |
| Janus Henderson Enterprise Fund - Class N Shares | 4.1 |
| Janus Henderson Triton Fund - Class N Shares | 3.8 |
| Janus Henderson Global Research Fund - Class N Shares | 3.8 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 3.2 |
| Janus Henderson Asia Equity Fund - Class N Shares | 2.9 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 2.2 |
| Janus Henderson High-Yield Fund - Class N Shares | 1.3 |
| Janus Henderson AAA CLO | 1.2 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | 0.4 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 0.3 |
| Janus Henderson Cash Liquidity Fund LLC | 0.0 |

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| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Equity Funds | 87.1% | 87.1% |
| Fixed Income Funds | 11.7% | 11.7% |
| Exchange-Traded Funds (ETFs) | 1.2% | 1.2% |
| Money Markets | 0.0% | 0.0% |
| Other | Other | (0.0)% |
|  |  | 100.0% |

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<br> Janus Investment Fund 1

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#### Janus Henderson Global Allocation Fund - Growth (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | 1.61% | -18.06% | 2.51% | 5.33% | 5.43% | 1.17% |
| Class A Shares at MOP | -4.20% | -22.76% | 1.30% | 4.70% | 5.06% |  |
| Class C Shares at NAV | 1.29% | -18.60% | 1.78% | 4.62% | 4.68% | 1.92% |
| Class C Shares at CDSC | 0.32% | -19.39% | 1.78% | 4.62% | 4.68% |  |
| Class D Shares | 1.78% | -17.87% | 2.71% | 5.51% | 5.61% | 0.98% |
| Class I Shares | 1.77% | -17.89% | 2.75% | 5.57% | 5.67% | 0.93% |
| Class S Shares | 1.50% | -18.20% | 2.33% | 5.15% | 5.23% | 1.34% |
| Class T Shares | 1.69% | -17.97% | 2.61% | 5.44% | 5.55% | 1.08% |
| MSCI All Country World Index | 2.28% | -18.36% | 5.23% | 7.98% | 6.12% |  |
| Global Growth Allocation Index | 1.35% | -17.82% | 4.01% | 6.38% | 5.52% |  |
| Morningstar Quartile - Class T Shares | - | 4th | 2nd | 1st | 2nd |  |
| Morningstar Ranking - based on total returns for World Allocation Funds | - | 358/421 | 188/405 | 81/340 | 56/211 |  |

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*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*For certain periods, the Fund's performance may reflect the effect of expense waivers.*

*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and* 

<br> 2 DECEMBER 31, 2022

------

#### Janus Henderson Global Allocation Fund - Growth (unaudited)

#### Performance
*potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

*Performance of the Fund depends on that of the underlying funds. They are subject to the volatility of the financial markets. Because Janus Henderson Investors US LLC is the adviser to the Fund and to the underlying affiliated funds held within the Fund, it is subject to certain potential conflicts of interest.*

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund's Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – December 30, 2005

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

------

#### Janus Henderson Global Allocation Fund - Growth (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)††** |
| Class A Shares | Class A Shares | $1000.00  | $1016.10  | $2.44  | $1000.00  | $1022.79  | $2.45  | 0.48% |
| Class C Shares | Class C Shares | $1000.00  | $1012.90  | $5.68  | $1000.00  | $1019.56  | $5.70  | 1.12% |
| Class D Shares | Class D Shares | $1000.00  | $1017.80  | $1.42  | $1000.00  | $1023.79  | $1.43  | 0.28% |
| Class I Shares | Class I Shares | $1000.00  | $1017.70  | $1.12  | $1000.00  | $1024.10  | $1.12  | 0.22% |
| Class S Shares | Class S Shares | $1000.00  | $1015.00  | $3.25  | $1000.00  | $1021.98  | $3.26  | 0.64% |
| Class T Shares | Class T Shares | $1000.00  | $1016.90  | $1.78  | $1000.00  | $1023.44  | $1.79  | 0.35% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |
| †† | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |

---

<br> 4 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Growth

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *<br>*Shares* | *<br>*Shares* | *Value* |
| Investment Companies<sup>£</sup>– 100.0% | Investment Companies<sup>£</sup>– 100.0% |  |
| Equity Funds – 87.1% | Equity Funds – 87.1% |  |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | 1278926 | $11695773 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 1840847 | 16337713 |
| Janus Henderson Asia Equity Fund - Class N Shares\* | 655460 | 6132095 |
| Janus Henderson Contrarian Fund - Class N Shares | 539424 | 12361361 |
| Janus Henderson Emerging Markets Fund - Class N Shares\* | 1981454 | 16454408 |
| Janus Henderson Enterprise Fund - Class N Shares | 72355 | 8780317 |
| Janus Henderson European Focus Fund - Class N Shares | 241790 | 9127134 |
| Janus Henderson Forty Fund - Class N Shares | 304521 | 11556891 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 1910525 | 11476400 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 614876 | 6888620 |
| Janus Henderson Global Research Fund - Class N Shares | 102742 | 8085356 |
| Janus Henderson Global Select Fund - Class N Shares | 818447 | 12802378 |
| Janus Henderson Growth and Income Fund - Class N Shares | 184772 | 11671573 |
| Janus Henderson Overseas Fund - Class N Shares | 560112 | 22085121 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 1001817 | 12736315 |
| Janus Henderson Triton Fund - Class N Shares | 325005 | 8098223 |
|  |  | 186289678 |
| Exchange-Traded Funds (ETFs) – 1.2% | Exchange-Traded Funds (ETFs) – 1.2% |  |
| Janus Henderson AAA CLO | 53898 | 2655016 |
| Fixed Income Funds – 11.7% | Fixed Income Funds – 11.7% |  |
| Janus Henderson Flexible Bond Fund - Class N Shares | 500463 | 4672834 |
| Janus Henderson Global Bond Fund - Class N Shares | 2060824 | 15994478 |
| Janus Henderson High-Yield Fund - Class N Shares | 395166 | 2744412 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | 98154 | 821706 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 250360 | 705122 |
|  |  | 24938552 |
| Money Markets – 0% | Money Markets – 0% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 101443 | 101464 |
| Total Investments (total cost $218,007,285) – 100.0% | Total Investments (total cost $218,007,285) – 100.0% | 213984710 |
| Liabilities, net of Cash, Receivables and Other Assets – (0)% | Liabilities, net of Cash, Receivables and Other Assets – (0)% | (75785) |
| Net Assets – 100% | Net Assets – 100% | $213908925 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Capital Gain Distributions from Underlying Funds* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% |
| Equity Funds - 87.1% | Equity Funds - 87.1% | Equity Funds - 87.1% | Equity Funds - 87.1% | Equity Funds - 87.1% | Equity Funds - 87.1% |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | $147438 | $(59004) | $- | $(90001) | $11695773 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 345898 | (130563) | 109554 | 279807 | 16337713 |
| Janus Henderson Asia Equity Fund - Class N Shares<sup>\*</sup> | - | (65561) | - | (390468) | 6132095 |
| Janus Henderson Contrarian Fund - Class N Shares | 83759 | (585661) | - | 822956 | 12361361 |
| Janus Henderson Emerging Markets Fund - Class N Shares<sup>\*</sup> | - | (354401) | - | (824607) | 16454408 |
| Janus Henderson Enterprise Fund - Class N Shares | - | (1124209) | 826286 | 1058506 | 8780317 |
| Janus Henderson European Focus Fund - Class N Shares | 248353 | (71082) | - | 369533 | 9127134 |
| Janus Henderson Forty Fund - Class N Shares | - | (7756) | 6434 | (17416) | 11556891 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 434166 | (236707) | - | 346941 | 11476400 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 74762 | (37603) | - | (351039) | 6888620 |
| Janus Henderson Global Research Fund - Class N Shares | 92263 | (62534) | 274074 | 1137 | 8085356 |
| Janus Henderson Global Select Fund - Class N Shares | 144784 | (34118) | 230151 | 205114 | 12802378 |
| Janus Henderson Growth and Income Fund - Class N Shares | 68781 | (2921) | 599202 | (399760) | 11671573 |
| Janus Henderson Overseas Fund - Class N Shares | 381563 | (40918) | - | 935227 | 22085121 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 88254 | (161273) | - | 1336632 | 12736315 |
| Janus Henderson Triton Fund - Class N Shares | - | (1695452) | 467056 | 1568262 | 8098223 |
| Total Equity Funds | $2110021 | $(4669763) | $2512759 | $4850824 | $186289678 |
| Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% |
| Janus Henderson AAA CLO | 23655 | (54) | - | (3313) | 2655016 |
| Fixed Income Funds - 11.7% | Fixed Income Funds - 11.7% | Fixed Income Funds - 11.7% | Fixed Income Funds - 11.7% | Fixed Income Funds - 11.7% | Fixed Income Funds - 11.7% |
| Janus Henderson Flexible Bond Fund - Class N Shares | 63540 | (6316) | - | (174861) | 4672834 |
| Janus Henderson Global Bond Fund - Class N Shares | 207704 | (1521087) | - | 620639 | 15994478 |
| Janus Henderson High-Yield Fund - Class N Shares | 164507 | (778946) | - | 729215 | 2744412 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | 4764 | 46 | - | (1963) | 821706 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 65682 | (215508) | - | 150332 | 705122 |
| Total Fixed Income Funds | $506197 | $(2521811) | $- | $1323362 | $24938552 |
| Money Markets - 0.0% | Money Markets - 0.0% | Money Markets - 0.0% | Money Markets - 0.0% | Money Markets - 0.0% | Money Markets - 0.0% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 290 | - | - | 10 | 101464 |
| Total Affiliated Investments - 100.0% | $2640163 | $(7191628) | $2512759 | $6170883 | $213984710 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% |
| Equity Funds - 87.1% | Equity Funds - 87.1% | Equity Funds - 87.1% | Equity Funds - 87.1% | Equity Funds - 87.1% |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | 11813103 | 517564 | (485889) | 11695773 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 16426755 | 704236 | (942522) | 16337713 |
| Janus Henderson Asia Equity Fund - Class N Shares<sup>\*</sup> | 6448127 | 385071 | (245074) | 6132095 |
| Janus Henderson Contrarian Fund - Class N Shares | 15605147 | 318949 | (3800030) | 12361361 |
| Janus Henderson Emerging Markets Fund - Class N Shares<sup>\*</sup> | 19934573 | 278567 | (2579724) | 16454408 |
| Janus Henderson Enterprise Fund - Class N Shares | 13547670 | 1035652 | (5737302) | 8780317 |
| Janus Henderson European Focus Fund - Class N Shares | 6524232 | 2599290 | (294839) | 9127134 |
| Janus Henderson Forty Fund - Class N Shares | 7287227 | 4648600 | (353764) | 11556891 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 12632864 | 618083 | (1884781) | 11476400 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 5407059 | 2101592 | (231389) | 6888620 |
| Janus Henderson Global Research Fund - Class N Shares | 7581576 | 889507 | (324330) | 8085356 |
| Janus Henderson Global Select Fund - Class N Shares | 9290151 | 3764827 | (423596) | 12802378 |
| Janus Henderson Growth and Income Fund - Class N Shares | 6417135 | 5985332 | (328213) | 11671573 |
| Janus Henderson Overseas Fund - Class N Shares | 12673220 | 9132395 | (614803) | 22085121 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 13875277 | 307939 | (2622260) | 12736315 |
| Janus Henderson Triton Fund - Class N Shares | 11640160 | 646069 | (4060816) | 8098223 |
| Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% |
| Janus Henderson AAA CLO | - | 2685259 | (26876) | 2655016 |
| Fixed Income Funds - 11.7% | Fixed Income Funds - 11.7% | Fixed Income Funds - 11.7% | Fixed Income Funds - 11.7% | Fixed Income Funds - 11.7% |
| Janus Henderson Flexible Bond Fund - Class N Shares | 3814163 | 1203017 | (163169) | 4672834 |
| Janus Henderson Global Bond Fund - Class N Shares | 22498332 | 531978 | (6135384) | 15994478 |
| Janus Henderson High-Yield Fund - Class N Shares | 6017076 | 257265 | (3480198) | 2744412 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | - | 832322 | (8699) | 821706 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 6235954 | 160494 | (5626150) | 705122 |
| Money Markets - 0.0% | Money Markets - 0.0% | Money Markets - 0.0% | Money Markets - 0.0% | Money Markets - 0.0% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | - | 111053 | (9599) | 101464 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | |
|:---|:---|
| Bloomberg Global <br>Aggregate Bond Index | Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets. |
| Global Growth Allocation Index | Global Growth Allocation Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index<sup>SM</sup> (80%) and the Bloomberg Global Aggregate Bond Index (20%).  |
| MSCI All Country World Index<sup>SM</sup> | MSCI All Country World Index<sup>SM</sup> reflects the equity market performance of global developed and emerging markets. |

---

<br> LLC Limited Liability Company

<br> \* Non-income producing security.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

---

| | | | |
|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Investment Companies* |  |  |  |
| Equity Funds | $186289678 | $- | $- |
| Exchange-Traded Funds (ETFs) | 2655016 | - | - |
| Fixed Income Funds | 24938552 | - | - |
| Money Markets | - | 101464 | - |
| **Total Assets** | $213883246 | $101464 | $- |

---

<br> 8 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Growth

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Assets:  |  |
| Affiliated investments, at value (cost $218,007,285) | $213984710 |
| Trustees' deferred compensation | 6944 |
| Receivables: |  |
| Dividends  | 218030 |
| Investments sold | 107177 |
| Fund shares sold | 29661 |
| Other assets | 2160 |
| Total Assets  | 214348682 |
| Liabilities:  |  |
| Payables: |  |
| Investments purchased  | 217412 |
| Fund shares repurchased | 102186 |
| Transfer agent fees and expenses | 34903 |
| Professional fees | 21551 |
| Trustees' deferred compensation fees | 6944 |
| Advisory fees | 5559 |
| 12b-1 Distribution and shareholder servicing fees | 3746 |
| Custodian fees | 1621 |
| Trustees' fees and expenses | 136 |
| Dividends | 22 |
| Accrued expenses and other payables | 45677 |
| Total Liabilities  | 439757 |
| Net Assets  | $213908925 |
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $224626625 |
| Total distributable earnings (loss) | (10717700) |
| Total Net Assets  | $213908925 |
| Net Assets - Class A Shares  | $5289445 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 471485 |
| Net Asset Value Per Share<sup>(1)</sup>  | $11.22 |
| Maximum Offering Price Per Share<sup>(2)</sup>  | $11.90 |
| Net Assets - Class C Shares | $2411112 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 219441 |
| Net Asset Value Per Share<sup>(1)</sup> | $10.99 |
| Net Assets - Class D Shares | $179633316 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15848369 |
| Net Asset Value Per Share | $11.33 |
| Net Assets - Class I Shares | $12922346 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1141302 |
| Net Asset Value Per Share | $11.32 |
| Net Assets - Class S Shares | $1281901 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 115065 |
| Net Asset Value Per Share | $11.14 |
| Net Assets - Class T Shares | $12370805 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1092933 |
| Net Asset Value Per Share | $11.32 |

---

<br> (1) Redemption price per share may be reduced for any applicable contingent deferred sales charge.(2) Maximum offering price is computed at 100/94.25 of net asset value.

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Dividends from affiliates | $2640163 |
| Other income | 249 |
| Total Investment Income  | 2640412 |
| Expenses:  |  |
| Advisory fees | 54802 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 6622 |
| Class C Shares | 12278 |
| Class S Shares | 1482 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 108715 |
| Class S Shares | 1485 |
| Class T Shares | 16563 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 2267 |
| Class C Shares | 1417 |
| Class I Shares | 4893 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 194 |
| Class C Shares | 75 |
| Class D Shares | 19763 |
| Class I Shares | 350 |
| Class S Shares | 29 |
| Class T Shares | 126 |
| Registration fees | 50373 |
| Professional fees | 18567 |
| Shareholder reports expense | 17980 |
| Custodian fees | 4666 |
| Trustees' fees and expenses | 3199 |
| Other expenses | 7970 |
| Total Expenses  | 333816 |
| Less: Excess Expense Reimbursement and Waivers | (8070) |
| Net Expenses  | 325746 |
| Net Investment Income/(Loss)  | 2314666 |
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments in affiliates | (7191628) |
| Capital gain distributions from underlying funds | 2512759 |
| Total Net Realized Gain/(Loss) on Investments  | (4678869) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments in affiliates | 6170883 |
| Total Change in Unrealized Net Appreciation/Depreciation  | 6170883 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $3806680 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $2314666 | $8959114 |
| Net realized gain/(loss) on investments | (4678869) | 11486988 |
| Change in unrealized net appreciation/depreciation | 6170883 | (69697246) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 3806680 | (49251144) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (230518) | (921690) |
| Class C Shares | (86622) | (566187) |
| Class D Shares | (8037482) | (33023195) |
| Class I Shares | (588717) | (2339152) |
| Class S Shares | (54407) | (230063) |
| Class T Shares | (545358) | (2369409) |
| Net Decrease from Dividends and Distributions to Shareholders | (9543104) | (39449696) |
| Capital Share Transactions:  |  |  |
| Class A Shares | 277018 | 1260008 |
| Class C Shares | (548549) | 228029 |
| Class D Shares | 3063934 | 22065920 |
| Class I Shares | 1766118 | 1630858 |
| Class S Shares | 189383 | 217222 |
| Class T Shares | (688247) | 2457324 |
| Net Increase/(Decrease) from Capital Share Transactions | 4059657 | 27859361 |
| Net Increase/(Decrease) in Net Assets | (1676767) | (60841479) |
| Net Assets: |  |  |
| Beginning of period | 215585692 | 276427171 |
| End of period | $213908925 | $215585692 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.54  | $16.53  | $12.93  | $14.05  | $14.28  | $13.98  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.48  | 0.18  | 0.17  | 0.15  | 0.22  |
| Net realized and unrealized gain/(loss) | 0.07  | (3.08)  | 4.12  | (0.32)  | 0.27  | 0.98  |
| Total from Investment Operations | 0.19  | (2.60)  | 4.30  | (0.15)  | 0.42  | 1.20  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.10)  | (0.50)  | (0.18)  | (0.17)  | (0.17)  | (0.27)  |
| Distributions (from capital gains) | (0.41)  | (1.89)  | (0.52)  | (0.80)  | (0.48)  | (0.63)  |
| Total Dividends and Distributions | (0.51)  | (2.39)  | (0.70)  | (0.97)  | (0.65)  | (0.90)  |
| Net Asset Value, End of Period | $11.22  | $11.54  | $16.53  | $12.93  | $14.05  | $14.28  |
| Total Return\* | 1.61% | (18.53)% | 33.72% | (1.48)% | 3.57% | 8.58% |
| Net Assets, End of Period (in thousands) | $5289  | $5148  | $6003  | $4381  | $4845  | $4637  |
| Average Net Assets for the Period (in thousands) | $5199  | $6076  | $4883  | $4624  | $4564  | $4446  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.48% | 0.45% | 0.46% | 0.46% | 0.46% | 0.46% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.48% | 0.45% | 0.46% | 0.46% | 0.46% | 0.46% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.00% | 3.28% | 1.17% | 1.29% | 1.07% | 1.53% |
| Portfolio Turnover Rate | 19% | 32% | 50% | 49% | 9% | 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.25  | $16.16  | $12.65  | $13.76  | $14.00  | $13.74  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.06  | 0.37  | 0.09  | 0.07  | 0.05  | 0.10  |
| Net realized and unrealized gain/(loss) | 0.09  | (3.01)  | 4.00  | (0.32)  | 0.27  | 0.98  |
| Total from Investment Operations | 0.15  | (2.64)  | 4.09  | (0.25)  | 0.32  | 1.08  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | —  | (0.38)  | (0.06)  | (0.06)  | (0.08)  | (0.19)  |
| Distributions (from capital gains) | (0.41)  | (1.89)  | (0.52)  | (0.80)  | (0.48)  | (0.63)  |
| Total Dividends and Distributions | (0.41)  | (2.27)  | (0.58)  | (0.86)  | (0.56)  | (0.82)  |
| Net Asset Value, End of Period | $10.99  | $11.25  | $16.16  | $12.65  | $13.76  | $14.00  |
| Total Return\* | 1.29% | (19.11)% | 32.77% | (2.23)% | 2.83% | 7.84% |
| Net Assets, End of Period (in thousands) | $2411  | $3031  | $4096  | $4497  | $6586  | $7166  |
| Average Net Assets for the Period (in thousands) | $2773  | $3787  | $4340  | $5700  | $6878  | $5467  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 1.12% | 1.16% | 1.14% | 1.18% | 1.20% | 1.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 1.12% | 1.16% | 1.14% | 1.18% | 1.20% | 1.14% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 1.12% | 2.60% | 0.64% | 0.55% | 0.38% | 0.69% |
| Portfolio Turnover Rate | 19% | 32% | 50% | 49% | 9% | 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.66  | $16.68  | $13.04  | $14.17  | $14.39  | $14.08  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.51  | 0.22  | 0.20  | 0.18  | 0.25  |
| Net realized and unrealized gain/(loss) | 0.07  | (3.12)  | 4.15  | (0.33)  | 0.27  | 0.99  |
| Total from Investment Operations | 0.20  | (2.61)  | 4.37  | (0.13)  | 0.45  | 1.24  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.12)  | (0.52)  | (0.21)  | (0.20)  | (0.19)  | (0.30)  |
| Distributions (from capital gains) | (0.41)  | (1.89)  | (0.52)  | (0.80)  | (0.48)  | (0.63)  |
| Total Dividends and Distributions | (0.53)  | (2.41)  | (0.73)  | (1.00)  | (0.67)  | (0.93)  |
| Net Asset Value, End of Period | $11.33  | $11.66  | $16.68  | $13.04  | $14.17  | $14.39  |
| Total Return\* | 1.69% | (18.41)% | 34.01% | (1.37)% | 3.77% | 8.79% |
| Net Assets, End of Period (in thousands) | $179633  | $181527  | $233735  | $187295  | $205433  | $219870  |
| Average Net Assets for the Period (in thousands) | $180888  | $218436  | $213320  | $195360  | $205469  | $222712  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.29% | 0.26% | 0.27% | 0.28% | 0.29% | 0.27% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.28% | 0.26% | 0.27% | 0.28% | 0.28% | 0.27% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.15% | 3.45% | 1.45% | 1.46% | 1.27% | 1.71% |
| Portfolio Turnover Rate | 19% | 32% | 50% | 49% | 9% | 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.65  | $16.68  | $13.04  | $14.16  | $14.39  | $14.08  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.14  | 0.54  | 0.23  | 0.22  | 0.19  | 0.21  |
| Net realized and unrealized gain/(loss) | 0.07  | (3.14)  | 4.14  | (0.33)  | 0.26  | 1.04  |
| Total from Investment Operations | 0.21  | (2.60)  | 4.37  | (0.11)  | 0.45  | 1.25  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.13)  | (0.54)  | (0.21)  | (0.21)  | (0.20)  | (0.31)  |
| Distributions (from capital gains) | (0.41)  | (1.89)  | (0.52)  | (0.80)  | (0.48)  | (0.63)  |
| Total Dividends and Distributions | (0.54)  | (2.43)  | (0.73)  | (1.01)  | (0.68)  | (0.94)  |
| Net Asset Value, End of Period | $11.32  | $11.65  | $16.68  | $13.04  | $14.16  | $14.39  |
| Total Return\* | 1.77% | (18.42)% | 34.07% | (1.24)% | 3.80% | 8.90% |
| Net Assets, End of Period (in thousands) | $12922  | $11359  | $14799  | $11548  | $14977  | $14180  |
| Average Net Assets for the Period (in thousands) | $12154  | $14681  | $12747  | $13319  | $15240  | $9393  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.22% | 0.21% | 0.21% | 0.22% | 0.22% | 0.20% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.22% | 0.21% | 0.21% | 0.22% | 0.22% | 0.20% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.33% | 3.65% | 1.49% | 1.59% | 1.33% | 1.44% |
| Portfolio Turnover Rate | 19% | 32% | 50% | 49% | 9% | 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.45  | $16.43  | $12.85  | $13.96  | $14.20  | $13.91  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.48  | 0.16  | 0.18  | 0.13  | 0.22  |
| Net realized and unrealized gain/(loss) | 0.08  | (3.09)  | 4.08  | (0.35)  | 0.26  | 0.95  |
| Total from Investment Operations | 0.19  | (2.61)  | 4.24  | (0.17)  | 0.39  | 1.17  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.09)  | (0.48)  | (0.14)  | (0.14)  | (0.15)  | (0.25)  |
| Distributions (from capital gains) | (0.41)  | (1.89)  | (0.52)  | (0.80)  | (0.48)  | (0.63)  |
| Total Dividends and Distributions | (0.50)  | (2.37)  | (0.66)  | (0.94)  | (0.63)  | (0.88)  |
| Net Asset Value, End of Period | $11.14  | $11.45  | $16.43  | $12.85  | $13.96  | $14.20  |
| Total Return\* | 1.58% | (18.71)% | 33.45% | (1.67)% | 3.41% | 8.38% |
| Net Assets, End of Period (in thousands) | $1282  | $1134  | $1408  | $1539  | $2157  | $2034  |
| Average Net Assets for the Period (in thousands) | $1165  | $1423  | $1325  | $1879  | $2446  | $2398  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.64% | 0.62% | 0.62% | 0.62% | 0.61% | 0.65% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.64% | 0.62% | 0.62% | 0.62% | 0.61% | 0.64% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 1.96% | 3.31%  | 1.05% | 1.30% | 0.96% | 1.53% |
| Portfolio Turnover Rate | 19% | 32% | 50% | 49% | 9% | 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.64  | $16.65  | $13.02  | $14.14  | $14.37  | $14.06  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.49  | 0.21  | 0.19  | 0.17  | 0.24  |
| Net realized and unrealized gain/(loss) | 0.08  | (3.10)  | 4.14  | (0.32)  | 0.26  | 0.99  |
| Total from Investment Operations | 0.20  | (2.61)  | 4.35  | (0.13)  | 0.43  | 1.23  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11)  | (0.51)  | (0.20)  | (0.19)  | (0.18)  | (0.29)  |
| Distributions (from capital gains) | (0.41)  | (1.89)  | (0.52)  | (0.80)  | (0.48)  | (0.63)  |
| Total Dividends and Distributions | (0.52)  | (2.40)  | (0.72)  | (0.99)  | (0.66)  | (0.92)  |
| Net Asset Value, End of Period | $11.32  | $11.64  | $16.65  | $13.02  | $14.14  | $14.37  |
| Total Return\* | 1.69% | (18.45)% | 33.88% | (1.37)% | 3.61% | 8.74% |
| Net Assets, End of Period (in thousands) | $12371  | $13387  | $16385  | $13330  | $16624  | $19131  |
| Average Net Assets for the Period (in thousands) | $13012  | $15962  | $15199  | $15095  | $17721  | $18582  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.39% | 0.36% | 0.37% | 0.37% | 0.38% | 0.37% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.35% | 0.34% | 0.34% | 0.35% | 0.36% | 0.34% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.03% | 3.34% | 1.37% | 1.43% | 1.20% | 1.63% |
| Portfolio Turnover Rate | 19% | 32% | 50% | 49% | 9% | 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Global Allocation Fund - Growth

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Global Allocation Fund - Growth (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Fund operates as a "fund of funds," meaning substantially all of the Fund's assets will be invested in other Janus Henderson mutual funds and exchange-traded funds ("ETFs") (the "underlying funds"). The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through a primary emphasis on growth of capital with a secondary emphasis on income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

<br> 18 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Growth

#### Notes to Financial Statements (unaudited)
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

#### Underlying Funds
The Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. The Fund has a target allocation, which is how the Fund's investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which the Fund's asset class allocations generally will vary over short-term periods. The Fund's long-term expected average asset allocation is as follows: 75% to equity investments, 15% to fixed-income securities and money market instruments, and 10% to alternative investments. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the Fund's and underlying funds' prospectuses available at janushenderson.com. The Trustees of the underlying funds may change the investment objectives or strategies of the underlying funds at any time without prior notice to the Fund's shareholders.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### Investment Valuation
The Fund's net asset value ("NAV") is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.

#### 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.

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.

The Fund classifies each of its investments in underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds. 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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities held by the underlying funds will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes

<br> Janus Investment Fund 19

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### Janus Henderson Global Allocation Fund - Growth

#### Notes to Financial Statements (unaudited)
amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Dividend distributions received from the underlying funds are recorded on the ex-dividend date. Upon receipt of the notification from an underlying fund, and subsequent to the ex-dividend date, a part or all of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the underlying fund and/or increasing the realized gain on sales of investments in the underlying fund.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

#### Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The underlying funds may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the underlying funds distribute such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's contractual investment advisory fee rate (expressed as an annual rate) is 0.05% of its average daily net assets.

<br> 20 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Growth

#### Notes to Financial Statements (unaudited)
The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, and extraordinary expenses, exceed the annual rate of 0.14% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement, and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. The Adviser does not receive compensation for serving as administrator and it bears the expenses related to operation of the Fund, such as, but not limited to fund accounting and tax services; shareholder servicing; and preparation of various documents filed with the SEC. The Fund bears costs related to any compensation, fees, or reimbursements paid to Trustees who are independent of the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; custody fees; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; blue sky registration costs; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; expenses of printing and mailing to existing shareholders prospectuses, statements of additional information, shareholder reports, and other materials required to be mailed to shareholders by federal or state laws or regulations; transfer agency fees and expenses payable pursuant to a transfer agency agreement between the Trust and the Transfer Agent on behalf of the Fund; any litigation; and other extraordinary expenses. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's and the underlying funds' transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

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| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

<br> Janus Investment Fund 21

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### Janus Henderson Global Allocation Fund - Growth

#### Notes to Financial Statements (unaudited)
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares' average daily net assets, of up to 1.00% of the Class C Shares' average daily net assets, and of up to 0.25% of the Class S Shares' average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $1,477.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption

<br> 22 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Growth

#### Notes to Financial Statements (unaudited)
of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $5.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

3. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary difference between book and tax appreciation or deperciation of investments is wash sale loss deferrals.

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| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $221338082  | $8691209  | $(16044581) | $(7353372) |

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<br> Janus Investment Fund 23

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### Janus Henderson Global Allocation Fund - Growth

#### Notes to Financial Statements (unaudited)
4. Capital Share Transactions

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53440  | $615261  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89960  | $1358917  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 19817  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62381  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892045  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(47975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(561582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(990954) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25282  | $277018  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83100  | $1260008  |
| Class C Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9528  | $105736  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50290  | $752340  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7846  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86622  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40471  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566187  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(67463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(740907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1090498) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(50089) | $(548549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16059  | $228029  |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;215231  | $2542775  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717556  | $10183352  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | 697247  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7941641  | &nbsp;&nbsp;&nbsp;&nbsp;2264733  | &nbsp;&nbsp;&nbsp;&nbsp; 32702741  |
| Shares repurchased | (631755) | &nbsp;&nbsp;&nbsp;&nbsp;(7420482) | (1428267) | &nbsp;&nbsp;&nbsp;&nbsp;(20820173) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;280723  | $3063934  | 1554022  | $22065920  |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;273472  | $3060947  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281698  | $4311736  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 51778  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588717  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161707  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2333434  |
| Shares repurchased | (158693) | &nbsp;&nbsp;&nbsp;&nbsp;(1883546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5014312) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;166557  | $1766118  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87233  | $1630858  |
| Class S Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12473  | $149027  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17126  | $272937  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4862  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54407  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16190  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230063  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285778) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16091  | $189383  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13269  | $217222  |
| Class T Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;149504  | $1730616  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413560  | $6024828  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 47633  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541587  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161423  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2327722  |
| Shares repurchased | (254381) | &nbsp;&nbsp;&nbsp;&nbsp;(2960450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5895226) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(57244) | $(688247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166205  | $2457324  |

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5. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

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| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $39715060  | $40379407  | $-  | $-  |

---

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 24 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 25

------

### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 26 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 27

------

### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 28 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 29

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### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 30 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 31

------

### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 32 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 33

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### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 34 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Growth

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 35

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### Janus Henderson Global Allocation Fund - Growth

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 36 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Growth

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 37

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### Janus Henderson Global Allocation Fund - Growth

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 38 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Growth

#### Notes

#### NotesPage1
<br> Janus Investment Fund 39

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### Janus Henderson Global Allocation Fund - Growth

#### Notes

#### NotesPage2
<br> 40 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Growth

#### Notes

#### NotesPage3
<br> Janus Investment Fund 41

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---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93021 03-23 |

---

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Global Allocation Fund - Moderate** | **Janus Henderson Global Allocation Fund - Moderate** |
| Janus Investment Fund | Janus Investment Fund |

---

**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Global Allocation Fund - Moderate

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_10) | [1](#1_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_10) | [8](#2_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_10) | [9](#3_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_10) | [10](#4_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_10) | [11](#5_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_10) | [12](#6_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_10) | [18](#7_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_10) | [25](#8_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_10) | [36](#9_10) |

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<br>**Ashwin Alankar**<br>**portfolio manager**<br>

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### Janus Henderson Global Allocation Fund - Moderate (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | |
|:---|:---|
| Holdings - (% of Net Assets) |  |
| Janus Henderson Global Bond Fund - Class N Shares | 21.0<br>&nbsp;&nbsp;% |
| Janus Henderson Overseas Fund - Class N Shares | 8.3 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 5.9 |
| Janus Henderson Emerging Markets Fund - Class N Shares | 5.8 |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | 5.5 |
| Janus Henderson Global Select Fund - Class N Shares | 4.8 |
| Janus Henderson Contrarian Fund - Class N Shares | 4.2 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 4.0 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 4.0 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 3.7 |
| Janus Henderson Forty Fund - Class N Shares | 3.7 |
| Janus Henderson Growth and Income Fund - Class N Shares | 3.6 |
| Janus Henderson High-Yield Fund - Class N Shares | 3.4 |
| Janus Henderson European Focus Fund - Class N Shares | 3.2 |
| Janus Henderson AAA CLO | 3.2 |
| Janus Henderson Global Research Fund - Class N Shares | 3.1 |
| Janus Henderson Enterprise Fund - Class N Shares | 3.0 |
| Janus Henderson Triton Fund - Class N Shares | 2.9 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 2.4 |
| Janus Henderson Asia Equity Fund - Class N Shares | 2.1 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | 1.2 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 0.9 |
| Janus Henderson Cash Liquidity Fund LLC | 0.1 |

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---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Equity Funds | 66.2% | 66.2% |
| Fixed Income Funds | 30.5% | 30.5% |
| Exchange-Traded Funds (ETFs) | 3.2% | 3.2% |
| Money Markets | 0.1% | 0.1% |
| Other | Other | (0.0)% |
|  |  | 100.0% |

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<br> Janus Investment Fund 1

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#### Janus Henderson Global Allocation Fund - Moderate (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | 0.80% | -17.54% | 1.64% | 4.15% | 5.01% | 1.11% |
| Class A Shares at MOP | -5.01% | -22.25% | 0.44% | 3.53% | 4.64% |  |
| Class C Shares at NAV | 0.37% | -18.17% | 0.91% | 3.44% | 4.26% | 1.90% |
| Class C Shares at CDSC | -0.61% | -18.97% | 0.91% | 3.44% | 4.26% |  |
| Class D Shares | 0.87% | -17.41% | 1.83% | 4.34% | 5.20% | 0.94% |
| Class I Shares | 0.92% | -17.33% | 1.88% | 4.39% | 5.24% | 0.90% |
| Class S Shares | 0.68% | -17.72% | 1.46% | 3.96% | 4.79% | 1.30% |
| Class T Shares | 0.77% | -17.48% | 1.74% | 4.27% | 5.14% | 1.05% |
| MSCI All Country World Index | 2.28% | -18.36% | 5.23% | 7.98% | 6.12% |  |
| Global Moderate Allocation Index | 0.39% | -17.33% | 2.71% | 4.74% | 4.83% |  |
| Morningstar Quartile - Class T Shares | - | 4th | 3rd | 3rd | 2nd |  |
| Morningstar Ranking - based on total returns for World Allocation Funds | - | 338/421 | 283/405 | 206/340 | 78/211 |  |

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*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

<br> 2 DECEMBER 31, 2022

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#### Janus Henderson Global Allocation Fund - Moderate (unaudited)

#### Performance
*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

*Performance of the Fund depends on that of the underlying funds. They are subject to the volatility of the financial markets. Because Janus Henderson Investors US LLC is the adviser to the Fund and to the underlying affiliated funds held within the Fund, it is subject to certain potential conflicts of interest.*

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund's Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – December 30, 2005

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

------

#### Janus Henderson Global Allocation Fund - Moderate (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)††** |
| Class A Shares | Class A Shares | $1000.00  | $1008.00  | $2.23  | $1000.00  | $1022.99  | $2.24  | 0.44% |
| Class C Shares | Class C Shares | $1000.00  | $1003.70  | $6.01  | $1000.00  | $1019.21  | $6.06  | 1.19% |
| Class D Shares | Class D Shares | $1000.00  | $1008.70  | $1.32  | $1000.00  | $1023.89  | $1.33  | 0.26% |
| Class I Shares | Class I Shares | $1000.00  | $1009.20  | $0.96  | $1000.00  | $1024.25  | $0.97  | 0.19% |
| Class S Shares | Class S Shares | $1000.00  | $1006.80  | $3.19  | $1000.00  | $1022.03  | $3.21  | 0.63% |
| Class T Shares | Class T Shares | $1000.00  | $1007.70  | $1.67  | $1000.00  | $1023.54  | $1.68  | 0.33% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |
| †† | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |

---

<br> 4 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Moderate

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *<br>*Shares* | *<br>*Shares* | *Value* |
| Investment Companies<sup>£</sup>– 100.0% | Investment Companies<sup>£</sup>– 100.0% |  |
| Equity Funds – 66.2% | Equity Funds – 66.2% |  |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | 1116866 | $10216295 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 1253344 | 11126191 |
| Janus Henderson Asia Equity Fund - Class N Shares\* | 429829 | 4022987 |
| Janus Henderson Contrarian Fund - Class N Shares | 342079 | 7839191 |
| Janus Henderson Emerging Markets Fund - Class N Shares\* | 1305296 | 10836753 |
| Janus Henderson Enterprise Fund - Class N Shares | 46623 | 5658563 |
| Janus Henderson European Focus Fund - Class N Shares | 160517 | 6062560 |
| Janus Henderson Forty Fund - Class N Shares | 182800 | 6940323 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 1243522 | 7472536 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 406535 | 4554852 |
| Janus Henderson Global Research Fund - Class N Shares | 72857 | 5735910 |
| Janus Henderson Global Select Fund - Class N Shares | 576365 | 9019552 |
| Janus Henderson Growth and Income Fund - Class N Shares | 105628 | 6674580 |
| Janus Henderson Overseas Fund - Class N Shares | 391708 | 15450669 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 548218 | 6971689 |
| Janus Henderson Triton Fund - Class N Shares | 215441 | 5364078 |
|  |  | 123946729 |
| Exchange-Traded Funds (ETFs) – 3.2% | Exchange-Traded Funds (ETFs) – 3.2% |  |
| Janus Henderson AAA CLO | 122712 | 6044793 |
| Fixed Income Funds – 30.5% | Fixed Income Funds – 30.5% |  |
| Janus Henderson Flexible Bond Fund - Class N Shares | 822747 | 7659097 |
| Janus Henderson Global Bond Fund - Class N Shares | 5083123 | 39374371 |
| Janus Henderson High-Yield Fund - Class N Shares | 909907 | 6284460 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | 263098 | 2191599 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 586925 | 1648945 |
|  |  | 57158472 |
| Money Markets – 0.1% | Money Markets – 0.1% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 92790 | 92809 |
| Total Investments (total cost $196,898,607) – 100.0% | Total Investments (total cost $196,898,607) – 100.0% | 187242803 |
| Liabilities, net of Cash, Receivables and Other Assets – (0)% | Liabilities, net of Cash, Receivables and Other Assets – (0)% | (81106) |
| Net Assets – 100% | Net Assets – 100% | $187161697 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Capital Gain Distributions from Underlying Funds* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% |
| Equity Funds - 66.2% | Equity Funds - 66.2% | Equity Funds - 66.2% | Equity Funds - 66.2% | Equity Funds - 66.2% | Equity Funds - 66.2% |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | $128954 | $(74238) | $- | $(54963) | $10216295 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 235857 | (129971) | 74702 | 241489 | 11126191 |
| Janus Henderson Asia Equity Fund - Class N Shares<sup>\*</sup> | - | (71781) | - | (247351) | 4022987 |
| Janus Henderson Contrarian Fund - Class N Shares | 53182 | (474840) | - | 635900 | 7839191 |
| Janus Henderson Emerging Markets Fund - Class N Shares<sup>\*</sup> | - | (298266) | - | (497678) | 10836753 |
| Janus Henderson Enterprise Fund - Class N Shares | - | (855920) | 533085 | 855458 | 5658563 |
| Janus Henderson European Focus Fund - Class N Shares | 165075 | (42686) | - | 238803 | 6062560 |
| Janus Henderson Forty Fund - Class N Shares | - | (3629) | 3867 | (2993) | 6940323 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 286859 | (130124) | - | 195980 | 7472536 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 49597 | (39808) | - | (221861) | 4554852 |
| Janus Henderson Global Research Fund - Class N Shares | 65506 | (43844) | 194589 | (28492) | 5735910 |
| Janus Henderson Global Select Fund - Class N Shares | 102084 | (30896) | 162275 | 127043 | 9019552 |
| Janus Henderson Growth and Income Fund - Class N Shares | 40572 | (253) | 343055 | (208895) | 6674580 |
| Janus Henderson Overseas Fund - Class N Shares | 267168 | (42062) | - | 640819 | 15450669 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 48367 | (191170) | - | 1003841 | 6971689 |
| Janus Henderson Triton Fund - Class N Shares | - | (1323876) | 309983 | 1242103 | 5364078 |
| Total Equity Funds | $1443221 | $(3753364) | $1621556 | $3919203 | $123946729 |
| Exchange-Traded Funds (ETFs) - 3.2% | Exchange-Traded Funds (ETFs) - 3.2% | Exchange-Traded Funds (ETFs) - 3.2% | Exchange-Traded Funds (ETFs) - 3.2% | Exchange-Traded Funds (ETFs) - 3.2% | Exchange-Traded Funds (ETFs) - 3.2% |
| Janus Henderson AAA CLO | 54011 | (257) | - | (7547) | 6044793 |
| Fixed Income Funds - 30.5% | Fixed Income Funds - 30.5% | Fixed Income Funds - 30.5% | Fixed Income Funds - 30.5% | Fixed Income Funds - 30.5% | Fixed Income Funds - 30.5% |
| Janus Henderson Flexible Bond Fund - Class N Shares | 116206 | (19491) | - | (317073) | 7659097 |
| Janus Henderson Global Bond Fund - Class N Shares | 413468 | (611627) | - | (1142803) | 39374371 |
| Janus Henderson High-Yield Fund - Class N Shares | 319360 | (1233466) | - | 1136056 | 6284460 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | 12738 | 225 | - | (5244) | 2191599 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 125767 | (367818) | - | 244024 | 1648945 |
| Total Fixed Income Funds | $987539 | $(2232177) | $- | $(85040) | $57158472 |
| Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 201 | - | - | 7 | 92809 |
| Total Affiliated Investments - 100.0% | $2484972 | $(5985798) | $1621556 | $3826623 | $187242803 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% | Investment Companies - 100.0% |
| Equity Funds - 66.2% | Equity Funds - 66.2% | Equity Funds - 66.2% | Equity Funds - 66.2% | Equity Funds - 66.2% |
| Janus Henderson Adaptive Global Allocation Fund - Class N Shares | 10736885 | 243990 | (635379) | 10216295 |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | 11631873 | 346464 | (963664) | 11126191 |
| Janus Henderson Asia Equity Fund - Class N Shares<sup>\*</sup> | 4442547 | 142828 | (243256) | 4022987 |
| Janus Henderson Contrarian Fund - Class N Shares | 10514114 | 85753 | (2921736) | 7839191 |
| Janus Henderson Emerging Markets Fund - Class N Shares<sup>\*</sup> | 13352859 | 39081 | (1759243) | 10836753 |
| Janus Henderson Enterprise Fund - Class N Shares | 9517977 | 562901 | (4421853) | 5658563 |
| Janus Henderson European Focus Fund - Class N Shares | 4399177 | 1762367 | (295101) | 6062560 |
| Janus Henderson Forty Fund - Class N Shares | 4642362 | 2637064 | (332481) | 6940323 |
| Janus Henderson Global Equity Income Fund - Class N Shares | 8521513 | 312082 | (1426915) | 7472536 |
| Janus Henderson Global Real Estate Fund - Class N Shares | 3645461 | 1402110 | (231050) | 4554852 |
| Janus Henderson Global Research Fund - Class N Shares | 4995443 | 1133814 | (321011) | 5735910 |
| Janus Henderson Global Select Fund - Class N Shares | 6262968 | 3092305 | (431868) | 9019552 |
| Janus Henderson Growth and Income Fund - Class N Shares | 4032741 | 3151036 | (300049) | 6674580 |
| Janus Henderson Overseas Fund - Class N Shares | 8468136 | 7017948 | (634172) | 15450669 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | 9037656 | 76830 | (2955468) | 6971689 |
| Janus Henderson Triton Fund - Class N Shares | 7967613 | 334899 | (2856661) | 5364078 |
| Exchange-Traded Funds (ETFs) - 3.2% | Exchange-Traded Funds (ETFs) - 3.2% | Exchange-Traded Funds (ETFs) - 3.2% | Exchange-Traded Funds (ETFs) - 3.2% | Exchange-Traded Funds (ETFs) - 3.2% |
| Janus Henderson AAA CLO | - | 6155077 | (102480) | 6044793 |
| Fixed Income Funds - 30.5% | Fixed Income Funds - 30.5% | Fixed Income Funds - 30.5% | Fixed Income Funds - 30.5% | Fixed Income Funds - 30.5% |
| Janus Henderson Flexible Bond Fund - Class N Shares | 7315634 | 1118177 | (438150) | 7659097 |
| Janus Henderson Global Bond Fund - Class N Shares | 43214541 | 541009 | (2626749) | 39374371 |
| Janus Henderson High-Yield Fund - Class N Shares | 11572760 | 355018 | (5545908) | 6284460 |
| Janus Henderson Multi-Sector Income Fund - Class N Shares | - | 2238482 | (41864) | 2191599 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | 11994196 | 161755 | (10383212) | 1648945 |
| Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | - | 114508 | (21706) | 92809 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | |
|:---|:---|
| Bloomberg Global <br>Aggregate Bond Index | Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets. |
| Global Moderate Allocation Index | Global Moderate Allocation Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index<sup>SM</sup> (60%) and the Bloomberg Global Aggregate Bond Index (40%).  |
| MSCI All Country World Index<sup>SM</sup> | MSCI All Country World Index<sup>SM</sup> reflects the equity market performance of global developed and emerging markets. |

---

<br> LLC Limited Liability Company

<br> \* Non-income producing security.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

---

| | | | |
|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Investment Companies* |  |  |  |
| Equity Funds | $123946729 | $- | $- |
| Exchange-Traded Funds (ETFs) | 6044793 | - | - |
| Fixed Income Funds | 57158472 | - | - |
| Money Markets | - | 92809 | - |
| **Total Assets** | $187149994 | $92809 | $- |

---

<br> 8 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Moderate

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Assets:  |  |
| Affiliated investments, at value (cost $196,898,607) | $187242803 |
| Trustees' deferred compensation | 6087 |
| Receivables: |  |
| Investments sold | 383464 |
| Dividends  | 286821 |
| Fund shares sold | 170037 |
| Due from adviser | 9576 |
| Other assets | 1903 |
| Total Assets  | 188100691 |
| Liabilities:  |  |
| Payables: |  |
| Fund shares repurchased | 536790 |
| Investments purchased  | 286612 |
| Transfer agent fees and expenses | 29924 |
| Professional fees | 21878 |
| Advisory fees | 8600 |
| Trustees' deferred compensation fees | 6087 |
| 12b-1 Distribution and shareholder servicing fees | 3419 |
| Custodian fees | 1627 |
| Trustees' fees and expenses | 163 |
| Accrued expenses and other payables | 43894 |
| Total Liabilities  | 938994 |
| Net Assets  | $187161697 |
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $202325917 |
| Total distributable earnings (loss) | (15164220) |
| Total Net Assets  | $187161697 |
| Net Assets - Class A Shares  | $9199422 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 869004 |
| Net Asset Value Per Share<sup>(1)</sup>  | $10.59 |
| Maximum Offering Price Per Share<sup>(2)</sup>  | $11.24 |
| Net Assets - Class C Shares | $913019 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 87411 |
| Net Asset Value Per Share<sup>(1)</sup> | $10.45 |
| Net Assets - Class D Shares | $160384194 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15040794 |
| Net Asset Value Per Share | $10.66 |
| Net Assets - Class I Shares | $4025037 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 377882 |
| Net Asset Value Per Share | $10.65 |
| Net Assets - Class S Shares | $1061808 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 101239 |
| Net Asset Value Per Share | $10.49 |
| Net Assets - Class T Shares | $11578217 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1089169 |
| Net Asset Value Per Share | $10.63 |

---

<br> (1) Redemption price per share may be reduced for any applicable contingent deferred sales charge.(2) Maximum offering price is computed at 100/94.25 of net asset value.

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Dividends from affiliates | $2484972 |
| Other income | 193 |
| Total Investment Income  | 2485165 |
| Expenses:  |  |
| Advisory fees | 48902 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 13178 |
| Class C Shares | 6415 |
| Class S Shares | 1371 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 97576 |
| Class S Shares | 1373 |
| Class T Shares | 15930 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 3065 |
| Class C Shares | 625 |
| Class I Shares | 1421 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 378 |
| Class C Shares | 41 |
| Class D Shares | 15770 |
| Class I Shares | 134 |
| Class S Shares | 20 |
| Class T Shares | 127 |
| Registration fees | 51269 |
| Professional fees | 18566 |
| Shareholder reports expense | 16026 |
| Custodian fees | 4615 |
| Trustees' fees and expenses | 2885 |
| Other expenses | 7877 |
| Total Expenses  | 307564 |
| Less: Excess Expense Reimbursement and Waivers | (35605) |
| Net Expenses  | 271959 |
| Net Investment Income/(Loss)  | 2213206 |
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments in affiliates | (5985798) |
| Capital gain distributions from underlying funds | 1621556 |
| Total Net Realized Gain/(Loss) on Investments  | (4364242) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments in affiliates | 3826623 |
| Total Change in Unrealized Net Appreciation/Depreciation  | 3826623 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $1675587 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $2213206 | $8210435 |
| Net realized gain/(loss) on investments | (4364242) | 7144074 |
| Change in unrealized net appreciation/depreciation | 3826623 | (59485428) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 1675587 | (44130919) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (242632) | (1713006) |
| Class C Shares | (20118) | (264396) |
| Class D Shares | (4624841) | (24712793) |
| Class I Shares | (122537) | (1956536) |
| Class S Shares | (26980) | (165949) |
| Class T Shares | (324596) | (1949321) |
| Net Decrease from Dividends and Distributions to Shareholders | (5361704) | (30762001) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (2073829) | 1609701 |
| Class C Shares | (474246) | (820511) |
| Class D Shares | (1037534) | 11777201 |
| Class I Shares | (414885) | 1728132 |
| Class S Shares | 14303 | 88622 |
| Class T Shares | (1357961) | 1120898 |
| Net Increase/(Decrease) from Capital Share Transactions | (5344152) | 15504043 |
| Net Increase/(Decrease) in Net Assets | (9030269) | (59388877) |
| Net Assets: |  |  |
| Beginning of period | 196191966 | 255580843 |
| End of period | $187161697 | $196191966 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.79  | $14.88  | $12.29  | $12.90  | $13.07  | $13.14  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.43  | 0.22  | 0.16  | 0.09  | 0.18  |
| Net realized and unrealized gain/(loss) | (0.02)  | (2.77)  | 2.98  | (0.06)  | 0.28  | 0.67  |
| Total from Investment Operations | 0.09  | (2.34)  | 3.20  | 0.10  | 0.37  | 0.85  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.06)  | (0.44)  | (0.22)  | (0.14)  | (0.10)  | (0.21)  |
| Distributions (from capital gains) | (0.23)  | (1.31)  | (0.39)  | (0.57)  | (0.44)  | (0.71)  |
| Total Dividends and Distributions | (0.29)  | (1.75)  | (0.61)  | (0.71)  | (0.54)  | (0.92)  |
| Net Asset Value, End of Period | $10.59  | $10.79  | $14.88  | $12.29  | $12.90  | $13.07  |
| Total Return\* | 0.80% | (17.84)% | 26.39% | 0.60% | 3.32% | 6.53% |
| Net Assets, End of Period (in thousands) | $9199  | $11371  | $14023  | $8165  | $9529  | $10021  |
| Average Net Assets for the Period (in thousands) | $10359  | $13650  | $11150  | $9063  | $9899  | $10557  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.46% | 0.43% | 0.43% | 0.41% | 0.45% | 0.46% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.44% | 0.43% | 0.43% | 0.41% | 0.45% | 0.46% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.01% | 3.21% | 1.56% | 1.29% | 0.68% | 1.34% |
| Portfolio Turnover Rate | 17% | 43% | 41% | 51% | 6% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.64  | $14.66  | $12.11  | $12.70  | $12.86  | $12.95  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.06  | 0.32  | 0.16  | 0.06  | 0.01  | 0.10  |
| Net realized and unrealized gain/(loss) | (0.02)  | (2.72)  | 2.88  | (0.05)  | 0.27  | 0.64  |
| Total from Investment Operations | 0.04  | (2.40)  | 3.04  | 0.01  | 0.28  | 0.74  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | —  | (0.31)  | (0.10)  | (0.03)  | —<sup>(2)</sup>  | (0.12)  |
| Distributions (from capital gains) | (0.23)  | (1.31)  | (0.39)  | (0.57)  | (0.44)  | (0.71)  |
| Total Dividends and Distributions | (0.23)  | (1.62)  | (0.49)  | (0.60)  | (0.44)  | (0.83)  |
| Net Asset Value, End of Period | $10.45  | $10.64  | $14.66  | $12.11  | $12.70  | $12.86  |
| Total Return\* | 0.37% | (18.40)% | 25.39% | (0.06)% | 2.57% | 5.74% |
| Net Assets, End of Period (in thousands) | $913  | $1387  | $2854  | $4381  | $6211  | $7341  |
| Average Net Assets for the Period (in thousands) | $1315  | $2274  | $3487  | $5235  | $6648  | $8036  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(3)</sup>  | 1.21% | 1.19% | 1.12% | 1.18% | 1.14% | 1.13% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(3)</sup> | 1.19% | 1.19% | 1.11% | 1.18% | 1.14% | 1.13% |
| Ratio of Net Investment Income/(Loss)<sup>(3)</sup> | 1.07% | 2.42% | 1.17% | 0.45% | 0.08% | 0.73% |
| Portfolio Turnover Rate | 17% | 43% | 41% | 51% | 6% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
|  | 13 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.88  | $14.99  | $12.38  | $12.98  | $13.16  | $13.22  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.45  | 0.26  | 0.18  | 0.11  | 0.21  |
| Net realized and unrealized gain/(loss) | (0.03)  | (2.79)  | 2.98  | (0.05)  | 0.28  | 0.68  |
| Total from Investment Operations | 0.10  | (2.34)  | 3.24  | 0.13  | 0.39  | 0.89  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.09)  | (0.46)  | (0.24)  | (0.16)  | (0.13)  | (0.24)  |
| Distributions (from capital gains) | (0.23)  | (1.31)  | (0.39)  | (0.57)  | (0.44)  | (0.71)  |
| Total Dividends and Distributions | (0.32)  | (1.77)  | (0.63)  | (0.73)  | (0.57)  | (0.95)  |
| Net Asset Value, End of Period | $10.66  | $10.88  | $14.99  | $12.38  | $12.98  | $13.16  |
| Total Return\* | 0.87% | (17.71)% | 26.53% | 0.84% | 3.44% | 6.77% |
| Net Assets, End of Period (in thousands) | $160384  | $164692  | $213724  | $178202  | $196873  | $212763  |
| Average Net Assets for the Period (in thousands) | $162336  | $199211  | $197314  | $187271  | $199360  | $218363  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.30% | 0.26% | 0.27% | 0.27% | 0.29% | 0.27% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.26% | 0.25% | 0.25% | 0.26% | 0.26% | 0.26% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.32% | 3.35% | 1.84% | 1.40% | 0.88% | 1.56% |
| Portfolio Turnover Rate | 17% | 43% | 41% | 51% | 6% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.86  | $14.98  | $12.37  | $12.97  | $13.15  | $13.22  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.53  | 0.25  | 0.19  | 0.11  | 0.20  |
| Net realized and unrealized gain/(loss) | (0.03)  | (2.86)  | 3.00  | (0.05)  | 0.29  | 0.69  |
| Total from Investment Operations | 0.10  | (2.33)  | 3.25  | 0.14  | 0.40  | 0.89  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.08)  | (0.48)  | (0.25)  | (0.17)  | (0.14)  | (0.25)  |
| Distributions (from capital gains) | (0.23)  | (1.31)  | (0.39)  | (0.57)  | (0.44)  | (0.71)  |
| Total Dividends and Distributions | (0.31)  | (1.79)  | (0.64)  | (0.74)  | (0.58)  | (0.96)  |
| Net Asset Value, End of Period | $10.65  | $10.86  | $14.98  | $12.37  | $12.97  | $13.15  |
| Total Return\* | 0.92% | (17.72)% | 26.62% | 0.88% | 3.53% | 6.77% |
| Net Assets, End of Period (in thousands) | $4025  | $4528  | $6744  | $4551  | $5533  | $6856  |
| Average Net Assets for the Period (in thousands) | $4421  | $12862  | $5660  | $4907  | $5905  | $5072  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.21% | 0.22% | 0.21% | 0.21% | 0.22% | 0.21% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.19% | 0.22% | 0.21% | 0.21% | 0.22% | 0.20% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.38% | 3.87% | 1.81% | 1.47% | 0.85% | 1.50% |
| Portfolio Turnover Rate | 17% | 43% | 41% | 51% | 6% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
|  | 15 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.69  | $14.75  | $12.19  | $12.79  | $12.97  | $13.05  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.40  | 0.21  | 0.15  | 0.06  | 0.16  |
| Net realized and unrealized gain/(loss) | (0.04)  | (2.74)  | 2.93  | (0.07)  | 0.29  | 0.66  |
| Total from Investment Operations | 0.07  | (2.34)  | 3.14  | 0.08  | 0.35  | 0.82  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04)  | (0.41)  | (0.19)  | (0.11)  | (0.09)  | (0.19)  |
| Distributions (from capital gains) | (0.23)  | (1.31)  | (0.39)  | (0.57)  | (0.44)  | (0.71)  |
| Total Dividends and Distributions | (0.27)  | (1.72)  | (0.58)  | (0.68)  | (0.53)  | (0.90)  |
| Net Asset Value, End of Period | $10.49  | $10.69  | $14.75  | $12.19  | $12.79  | $12.97  |
| Total Return\* | 0.68% | (17.97)% | 26.03% | 0.47% | 3.14% | 6.31% |
| Net Assets, End of Period (in thousands) | $1062  | $1066  | $1385  | $1247  | $2217  | $2695  |
| Average Net Assets for the Period (in thousands) | $1078  | $1322  | $1358  | $1929  | $2482  | $2722  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.65% | 0.62% | 0.62% | 0.62% | 0.60% | 0.64% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.63% | 0.62% | 0.62% | 0.62% | 0.60% | 0.62% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 1.95% | 3.03%  | 1.51% | 1.17% | 0.51% | 1.17% |
| Portfolio Turnover Rate | 17% | 43% | 41% | 51% | 6% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $10.84  | $14.94  | $12.34  | $12.94  | $13.12  | $13.19  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.44  | 0.24  | 0.16  | 0.10  | 0.21  |
| Net realized and unrealized gain/(loss) | (0.03)  | (2.78)  | 2.98  | (0.04)  | 0.28  | 0.66  |
| Total from Investment Operations | 0.09  | (2.34)  | 3.22  | 0.12  | 0.38  | 0.87  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07)  | (0.45)  | (0.23)  | (0.15)  | (0.12)  | (0.23)  |
| Distributions (from capital gains) | (0.23)  | (1.31)  | (0.39)  | (0.57)  | (0.44)  | (0.71)  |
| Total Dividends and Distributions | (0.30)  | (1.76)  | (0.62)  | (0.72)  | (0.56)  | (0.94)  |
| Net Asset Value, End of Period | $10.63  | $10.84  | $14.94  | $12.34  | $12.94  | $13.12  |
| Total Return\* | 0.87% | (17.77)% | 26.43% | 0.76% | 3.38% | 6.64% |
| Net Assets, End of Period (in thousands) | $11578  | $13148  | $16849  | $13981  | $16966  | $17735  |
| Average Net Assets for the Period (in thousands) | $12516  | $15737  | $15516  | $15728  | $17106  | $18214  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup>  | 0.40% | 0.37% | 0.37% | 0.37% | 0.38% | 0.37% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> | 0.33% | 0.33% | 0.32% | 0.34% | 0.34% | 0.33% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> | 2.17% | 3.27% | 1.76% | 1.29% | 0.79% | 1.50% |
| Portfolio Turnover Rate | 17% | 43% | 41% | 51% | 6% | 14% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
|  | 17 |

---

------

### Janus Henderson Global Allocation Fund - Moderate

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Global Allocation Fund - Moderate (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Fund operates as a "fund of funds," meaning substantially all of the Fund's assets will be invested in other Janus Henderson mutual funds and exchange-traded funds ("ETFs") (the "underlying funds"). The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through growth of capital and income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

<br> 18 DECEMBER 31, 2022

------

### Janus Henderson Global Allocation Fund - Moderate

#### Notes to Financial Statements (unaudited)
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

#### Underlying Funds
The Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. The Fund has a target allocation, which is how the Fund's investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which the Fund's asset class allocations generally will vary over short-term periods. The Fund's long-term expected average asset allocation is as follows: 55% to equity investments, 35% to fixed-income securities and money market instruments, and 10% to alternative investments. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the Fund's and underlying funds' prospectuses available at janushenderson.com. The Trustees of the underlying funds may change the investment objectives or strategies of the underlying funds at any time without prior notice to the Fund's shareholders.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### Investment Valuation
The Fund's net asset value ("NAV") is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.

#### 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.

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.

The Fund classifies each of its investments in underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds. 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 year.

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 December 31, 2022 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.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities held by the underlying funds will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes

<br> Janus Investment Fund 19

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### Janus Henderson Global Allocation Fund - Moderate

#### Notes to Financial Statements (unaudited)
amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Dividend distributions received from the underlying funds are recorded on the ex-dividend date. Upon receipt of the notification from an underlying fund, and subsequent to the ex-dividend date, a part or all of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the underlying fund and/or increasing the realized gain on sales of investments in the underlying fund.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

#### Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The underlying funds may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the underlying funds distribute such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's contractual investment advisory fee rate (expressed as an annual rate) is 0.05% of its average daily net assets.

<br> 20 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Notes to Financial Statements (unaudited)
The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, and extraordinary expenses, exceed the annual rate of 0.12% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement, and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. The Adviser does not receive compensation for serving as administrator and it bears the expenses related to operation of the Fund, such as, but not limited to fund accounting and tax services; shareholder servicing; and preparation of various documents filed with the SEC. The Fund bears costs related to any compensation, fees, or reimbursements paid to Trustees who are independent of the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; custody fees; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; blue sky registration costs; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; expenses of printing and mailing to existing shareholders prospectuses, statements of additional information, shareholder reports, and other materials required to be mailed to shareholders by federal or state laws or regulations; transfer agency fees and expenses payable pursuant to a transfer agency agreement between the Trust and the Transfer Agent on behalf of the Fund; any litigation; and other extraordinary expenses. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's and the underlying funds' transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

<br> Janus Investment Fund 21

------

### Janus Henderson Global Allocation Fund - Moderate

#### Notes to Financial Statements (unaudited)
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares' average daily net assets, of up to 1.00% of the Class C Shares' average daily net assets, and of up to 0.25% of the Class S Shares' average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $234.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $10.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate

<br> 22 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Notes to Financial Statements (unaudited)
as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

3. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $199800007  | $5528053  | $(18085257) | $(12557204) |

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<br> Janus Investment Fund 23

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### Janus Henderson Global Allocation Fund - Moderate

#### Notes to Financial Statements (unaudited)
4. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31769  | $340591  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99542  | $1392186  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 21826  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232007  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125347  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1652075  |
| Shares repurchased | (238452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2646427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1434560) |
| Net Increase/(Decrease) | (184857) | $(2073829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111520  | $1609701  |
| Class C Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23812  | $241554  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6199  | $83756  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1918  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20118  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20276  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264396  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(68695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1168663) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(42965) | $(474246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64328) | $(820511) |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;257597  | $2809641  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846777  | $11608248  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | 426840  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571454  | &nbsp;&nbsp;&nbsp;&nbsp;1838940  | &nbsp;&nbsp;&nbsp;&nbsp; 24439514  |
| Shares repurchased | (774932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8418629) | (1811000) | &nbsp;&nbsp;&nbsp;&nbsp;(24270561) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(90495) | $(1037534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874717  | $11777201  |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28505  | $316929  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926725  | $13710075  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 11452  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122537  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147552  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956536  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(78813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(854351) | (1107894) | &nbsp;&nbsp;&nbsp;&nbsp;(13938479) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(38856) | $(414885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33617) | $1728132  |
| Class S Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008  | $32190  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6701  | $87320  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26980  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12697  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165949  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164647) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503  | $14303  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5834  | $88622  |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;128518  | $1384925  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365108  | $4932414  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 30278  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323070  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145734  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1929521  |
| Shares repurchased | (282055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3065956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5741037) |
| Net Increase/(Decrease) | (123259) | $(1357961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84844  | $1120898  |

---

5. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $33025499  | $39889977  | $-  | $-  |

---

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 24 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 25

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 26 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 27

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 28 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 29

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 30 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 31

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 32 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 33

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 34 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 35

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### Janus Henderson Global Allocation Fund - Moderate

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 36 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 37

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### Janus Henderson Global Allocation Fund - Moderate

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 38 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Notes

#### NotesPage1
<br> Janus Investment Fund 39

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### Janus Henderson Global Allocation Fund - Moderate

#### Notes

#### NotesPage2
<br> 40 DECEMBER 31, 2022

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### Janus Henderson Global Allocation Fund - Moderate

#### Notes

#### NotesPage3
<br> Janus Investment Fund 41

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---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93022 03-23 |

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Global Bond Fund**  | **Janus Henderson Global Bond Fund**  |
| Janus Investment Fund | Janus Investment Fund |

---

**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Global Bond Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_11) | [1](#1_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_11) | [18](#2_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_11) | [20](#3_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_11) | [22](#4_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_11) | [24](#5_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_11) | [25](#6_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_11) | [32](#7_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_11) | [50](#8_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_11) | [61](#9_11) |

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| | | |
|:---|:---|:---|
| <br>**Jenna Barnard**<br>**co-portfolio manager** | <br>**Helen Anthony**<br>**co-portfolio manager** | <br>**John Pattullo**<br>**co-portfolio manager** |

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------

### Janus Henderson Global Bond Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| Fund Profile |  |  |
| **30-day SEC Yield\*** | **Without <br>Reimbursement** | **With <br>Reimbursement** |
| Class A Shares NAV | 1.53% | 2.14% |
| Class A Shares MOP | 1.46% | 2.04% |
| Class C Shares\*\* | 0.52% | 1.38% |
| Class D Shares | 1.96% | 2.36% |
| Class I Shares | 2.13% | 2.41% |
| Class N Shares | 2.27% | 2.55% |
| Class S Shares | -3.33% | 2.00% |
| Class T Shares | 1.90% | 2.29% |
| **Weighted Average Maturity** | **Weighted Average Maturity** | 8.6 Years |
| **Average Effective Duration\*\*\*** | **Average Effective Duration\*\*\*** | 7.8 Years |
| \* Yield will fluctuate. |  |  |
| \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. |
| \*\*\* A theoretical measure of price volatility. | \*\*\* A theoretical measure of price volatility. |  |

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| | |
|:---|:---|
| Ratings<sup>†</sup> Summary - (% of Total Investments) |  |
| AAA | 5.3% |
| AA | 33.6% |
| A | 6.5% |
| BBB | 11.0% |
| BB | 0.6% |
| B | 0.2% |
| Not Rated | 41.2% |
| Other | 1.6% |
| † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. | † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. |

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Significant Areas of Investment - (% of Net Assets)

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| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Foreign Government Bonds | 47.9% | 47.9% |
| Mortgage-Backed Securities | 23.8% | 23.8% |
| Corporate Bonds | 19.2% | 19.2% |
| Investment Companies | 10.6% | 10.6% |
| United States Treasury Notes/Bonds | 6.2% | 6.2% |
| Asset-Backed/Commercial Mortgage-Backed Securities | 1.1% | 1.1% |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2% | 0.2% |
| Other | Other | (9.0)% |
|  |  | 100.0% |

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#### Emerging markets comprised 12.2% of total net assets.
<br> Janus Investment Fund 1

------

#### Janus Henderson Global Bond Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | -3.28% | -18.76% | -2.31% | -0.61% | 0.66% | 1.29% | 0.96% |
| Class A Shares at MOP | -7.83% | -22.59% | -3.25% | -1.10% | 0.25% |  |  |
| Class C Shares at NAV | -3.64% | -19.36% | -3.03% | -1.36% | -0.09% | 2.14% | 1.69% |
| Class C Shares at CDSC | -4.60% | -20.16% | -3.03% | -1.36% | -0.09% |  |  |
| Class D Shares | -3.18% | -18.59% | -2.09% | -0.43% | 0.82% | 0.93% | 0.76% |
| Class I Shares | -3.15% | -18.56% | -2.04% | -0.37% | 0.90% | 0.83% | 0.70% |
| Class N Shares | -3.10% | -18.50% | -1.97% | -0.29% | 0.90% | 0.72% | 0.59% |
| Class S Shares | -3.35% | -18.90% | -2.47% | -0.71% | 0.55% | 6.35% | 1.12% |
| Class T Shares | -3.21% | -18.58% | -2.20% | -0.52% | 0.73% | 1.02% | 0.84% |
| Bloomberg Global Aggregate Bond Index | -2.71% | -16.25% | -1.66% | -0.44% | 0.57% |  |  |
| Morningstar Quartile - Class I Shares | - | 4th | 2nd | 2nd | 1st |  |  |
| Morningstar Ranking - based on total returns for World Bond Funds | - | 161/202 | 90/186 | 74/173 | 46/160 |  |  |

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*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs),* 

<br> 2 DECEMBER 31, 2022

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#### Janus Henderson Global Bond Fund (unaudited)

#### Performance
*Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class N Shares commenced operations on October 28, 2013. Performance shown for periods prior to October 28, 2013, reflects the performance of the Fund's Class I Shares, calculated using the fees and expenses of Class N Shares, without the effect of any fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – December 28, 2010

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

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#### Janus Henderson Global Bond Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $967.20  | $5.06  | $1000.00  | $1020.06  | $5.19  | 1.02% |
| Class C Shares | Class C Shares | $1000.00  | $963.60  | $8.71  | $1000.00  | $1016.33  | $8.94  | 1.76% |
| Class D Shares | Class D Shares | $1000.00  | $968.20  | $3.97  | $1000.00  | $1021.17  | $4.08  | 0.80% |
| Class I Shares | Class I Shares | $1000.00  | $968.50  | $3.67  | $1000.00  | $1021.48  | $3.77  | 0.74% |
| Class N Shares | Class N Shares | $1000.00  | $969.00  | $3.13  | $1000.00  | $1022.03  | $3.21  | 0.63% |
| Class S Shares | Class S Shares | $1000.00  | $966.50  | $5.70  | $1000.00  | $1019.41  | $5.85  | 1.15% |
| Class T Shares | Class T Shares | $1000.00  | $967.90  | $4.32  | $1000.00  | $1020.82  | $4.43  | 0.87% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

---

<br> 4 DECEMBER 31, 2022

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– 1.1% | Asset-Backed/Commercial Mortgage-Backed Securities– 1.1% | Asset-Backed/Commercial Mortgage-Backed Securities– 1.1% |  |
| JP Morgan Mortgage Trust 2019-1 A15, 4.0000%, 5/25/49 (144A)<sup>‡</sup> | $113257 |  | $101651 |
| JP Morgan Mortgage Trust 2019-LTV2, 3.5000%, 12/25/49 (144A)<sup>‡</sup> | 14380 |  | 14192 |
| RESIMAC Bastille Trust Series 2018-1NC, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.8500%, 5.0223%, 12/5/59 (144A)<sup>‡</sup> | 55304 |  | 55241 |
| RMAC Securities No 1 2006-NS3X PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;SONIA Interest Rate Benchmark + 0.2693%, 3.1983%, 6/12/44<sup>‡</sup> | 542123 | GBP | 623571 |
| RMAC Securities No 1 2006-NS4X PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;SONIA Interest Rate Benchmark + 0.2893%, 3.2183%, 6/12/44<sup>‡</sup> | 529913 | GBP | 600787 |
| RMAC Securities No 1 PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;SONIA Interest Rate Benchmark + 0.2693%, 2.6306%, 6/12/44<sup>‡</sup> | 155364 | GBP | 177942 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,736,768) | Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,736,768) | Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,736,768) | 1573384 |
| Corporate Bonds– 19.2% | Corporate Bonds– 19.2% | Corporate Bonds– 19.2% |  |
| Banking – 5.4% | Banking – 5.4% | Banking – 5.4% |  |
| American Express Co, 4.0500%, 5/3/29 | 467000 |  | 444699 |
| Bank of America Corp, EURIBOR 3 Month + 3.6700%, 3.6480%, 3/31/29<sup>‡</sup> | 414000 | EUR | 427615 |
| BNP Paribas SA, 2.8750%, 2/24/29 | 400000 | GBP | 410865 |
| Credit Agricole SA/London, SOFR + 1.6760%, 1.9070%, 6/16/26 (144A)<sup>‡</sup> | 372000 |  | 339087 |
| Goldman Sachs Group Inc, 0.2500%, 1/26/28 | 544000 | EUR | 476961 |
| HSBC Holdings PLC, SOFR + 1.9290%, 2.0990%, 6/4/26<sup>‡</sup> | 1100000 |  | 1000996 |
| ING Groep NV, EURIBOR 3 Month + 0.8500%, 1.2500%, 2/16/27<sup>‡</sup> | 200000 | EUR | 194263 |
| JPMorgan Chase & Co, EURIBOR 3 Month + 0.7600%, 1.0900%, 3/11/27<sup>‡</sup> | 600000 | EUR | 583942 |
| JPMorgan Chase & Co, SOFR + 3.7900%, 4.4930%, 3/24/31<sup>‡</sup> | 666000 |  | 622015 |
| Morgan Stanley, SOFR + 0.9400%, 2.6300%, 2/18/26<sup>‡</sup> | 1200000 |  | 1126786 |
| Natwest Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;UK Govt Bonds 5 Year Note Generic Bid Yield + 4.9850%, 5.1250%<sup>‡,µ</sup> | 200000 | GBP | 202671 |
| Royal Bank of Scotland Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;UK Govt Bonds 5 Year Note Generic Bid Yield + 3.5500%, 3.6220%, 8/14/30<sup>‡</sup> | 222000 | GBP | 246699 |
| Santander UK PLC, 3.8750%, 10/15/29 | 400000 | GBP | 444867 |
| Stichting AK Rabobank Certificaten, 6.5000%<sup>‡,µ</sup> | 311375 | EUR | 319533 |
| UBS AG/London, 0.0100%, 3/31/26 | 500000 | EUR | 473339 |
| Wells Fargo & Co, SOFR + 2.1000%, 2.3930%, 6/2/28<sup>‡</sup> | 756000 |  | 667237 |
|  |  |  | 7981575 |
| Basic Industry – 0.2% | Basic Industry – 0.2% | Basic Industry – 0.2% |  |
| Alpek SAB de CV, 3.2500%, 2/25/31 (144A) | 342000 |  | 284972 |
| Capital Goods – 0.1% | Capital Goods – 0.1% | Capital Goods – 0.1% |  |
| BAE Systems PLC, 3.4000%, 4/15/30 (144A) | 200000 |  | 176483 |
| Communications – 2.1% | Communications – 2.1% | Communications – 2.1% |  |
| AT&T Inc, 3.8500%, 6/1/60 | 574000 |  | 398219 |
| Cellnex Finance Co SA, 1.2500%, 1/15/29 | 700000 | EUR | 599044 |
| Crown Castle International Corp, 2.2500%, 1/15/31 | 470000 |  | 377049 |
| Netflix Inc, 4.6250%, 5/15/29 | 839000 | EUR | 878745 |
| Prosus NV, 3.0610%, 7/13/31 | 350000 |  | 269878 |
| Verizon Communications Inc, 3.0000%, 3/22/27<sup>#</sup> | 289000 |  | 268536 |
| Walt Disney Co, 2.6500%, 1/13/31 | 441000 |  | 376422 |
|  |  |  | 3167893 |
| Consumer Cyclical – 0.9% | Consumer Cyclical – 0.9% | Consumer Cyclical – 0.9% |  |
| Alibaba Group Holding Ltd, 2.1250%, 2/9/31<sup>#</sup> | 334000 |  | 265922 |
| Amazon.com Inc, 2.7000%, 6/3/60 | 606000 |  | 365014 |
| Dollar General Corp, 3.5000%, 4/3/30 | 211000 |  | 189825 |
| Rentokil Initial Finance Ltd, 3.8750%, 6/27/27 | 447000 | EUR | 473385 |
|  |  |  | 1294146 |
| Consumer Non-Cyclical – 3.2% | Consumer Non-Cyclical – 3.2% | Consumer Non-Cyclical – 3.2% |  |
| Agilent Technologies Inc, 2.1000%, 6/4/30 | 1100000 |  | 890050 |
| Amgen Inc, 3.0000%, 2/22/29 | 771000 |  | 682722 |
| Dentsply Sirona Inc, 3.2500%, 6/1/30 | 794000 |  | 659149 |
| HCA Inc, 3.5000%, 9/1/30 | 728000 |  | 627883 |
| Kraft Heinz Foods Co, 4.8750%, 10/1/49 | 361000 |  | 313363 |
| Mars Inc, 4.1250%, 4/1/54 (144A) | 290000 |  | 233389 |
| McCormick & Co Inc/MD, 2.5000%, 4/15/30 | 194000 |  | 161793 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Consumer Non-Cyclical– (continued) | Consumer Non-Cyclical– (continued) | Consumer Non-Cyclical– (continued) |  |
| PepsiCo Inc, 3.2000%, 7/22/29 | 370000 | GBP | $410781 |
| Sysco Corp, 5.9500%, 4/1/30 | $136000 |  | 140754 |
| Takeda Pharmaceutical Co Ltd, 2.0000%, 7/9/40 | 251000 | EUR | 190561 |
| Zoetis Inc, 3.9000%, 8/20/28 | 399000 |  | 379004 |
|  |  |  | 4689449 |
| Electric – 0.6% | Electric – 0.6% | Electric – 0.6% |  |
| AEP Transmission Co LLC, 3.6500%, 4/1/50 | 192000 |  | 146438 |
| Ameren Corp, 3.5000%, 1/15/31 | 195000 |  | 172460 |
| Berkshire Hathaway Energy Co, 3.7000%, 7/15/30 | 171000 |  | 155794 |
| IE2 Holdco SAU, 2.8750%, 6/1/26 | 400000 | EUR | 415057 |
|  |  |  | 889749 |
| Electrical Equipment – 0.3% | Electrical Equipment – 0.3% | Electrical Equipment – 0.3% |  |
| Signify NV, 2.3750%, 5/11/27 | 467000 | EUR | 470085 |
| Finance Companies – 0.4% | Finance Companies – 0.4% | Finance Companies – 0.4% |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.3000%, 1/30/32 | 656000 |  | 512835 |
| Financial Institutions – 0.1% | Financial Institutions – 0.1% | Financial Institutions – 0.1% |  |
| CPI Property Group SA, 2.7500%, 5/12/26 | 215000 | EUR | 180281 |
| Government Sponsored – 0.8% | Government Sponsored – 0.8% | Government Sponsored – 0.8% |  |
| China Development Bank, 3.3400%, 7/14/25 | 6540000 | CNY | 966570 |
| SA Global Sukuk Ltd, 2.6940%, 6/17/31 (144A) | 310000 |  | 264607 |
|  |  |  | 1231177 |
| Insurance – 1.4% | Insurance – 1.4% | Insurance – 1.4% |  |
| Anthem Inc, 2.2500%, 5/15/30 | 462000 |  | 382187 |
| Aviva PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;UK Govt Bonds 5 Year Note Generic Bid Yield + 4.7000%, 4.0000%, 6/3/55<sup>‡</sup> | 150000 | GBP | 138717 |
| Centene Corp, 2.4500%, 7/15/28 | 657000 |  | 554541 |
| Health Care Service Corp, 2.2000%, 6/1/30 (144A) | 572000 |  | 459752 |
| New York Life Global Funding, 0.7500%, 12/14/28 | 452000 | GBP | 433248 |
| PacifiCorp, 3.3000%, 3/15/51 | 222000 |  | 159421 |
|  |  |  | 2127866 |
| Real Estate Investment Trusts (REITs) – 0.1% | Real Estate Investment Trusts (REITs) – 0.1% | Real Estate Investment Trusts (REITs) – 0.1% |  |
| Agree LP, 2.9000%, 10/1/30 | 176000 |  | 142874 |
| Technology – 3.6% | Technology – 3.6% | Technology – 3.6% |  |
| Apple Inc, 2.3750%, 2/8/41 | 1109000 |  | 783731 |
| Apple Inc, 2.6500%, 5/11/50 | 584000 |  | 386377 |
| Equinix Inc, 2.1500%, 7/15/30 | 892000 |  | 709621 |
| Fiserv Inc, 1.6250%, 7/1/30 | 446000 | EUR | 394818 |
| Global Payments Inc, 2.9000%, 5/15/30 | 613000 |  | 502272 |
| Lenovo Group Ltd, 3.4210%, 11/2/30 | 541000 |  | 429014 |
| Oracle Corp, 2.9500%, 4/1/30 | 449000 |  | 382818 |
| PayPal Holdings Inc, 2.3000%, 6/1/30 | 301000 |  | 247272 |
| Sage Group PLC/The, 1.6250%, 2/25/31 | 500000 | GBP | 450173 |
| SK Hynix Inc, 2.3750%, 1/19/31 | 463000 |  | 339455 |
| VMware Inc, 4.6500%, 5/15/27 | 696000 |  | 673667 |
|  |  |  | 5299218 |
| Total Corporate Bonds (cost $33,594,103) | Total Corporate Bonds (cost $33,594,103) | Total Corporate Bonds (cost $33,594,103) | 28448603 |
| Foreign Government Bonds– 47.9% | Foreign Government Bonds– 47.9% | Foreign Government Bonds– 47.9% |  |
| Australia Government Bond, 1.2500%, 5/21/32 | 1280000 | AUD | 683312 |
| Australia Government Bond, 1.7500%, 6/21/51 | 789000 | AUD | 311238 |
| Canadian Government Bond, 2.2500%, 6/1/29 | 2178000 | CAD | 1514481 |
| Canadian Government Bond, 1.5000%, 12/1/31 | 1703000 | CAD | 1082810 |
| China Government Bond, 2.5600%, 10/21/23 | 35610000 | CNY | 5134159 |
| China Government Bond, 3.2900%, 5/23/29 | 22910000 | CNY | 3407233 |
| China Government Bond, 2.6800%, 5/21/30 | 33330000 | CNY | 4729646 |
| China Government Bond, 3.8600%, 7/22/49 | 7640000 | CNY | 1213572 |
| European Union, 0%, 10/4/30 | 2492000 | EUR | 2114893 |
| European Union, 0%, 7/4/31 | 1773681 | EUR | 1468363 |
| European Union, 0.1000%, 10/4/40 | 1043000 | EUR | 642672 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Foreign Government Bonds– (continued) | Foreign Government Bonds– (continued) | Foreign Government Bonds– (continued) |  |
| Federal Republic of Germany Bond, 0%, 8/15/29 | 632741 | EUR | $576621 |
| Federal Republic of Germany Bond, 0%, 2/15/32 | 882805 | EUR | 755736 |
| Federal Republic of Germany Bond, 1.7000%, 8/15/32 | 3140103 | EUR | 3132978 |
| French Republic Government Bond OAT, 0%, 11/25/30 | 2836621 | EUR | 2423144 |
| French Republic Government Bond OAT, 0%, 5/25/32 | 2183038 | EUR | 1768076 |
| French Republic Government Bond OAT, 4.0000%, 4/25/60 | 190489 | EUR | 236984 |
| Italy Buoni Poliennali Del Tesoro, 0.9500%, 3/15/23 | 592000 | EUR | 632089 |
| Italy Buoni Poliennali Del Tesoro, 1.8500%, 7/1/25 (144A) | 2888000 | EUR | 2970913 |
| Italy Buoni Poliennali Del Tesoro, 3.4500%, 3/1/48 (144A) | 734000 | EUR | 646134 |
| Japan Government Forty Year Bond, 0.8000%, 3/20/58 | 25000000 | JPY | 148773 |
| Japan Government Ten Year Bond, 0.4000%, 6/20/25 | 513850000 | JPY | 3948837 |
| Japan Government Ten Year Bond, 0.1000%, 6/20/29 | 735850000 | JPY | 5504575 |
| Japan Government Ten Year Bond, 0.1000%, 6/20/31 | 448900000 | JPY | 3305344 |
| Japan Government Ten Year Bond, 0.2000%, 9/20/32 | 634900000 | JPY | 4736590 |
| Japan Government Thirty Year Bond, 0.5000%, 9/20/46 | 84850000 | JPY | 526255 |
| Japan Government Thirty Year Bond, 0.7000%, 6/20/48 | 197100000 | JPY | 1252506 |
| Kingdom of Belgium Government Bond, 1.0000%, 6/22/26 (144A) | 3992096 | EUR | 4036849 |
| Kingdom of Belgium Government Bond, 2.1500%, 6/22/66 (144A) | 1008352 | EUR | 837533 |
| Mexican Bonos, 8.0000%, 11/7/47 | 11750000 | MXN | 537704 |
| Province of British Columbia Canada, 2.8500%, 6/18/25 | 5500000 | CAD | 3948844 |
| Spain Government Bond, 1.2500%, 10/31/30 (144A) | 1272000 | EUR | 1168568 |
| United Kingdom Gilt, 1.2500%, 7/22/27 | 637985 | GBP | 694663 |
| United Kingdom Gilt, 1.6250%, 10/22/28 | 3393666 | GBP | 3683752 |
| United Kingdom Gilt, 4.2500%, 6/7/32 | 110000 | GBP | 139102 |
| United Kingdom Gilt, 1.5000%, 7/22/47 | 1448656 | GBP | 1067713 |
| Total Foreign Government Bonds (cost $80,433,245) | Total Foreign Government Bonds (cost $80,433,245) | Total Foreign Government Bonds (cost $80,433,245) | 70982662 |
| Mortgage-Backed Securities– 23.8% | Mortgage-Backed Securities– 23.8% | Mortgage-Backed Securities– 23.8% |  |
| Fannie Mae: | Fannie Mae: | Fannie Mae: |  |
| 2.0000%, TBA, 15 Year Maturity | $495954 |  | 441232 |
| 2.5000%, TBA, 30 Year Maturity | 18453 |  | 15608 |
| 3.0000%, TBA, 30 Year Maturity | 40603 |  | 35603 |
| 3.5000%, TBA, 30 Year Maturity | 3552196 |  | 3224509 |
| 4.0000%, TBA, 30 Year Maturity | 4289873 |  | 4021224 |
| 4.5000%, TBA, 30 Year Maturity | 5963038 |  | 5739746 |
| 5.0000%, TBA, 30 Year Maturity | 1623320 |  | 1599105 |
|  |  |  | 15077027 |
| Fannie Mae Pool: | Fannie Mae Pool: | Fannie Mae Pool: |  |
| 2.5000%, 11/1/34 | 206585 |  | 190146 |
| 4.5000%, 11/1/42 | 15147 |  | 14993 |
| 3.0000%, 1/1/43 | 6903 |  | 6252 |
| 4.5000%, 10/1/44 | 34597 |  | 34515 |
| 4.5000%, 3/1/45 | 52959 |  | 52834 |
| 4.5000%, 6/1/45 | 26777 |  | 26484 |
| 4.5000%, 2/1/46 | 52302 |  | 51769 |
| 3.0000%, 3/1/46 | 1136622 |  | 1020148 |
| 3.0000%, 2/1/47 | 1738678 |  | 1574539 |
| 4.5000%, 6/1/48 | 67007 |  | 65605 |
| 4.0000%, 10/1/48 | 34851 |  | 33443 |
| 4.0000%, 6/1/49 | 14063 |  | 13376 |
| 4.5000%, 6/1/49 | 6308 |  | 6170 |
| 4.5000%, 8/1/49 | 8649 |  | 8460 |
| 3.0000%, 9/1/49 | 2259 |  | 2039 |
| 4.0000%, 11/1/49 | 226946 |  | 216331 |
| 4.0000%, 11/1/49 | 20043 |  | 19201 |
| 3.5000%, 12/1/49 | 572612 |  | 529452 |
| 4.5000%, 1/1/50 | 179628 |  | 175871 |
| 4.5000%, 1/1/50 | 12114 |  | 11849 |
| 4.0000%, 3/1/50 | 328085 |  | 314835 |
| 4.0000%, 3/1/50 | 177980 |  | 169656 |
| 4.0000%, 3/1/50 | 67915 |  | 64739 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Mortgage-Backed Securities– (continued) | Mortgage-Backed Securities– (continued) |  |
| Fannie Mae Pool– (continued) | Fannie Mae Pool– (continued) |  |
| 4.0000%, 9/1/50 | $351082 | $333942 |
| 4.0000%, 10/1/50 | 361048 | 345882 |
| 4.5000%, 10/1/50 | 222327 | 217677 |
| 4.0000%, 3/1/51 | 1729487 | 1645054 |
| 4.0000%, 3/1/51 | 18060 | 17178 |
| 4.0000%, 3/1/51 | 8803 | 8391 |
| 3.0000%, 12/1/51 | 86415 | 76723 |
| 3.5000%, 4/1/52 | 127430 | 117473 |
| 4.0000%, 4/1/52 | 138732 | 131680 |
| 4.5000%, 4/1/52 | 26156 | 25198 |
| 4.5000%, 4/1/52 | 20129 | 19393 |
| 4.5000%, 4/1/52 | 11546 | 11123 |
| 4.5000%, 4/1/52 | 10478 | 10095 |
| 4.5000%, 4/1/52 | 9165 | 8829 |
| 4.5000%, 4/1/52 | 5901 | 5680 |
| 3.5000%, 5/1/52 | 153552 | 141112 |
| 4.5000%, 5/1/52 | 31934 | 30766 |
| 3.5000%, 6/1/52 | 308132 | 284300 |
| 4.0000%, 6/1/52 | 108909 | 102177 |
| 4.0000%, 6/1/52 | 29180 | 27376 |
| 3.5000%, 7/1/52 | 28049 | 25871 |
| 4.0000%, 7/1/52 | 46552 | 43674 |
| 4.5000%, 7/1/52 | 136826 | 131896 |
| 3.5000%, 8/1/52 | 136874 | 125699 |
| 3.5000%, 8/1/52 | 50684 | 46661 |
| 4.5000%, 8/1/52 | 527753 | 508738 |
| 5.5000%, 9/1/52 | 647384 | 651725 |
| 5.5000%, 10/1/52 | 1411944 | 1437697 |
| 5.0000%, 11/1/52 | 229743 | 229282 |
| 4.5000%, 12/1/52 | 139244 | 134712 |
| 3.0000%, 2/1/57 | 25898 | 23068 |
|  |  | 11521779 |
| Freddie Mac Pool: | Freddie Mac Pool: |  |
| 3.0000%, 5/1/31 | 190765 | 180733 |
| 3.0000%, 9/1/32 | 983 | 931 |
| 3.0000%, 10/1/32 | 1433 | 1357 |
| 3.0000%, 12/1/32 | 208242 | 195211 |
| 2.5000%, 4/1/33 | 220205 | 204867 |
| 2.5000%, 11/1/34 | 210028 | 193312 |
| 3.0000%, 6/1/43 | 251 | 224 |
| 4.5000%, 5/1/44 | 23694 | 23435 |
| 4.5000%, 7/1/48 | 14508 | 14204 |
| 4.0000%, 12/1/48 | 116144 | 110712 |
| 4.5000%, 6/1/49 | 6301 | 6163 |
| 4.5000%, 7/1/49 | 55867 | 54645 |
| 4.5000%, 7/1/49 | 9589 | 9379 |
| 4.5000%, 8/1/49 | 48954 | 47883 |
| 3.0000%, 11/1/49 | 3074550 | 2756107 |
| 3.0000%, 12/1/49 | 44326 | 39357 |
| 3.0000%, 12/1/49 | 3927 | 3487 |
| 4.5000%, 1/1/50 | 33285 | 32557 |
| 4.5000%, 1/1/50 | 9425 | 9219 |
| 4.0000%, 6/1/50 | 183413 | 176294 |
| 4.5000%, 9/1/50 | 336918 | 329870 |
| 4.0000%, 10/1/50 | 33610 | 31969 |
| 2.5000%, 6/1/51 | 37251 | 31995 |
| 4.5000%, 3/1/52 | 4965 | 4783 |
| 3.5000%, 7/1/52 | 1112641 | 1022154 |
| 4.0000%, 7/1/52 | 104635 | 98168 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Mortgage-Backed Securities– (continued) | Mortgage-Backed Securities– (continued) |  |
| Freddie Mac Pool– (continued) | Freddie Mac Pool– (continued) |  |
| 4.0000%, 8/1/52 | $119245 | $111926 |
| 4.5000%, 8/1/52 | 1176583 | 1134207 |
| 4.5000%, 8/1/52 | 500635 | 483507 |
| 4.5000%, 8/1/52 | 255686 | 246477 |
| 5.5000%, 9/1/52 | 171391 | 173773 |
|  |  | 7728906 |
| Ginnie Mae II Pool: | Ginnie Mae II Pool: |  |
| 4.0000%, 5/20/48 | 268488 | 257178 |
| 4.0000%, 6/20/48 | 626467 | 600075 |
|  |  | 857253 |
| Total Mortgage-Backed Securities (cost $36,905,790) | Total Mortgage-Backed Securities (cost $36,905,790) | 35184965 |
| United States Treasury Notes/Bonds– 6.2% | United States Treasury Notes/Bonds– 6.2% |  |
| 4.5000%, 11/30/24 | 2982000 | 2982116 |
| 2.8750%, 5/15/32 | 2082000 | 1918693 |
| 1.3750%, 11/15/40 | 1504100 | 977841 |
| 3.3750%, 5/15/44 | 870300 | 767394 |
| 3.3750%, 11/15/48 | 812000 | 716273 |
| 3.0000%, 2/15/49 | 901900 | 742729 |
| 2.2500%, 2/15/52 | 1647000 | 1145308 |
| Total United States Treasury Notes/Bonds (cost $10,043,483) | Total United States Treasury Notes/Bonds (cost $10,043,483) | 9250354 |
| Investment Companies– 10.6% | Investment Companies– 10.6% |  |
| Money Markets – 10.6% | Money Markets – 10.6% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº,£</sup>((cost $15,723,565) | 15723056 | 15726201 |
| Investments Purchased with Cash Collateral from Securities Lending– 0.2% | Investments Purchased with Cash Collateral from Securities Lending– 0.2% |  |
| Investment Companies – 0.2% | Investment Companies – 0.2% |  |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº,£</sup> | 241800 | 241800 |
| Time Deposits – 0% | Time Deposits – 0% |  |
| Royal Bank of Canada, 4.3100%, 1/3/23 | $60450 | 60450 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $302,250) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $302,250) | 302250 |
| Total Investments (total cost $178,739,204) – 109.0% | Total Investments (total cost $178,739,204) – 109.0% | 161468419 |
| Liabilities, net of Cash, Receivables and Other Assets – (9.0)% | Liabilities, net of Cash, Receivables and Other Assets – (9.0)% | (13278576) |
| Net Assets – 100% | Net Assets – 100% | $148189843 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $78968857 | 48.9% |
| Japan | 19613441 | 12.1 |
| China | 16415994 | 10.2 |
| United Kingdom | 10121521 | 6.3 |
| Canada | 6546135 | 4.1 |
| France | 5178156 | 3.2 |
| Belgium | 4874382 | 3.0 |
| Germany | 4465335 | 2.8 |
| Italy | 4249136 | 2.6 |
| Supranational | 4225928 | 2.6 |
| Spain | 2182669 | 1.4 |
| Australia | 1049791 | 0.6 |
| Netherlands | 983881 | 0.6 |
| Mexico | 822676 | 0.5 |
| Ireland | 512835 | 0.3 |
| Switzerland | 473339 | 0.3 |
| South Korea | 339455 | 0.2 |
| Saudi Arabia | 264607 | 0.2 |
| Czech Republic | 180281 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $161468419 | 100.0 | % |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 10.6% | Investment Companies - 10.6% | Investment Companies - 10.6% | Investment Companies - 10.6% | Investment Companies - 10.6% |
| Money Markets - 10.6% | Money Markets - 10.6% | Money Markets - 10.6% | Money Markets - 10.6% | Money Markets - 10.6% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | $345796 | $74 | $1626 | $15726201 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% |
| Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 417<sup>∆</sup> | - | - | 241800 |
| Total Affiliated Investments - 10.8% | $346213 | $74 | $1626 | $15968001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 10.6% | Investment Companies - 10.6% | Investment Companies - 10.6% | Investment Companies - 10.6% | Investment Companies - 10.6% |
| Money Markets - 10.6% | Money Markets - 10.6% | Money Markets - 10.6% | Money Markets - 10.6% | Money Markets - 10.6% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 15281571 | 91130304 | (90687374) | 15726201 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% |
| Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 209374 | 1823548 | (1791122) | 241800 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
***Schedule of Forward Foreign Currency Exchange Contracts***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty/*<br>*Foreign Currency* | *Settlement*<br>*Date* | *Foreign Currency*<br>*Amount (Sold)/*<br>*Purchased* | *USD Currency*<br>*Amount (Sold)/*<br>*Purchased* | *Market Value and*<br>*Unrealized*<br>*Appreciation/*<br>(Depreciation) |
| Bank of America, National Association: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 1/18/23 | (243200) | $179000 | $(661) |
| &nbsp;&nbsp;&nbsp;Japanese Yen | 1/18/23 | 1351927513 | (9604098) | 721252 |
| &nbsp;&nbsp;&nbsp;Korean Won | 1/18/23 | 4670984500 | (3263000) | 433355 |
|  |  |  |  | 1153946 |
| Barclays Capital, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | 4245169 | (4493568) | 55241 |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | (6281721) | 6605909 | (125119) |
| &nbsp;&nbsp;&nbsp;Hungary Forint | 1/18/23 | 9373525 | (21565) | 3495 |
| &nbsp;&nbsp;&nbsp;Singapore Dollar | 1/18/23 | (382792) | 284000 | (1948) |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 1/18/23 | 824996 | (831207) | 63006 |
|  |  |  |  | (5325) |
| BNP Paribas: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Israeli Shekel | 1/18/23 | (1871636) | 548000 | 14303 |
| &nbsp;&nbsp;&nbsp;Singapore Dollar | 1/18/23 | 2305596 | (1619949) | 102346 |
| &nbsp;&nbsp;&nbsp;Singapore Dollar | 1/18/23 | (216351) | 158000 | (3616) |
|  |  |  |  | 113033 |
| Citibank, National Association: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 1/18/23 | 2444314 | (1541788) | 123223 |
| &nbsp;&nbsp;&nbsp;Australian Dollar | 1/18/23 | 157169 | (107302) | (241) |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 1/18/23 | 5484982 | (4044154) | 7796 |
| &nbsp;&nbsp;&nbsp;Indonesian Rupiah | 1/18/23 | 74451000000 | (4768221) | 5762 |
| &nbsp;&nbsp;&nbsp;Indonesian Rupiah | 1/18/23 | (64109040000) | 4080000 | (30831) |
| &nbsp;&nbsp;&nbsp;Japanese Yen | 1/18/23 | 14994562 | (109162) | 5359 |
| &nbsp;&nbsp;&nbsp;Japanese Yen | 1/18/23 | (1973139117) | 13609962 | (1459893) |
| &nbsp;&nbsp;&nbsp;Korean Won | 1/18/23 | (2240900050) | 1569346 | (203976) |
| &nbsp;&nbsp;&nbsp;Norwegian Krone | 1/18/23 | 1460983 | (138295) | 11134 |
|  |  |  |  | (1541667) |
| HSBC Securities (USA), Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;British Pound | 1/18/23 | 2265073 | (2669231) | 69797 |
| &nbsp;&nbsp;&nbsp;British Pound | 1/18/23 | (176005) | 216000 | 3167 |
| &nbsp;&nbsp;&nbsp;British Pound | 1/18/23 | (1063959) | 1239205 | (47381) |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 1/18/23 | (8497237) | 6179159 | (98050) |
| &nbsp;&nbsp;&nbsp;Chinese Renminbi | 1/18/23 | 36040000 | (5100192) | 115893 |
| &nbsp;&nbsp;&nbsp;Chinese Renminbi | 1/18/23 | (52066428) | 7237481 | (298117) |
| &nbsp;&nbsp;&nbsp;Danish Krone | 1/18/23 | (206000) | 27332 | (2367) |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty/*<br>*Foreign Currency* | *Settlement*<br>*Date* | *Foreign Currency*<br>*Amount (Sold)/*<br>*Purchased* | *USD Currency*<br>*Amount (Sold)/*<br>*Purchased* | *Market Value and*<br>*Unrealized*<br>*Appreciation/*<br>(Depreciation) |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | 7375007 | $(7631399) | 271112 |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | (1531527) | 1609600 | (31473) |
| &nbsp;&nbsp;&nbsp;Israeli Shekel | 1/18/23 | 2600000 | (741014) | 377 |
| &nbsp;&nbsp;&nbsp;Japanese Yen | 1/18/23 | 696766752 | (4707806) | 613752 |
| &nbsp;&nbsp;&nbsp;Japanese Yen | 1/18/23 | (298367029) | 2163000 | (115779) |
| &nbsp;&nbsp;&nbsp;New Zealand Dollar | 1/18/23 | 2000 | (1136) | 133 |
| &nbsp;&nbsp;&nbsp;Polish Zloty | 1/18/23 | 1221400 | (245211) | 33966 |
| &nbsp;&nbsp;&nbsp;Swedish Krona | 1/18/23 | 8754000 | (789259) | 51045 |
|  |  |  |  | 566075 |
| JPMorgan Chase Bank, National Association: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;British Pound | 1/18/23 | (4072032) | 4594594 | (329485) |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 1/18/23 | 918302 | (682972) | (4591) |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | 400350 | (408783) | 20203 |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | (511003) | 530000 | (17553) |
| &nbsp;&nbsp;&nbsp;Japanese Yen | 1/18/23 | 235924256 | (1703458) | 98414 |
| &nbsp;&nbsp;&nbsp;Korean Won | 1/18/23 | (209492200) | 158000 | (7780) |
| &nbsp;&nbsp;&nbsp;Mexican Peso | 1/18/23 | 6059146 | (296266) | 13744 |
|  |  |  |  | (227048) |
| Morgan Stanley & Co: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;British Pound | 1/18/23 | 510635 | (594000) | 23482 |
| &nbsp;&nbsp;&nbsp;British Pound | 1/18/23 | (752625) | 896000 | (14108) |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 1/18/23 | (481229) | 363000 | 7499 |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 1/18/23 | (535269) | 390600 | (4822) |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | (1286512) | 1347090 | (31441) |
| &nbsp;&nbsp;&nbsp;Japanese Yen | 1/18/23 | (179791798) | 1275000 | (98160) |
| &nbsp;&nbsp;&nbsp;New Zealand Dollar | 1/18/23 | (384523) | 237000 | (7113) |
| &nbsp;&nbsp;&nbsp;Polish Zloty | 1/18/23 | 1771571 | (358000) | 46930 |
| &nbsp;&nbsp;&nbsp;Swedish Krona | 1/18/23 | (2956917) | 284000 | 163 |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 1/18/23 | (137456) | 149000 | 12 |
|  |  |  |  | (77558) |
| Total |  |  |  | $(18544) |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedule of Futures

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br>*Contracts* | *Expiration*<br>*Date* | *Notional*<br>*Amount* | *Value and*<br>*Unrealized*<br>*Appreciation/(Depreciation)* |
| *Futures Long:* |  |  |  |  |
| 10-Year Australian Bond | 38 | 3/15/23 | $2992278 | $(173981) |
| 5 Year US Treasury Note | 126 | 4/5/23 | 13599141 | (194581) |
| Euro-BTP | 11 | 3/10/23 | 1282344 | (90672) |
| Long Gilt | 21 | 3/31/23 | 2535717 | (139801) |
| Ultra 10-Year Treasury Note | 15 | 3/31/23 | 1774219 | (17813) |
| Ultra Long Term US Treasury Bond | 13 | 3/31/23 | 1746063 | (44673) |
| Total |  |  |  | $(661521) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** |
| *Payments made*<br>*by Fund* | *Payments received*<br>*by Fund* | *Payment*<br>*Frequency* | *Maturity*<br>*Date* | *Notional*<br>*Amount* |  | *Premiums*<br>*Paid/*<br>(Received) | ***Unrealized***<br>***Appreciation/***<br>(Depreciation) | *Value* |
| STIBOR 3M | 3.2045% Fixed Rate | Quarterly | 10/21/32 | 33100000 | SEK | $750 | $28627 | $29377 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** |
|  | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| *Asset Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $2915961  | $-  | $2915961  |
| \*Swaps - centrally cleared |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28627  | $28627  |
| Total Asset Derivatives | $2915961  | $28627  | $2944588  |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $2934505  | $-  | $2934505  |
| \*Futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661521  | $661521  |
| Total Liability Derivatives | $2934505  | $661521  | $3596026  |
| \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts* | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts |  |  | $(214200) | $(214200) |
| Forward foreign currency exchange contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 273339  |  | $273339  |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1325062) |  | &nbsp;&nbsp;&nbsp;&nbsp; (1312665) | $(2637727) |
| Total | $(1325062) | $273339  | $(1526865) | $(2578588) |
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts* | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts |  |  | $(669366) | $(669366) |
| Forward foreign currency exchange contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70673) |  | $(70673) |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1491633  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979016  | $2470649  |
| Total | $1491633  | $(70673) | $309650  | $1730610  |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** |
| Credit default swaps:  |  |
| Average notional amount - sell protection | $2100000  |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43415451  |
| Average amounts sold - in USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45843309  |
| Futures contracts: |  |
| Average notional amount of contracts - long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12160777  |
| Average notional amount of contracts - short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19774772  |
| Interest rate swaps: |  |
| Average notional amount - pay fixed rate/receive floating rate | 2424700811  |
| Average notional amount - receive fixed rate/pay floating rate | 4911484903  |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| Bank of America, National Association | Bank of America, National Association | $1154607 | $(661) | $— | $1153946 |
| Barclays Capital, Inc. | Barclays Capital, Inc. | 121742 | (121742) |  |  |
| BNP Paribas | BNP Paribas | 116649 | (3616) |  | 113033 |
| Citibank, National Association | Citibank, National Association | 153274 | (153274) |  |  |
| HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | 1159242 | (593167) |  | 566075 |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | 424324 | (132361) | (291963) |  |
| Morgan Stanley & Co | Morgan Stanley & Co | 78086 | (78086) |  |  |
| Total | Total | $3207924 | $(1082907) | $(291963) | $1833054 |
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Liabilities* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| Bank of America, National Association | Bank of America, National Association | $661 | $(661) | $— | $— |
| Barclays Capital, Inc. | Barclays Capital, Inc. | 127067 | (121742) |  | 5325 |
| BNP Paribas | BNP Paribas | 3616 | (3616) |  |  |
| Citibank, National Association | Citibank, National Association | 1694941 | (153274) |  | 1541667 |
| HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | 593167 | (593167) |  |  |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | 359409 | (132361) |  | 227048 |
| Morgan Stanley & Co | Morgan Stanley & Co | 155644 | (78086) |  | 77558 |
| Total | Total | $2934505 | $(1082907) | $— | $1851598 |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Global Bond Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> Bloomberg Global Aggregate Bond Index Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.

---

| | |
|:---|:---|
| EURIBOR | Euro Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| STIBOR | Stockholm Interbank Offered Rate |
| TBA | (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when specific mortgage pools are assigned. |

---

---

| | |
|:---|:---|
| 144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2022 is $11,589,371, which represents 7.8% of net assets. |

---

‡ Variable
or floating rate security. Rate shown is the current rate as of December 31, 2022. Certain variable rate
securities are not based on a published reference rate and spread; they are determined by the issuer
or agent and current market conditions. Reference rate is as of reset date and may vary by security,
which may not indicate a reference rate and/or spread in their description.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

<br> # Loaned security; a portion of the security is on loan at December 31, 2022.

<br> µ Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

∆ Net of income paid
to the securities lending agent and rebates paid to the borrowing counterparties.

<br> 18 DECEMBER 31, 2022

------

### Janus Henderson Global Bond Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  |  | ***Level 2 -*** | ***Level 3 -*** |
|  |  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  |  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** | **Assets** |  |  |  |
| **Investments In Securities:** | **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | $1573384 | $- |
| *Corporate Bonds* | *Corporate Bonds* | - | 28448603 | - |
| *Foreign Government Bonds* | *Foreign Government Bonds* | - | 70982662 | - |
| *Mortgage-Backed Securities* | *Mortgage-Backed Securities* | - | 35184965 | - |
| *United States Treasury Notes/Bonds* | *United States Treasury Notes/Bonds* | - | 9250354 | - |
| *Investment Companies* | *Investment Companies* | - | 15726201 | - |
| *Investments Purchased with Cash Collateral from Securities Lending* | *Investments Purchased with Cash Collateral from Securities Lending* | - | 302250 | - |
| Total Investments in Securities | Total Investments in Securities | $- | $161468419 | $- |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | *Forward Foreign Currency Exchange Contracts* | - | 2915961 | - |
| *Centrally Cleared Swaps* | *Centrally Cleared Swaps* | - | 28627 | - |
| **Total Assets** | **Total Assets** | $- | $164413007 | $- |
| **Liabilities** | **Liabilities** |  |  |  |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | *Forward Foreign Currency Exchange Contracts* | $- | $2934505 | $- |
| *Futures Contracts* | *Futures Contracts* | 661521 | - | - |
| **Total Liabilities** | **Total Liabilities** | $661521 | $2934505 | $- |
| (a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |

---

<br> Janus Investment Fund 19

------

### Janus Henderson Global Bond Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $162,773,839)<sup>(1)</sup> | $145500418 |
| Affiliated investments, at value (cost $15,965,365) | 15968001 |
| Deposits with brokers for centrally cleared derivatives | 352393 |
| Deposits with brokers for futures | 815000 |
| Forward foreign currency exchange contracts | 2915961 |
| Variation margin receivable on futures contracts | 2792 |
| Trustees' deferred compensation | 4809 |
| Receivables: |  |
| Investments sold | 1699004 |
| Interest | 656564 |
| Dividends from affiliates | 71748 |
| Fund shares sold | 8083 |
| Foreign tax reclaims | 268 |
| Other assets | 2044 |
| Total Assets  | 167997085 |
| Liabilities:  |  |
| Due to custodian | 238078 |
| Due to broker | 203048 |
| Foreign cash due to custodian (cost $149) | 149 |
| Collateral for securities loaned (Note 3) | 302250 |
| Forward foreign currency exchange contracts | 2934505 |
| Variation margin payable on futures contracts | 37215 |
| Variation margin payable on centrally cleared swaps | 6613 |
| Payables: |  |
| TBA investments purchased | 15350676 |
| Fund shares repurchased | 328893 |
| Investments purchased  | 207189 |
| Advisory fees | 44997 |
| Professional fees | 33339 |
| Transfer agent fees and expenses | 12177 |
| Trustees' deferred compensation fees | 4809 |
| Dividends | 1769 |
| 12b-1 Distribution and shareholder servicing fees | 734 |
| Affiliated fund administration fees payable | 347 |
| Trustees' fees and expenses | 280 |
| Custodian fees | 206 |
| Accrued expenses and other payables | 99968 |
| Total Liabilities  | 19807242 |
| Net Assets  | $148189843 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $196940646 |
| Total distributable earnings (loss) | (48750803) |
| Total Net Assets  | $148189843 |
| Net Assets - Class A Shares  | $972085 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 125161 |
| Net Asset Value Per Share<sup>(2)</sup>  | $7.77 |
| Maximum Offering Price Per Share<sup>(3)</sup>  | $8.16 |
| Net Assets - Class C Shares | $581143 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 74778 |
| Net Asset Value Per Share<sup>(2)</sup> | $7.77 |
| Net Assets - Class D Shares | $11706775 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1508749 |
| Net Asset Value Per Share | $7.76 |
| Net Assets - Class I Shares | $23085901 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2975073 |
| Net Asset Value Per Share | $7.76 |
| Net Assets - Class N Shares | $108992365 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14056090 |
| Net Asset Value Per Share | $7.75 |
| Net Assets - Class S Shares | $62417 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8043 |
| Net Asset Value Per Share | $7.76 |
| Net Assets - Class T Shares | $2789157 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 359648 |
| Net Asset Value Per Share | $7.76 |

---

<br>(1) Includes $291,963 of securities on loan. See Note 3 in Notes to Financial Statements.<br>(2) Redemption price per share may be reduced for any applicable contingent deferred sales charge.<br>(3) Maximum offering price is computed at 100/95.25 of net asset value.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Global Bond Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Interest | $1809779 |
| Dividends from affiliates | 345796 |
| Affiliated securities lending income, net | 417 |
| Unaffiliated securities lending income, net | 129 |
| Other income | 31859 |
| Total Investment Income  | 2187980 |
| Expenses:  |  |
| Advisory fees | 524515 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 1242 |
| Class C Shares | 3047 |
| Class S Shares | 79 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 7326 |
| Class S Shares | 79 |
| Class T Shares | 3918 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 646 |
| Class C Shares | 316 |
| Class I Shares | 20838 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 44 |
| Class C Shares | 23 |
| Class D Shares | 3319 |
| Class I Shares | 1136 |
| Class N Shares | 2413 |
| Class S Shares | 7 |
| Class T Shares | 31 |
| Registration fees | 69929 |
| Non-affiliated fund administration fees | 39984 |
| Professional fees | 31872 |
| Custodian fees | 17974 |
| Shareholder reports expense | 7577 |
| Trustees' fees and expenses | 2700 |
| Affiliated fund administration fees | 2185 |
| Other expenses | 31653 |
| Total Expenses  | 772853 |
| Less: Excess Expense Reimbursement and Waivers | (182849) |
| Net Expenses  | 590004 |
| Net Investment Income/(Loss)  | 1597976 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments and foreign currency transactions (net of foreign taxes of $2,919) | $(18463616) |
| Investments in affiliates | 74 |
| Forward foreign currency exchange contracts | 273339 |
| Futures contracts | (214200) |
| Swap contracts | (2637727) |
| Total Net Realized Gain/(Loss) on Investments  | (21042130) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 11498870 |
| Investments in affiliates | 1626 |
| Forward foreign currency exchange contracts | (70673) |
| Futures contracts | (669366) |
| Swap contracts | 2470649 |
| Total Change in Unrealized Net Appreciation/Depreciation  | 13231106 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $(6213048) |

---

<FAILED TO PARSE TABLE>

------

### Janus Henderson Global Bond Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $1597976 | $3055658 |
| Net realized gain/(loss) on investments | (21042130) | (10135715) |
| Change in unrealized net appreciation/depreciation | 13231106 | (36670088) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (6213048) | (43750145) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (8073) | (17293) |
| Class C Shares | (2652) | (3826) |
| Class D Shares | (112937) | (215160) |
| Class I Shares | (378949) | (879318) |
| Class N Shares | (1160656) | (2258673) |
| Class S Shares | (464) | (721) |
| Class T Shares | (27447) | (72893) |
| Total Dividends and Distributions to Shareholders | (1691178) | (3447884) |
| Return of Capital on Dividends and Distributions |  |  |
| Class A Shares |  | (15492) |
| Class C Shares |  | (10473) |
| Class D Shares |  | (175561) |
| Class I Shares |  | (646244) |
| Class N Shares |  | (1625326) |
| Class S Shares |  | (627) |
| Class T Shares |  | (65738) |
| Total Return of Capital Dividends and Distributions |  | (2539461) |
| Net Decrease from Dividends and Distributions to Shareholders | (1691178) | (5987345) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (17089) | (376736) |
| Class C Shares | (101782) | (344153) |
| Class D Shares | (706552) | (3521286) |
| Class I Shares | (22732341) | (6350092) |
| Class N Shares | (7821176) | 9281127 |
| Class S Shares | 1751 | 58281 |
| Class T Shares | (474935) | (4967490) |
| Net Increase/(Decrease) from Capital Share Transactions | (31852124) | (6220349) |
| Net Increase/(Decrease) in Net Assets | (39756350) | (55957839) |
| Net Assets: |  |  |
| Beginning of period | 187946193 | 243904032 |
| End of period | $148189843 | $187946193 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 24 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.10  | $10.07  | $10.10  | $9.63  | $9.40  | $9.54  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.06  | 0.09  | 0.11  | 0.12  | 0.14  | 0.23  |
| Net realized and unrealized gain/(loss) | (0.33)  | (1.85)  | 0.22  | 0.47  | 0.23  | (0.14)  |
| Total from Investment Operations | (0.27)  | (1.76)  | 0.33  | 0.59  | 0.37  | 0.09  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.06)  | (0.11)  | (0.13)  | (0.12)  | (0.09)  | —  |
| Distributions (from capital gains) | —  | (0.05)  | (0.23)  | —  | —  | —  |
| Return of capital | —  | (0.05)  | —  | —  | (0.05)  | (0.23)  |
| Total Dividends and Distributions | (0.06)  | (0.21)  | (0.36)  | (0.12)  | (0.14)  | (0.23)  |
| Net Asset Value, End of Period | $7.77  | $8.10  | $10.07  | $10.10  | $9.63  | $9.40  |
| Total Return\* | (3.28)% | (17.77)% | 3.10% | 6.20% | 3.96% | 0.92% |
| Net Assets, End of Period (in thousands) | $972  | $1040  | $1693  | $1530  | $1364  | $2230  |
| Average Net Assets for the Period (in thousands) | $991  | $1452  | $1848  | $1532  | $1522  | $2633  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.52% | 1.29% | 1.25% | 1.29% | 1.33% | 1.10% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.02% | 0.96% | 0.94% | 0.95% | 0.97% | 0.94% |
| Ratio of Net Investment Income/(Loss) | 1.51% | 0.96% | 1.04% | 1.21% | 1.49% | 2.39% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 41%<sup>(2)</sup> | 63%<sup>(2)</sup> | 164%<sup>(2)</sup> | 248% | 249% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 25 |

---

------

### Janus Henderson Global Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.10  | $10.06  | $10.11  | $9.64  | $9.41  | $9.54  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.03  | 0.02  | 0.03  | 0.04  | 0.07  | 0.16  |
| Net realized and unrealized gain/(loss) | (0.32)  | (1.85)  | 0.20  | 0.48  | 0.23  | (0.13)  |
| Total from Investment Operations | (0.29)  | (1.83)  | 0.23  | 0.52  | 0.30  | 0.03  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04)  | (0.03)  | (0.05)  | (0.05)  | (0.05)  | —  |
| Distributions (from capital gains) | —  | (0.08)  | (0.23)  | —  | —  | —  |
| Return of capital | —  | (0.02)  | —  | —  | (0.02)  | (0.16)  |
| Total Dividends and Distributions | (0.04)  | (0.13)  | (0.28)  | (0.05)  | (0.07)  | (0.16)  |
| Net Asset Value, End of Period | $7.77  | $8.10  | $10.06  | $10.11  | $9.64  | $9.41  |
| Total Return\* | (3.64)% | (18.31)% | 2.15% | 5.41% | 3.19% | 0.33% |
| Net Assets, End of Period (in thousands) | $581  | $710  | $1243  | $1491  | $1646  | $2422  |
| Average Net Assets for the Period (in thousands) | $599  | $982  | $1489  | $1525  | $1849  | $2908  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 2.46% | 2.14% | 2.01% | 2.03% | 2.04% | 1.80% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.76% | 1.71% | 1.67% | 1.69% | 1.71% | 1.65% |
| Ratio of Net Investment Income/(Loss) | 0.77% | 0.21% | 0.30% | 0.46% | 0.74% | 1.68% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 41%<sup>(2)</sup> | 63%<sup>(2)</sup> | 164%<sup>(2)</sup> | 248% | 249% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 26 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.09  | $10.06  | $10.09  | $9.62  | $9.39  | $9.53  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.07  | 0.11  | 0.13  | 0.13  | 0.16  | 0.25  |
| Net realized and unrealized gain/(loss) | (0.33)  | (1.85)  | 0.22  | 0.48  | 0.23  | (0.14)  |
| Total from Investment Operations | (0.26)  | (1.74)  | 0.35  | 0.61  | 0.39  | 0.11  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07)  | (0.13)  | (0.15)  | (0.14)  | (0.11)  | —  |
| Distributions (from capital gains) | —  | (0.04)  | (0.23)  | —  | —  | —  |
| Return of capital | —  | (0.06)  | —  | —  | (0.05)  | (0.25)  |
| Total Dividends and Distributions | (0.07)  | (0.23)  | (0.38)  | (0.14)  | (0.16)  | (0.25)  |
| Net Asset Value, End of Period | $7.76  | $8.09  | $10.06  | $10.09  | $9.62  | $9.39  |
| Total Return\* | (3.18)% | (17.62)% | 3.32% | 6.43% | 4.18% | 1.12% |
| Net Assets, End of Period (in thousands) | $11707  | $12971  | $19754  | $18928  | $10293  | $12026  |
| Average Net Assets for the Period (in thousands) | $12195  | $16457  | $21961  | $13105  | $10705  | $11262  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.07% | 0.93% | 0.92% | 0.93% | 1.00% | 0.92% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.80% | 0.75% | 0.73% | 0.74% | 0.76% | 0.75% |
| Ratio of Net Investment Income/(Loss) | 1.73% | 1.17% | 1.24% | 1.37% | 1.68% | 2.55% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 41%<sup>(2)</sup> | 63%<sup>(2)</sup> | 164%<sup>(2)</sup> | 248% | 249% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 27 |

---

------

### Janus Henderson Global Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.09  | $10.08  | $10.09  | $9.62  | $9.39  | $9.53  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.07  | 0.12  | 0.14  | 0.14  | 0.16  | 0.25  |
| Net realized and unrealized gain/(loss) | (0.33)  | (1.88)  | 0.23  | 0.48  | 0.23  | (0.13)  |
| Total from Investment Operations | (0.26)  | (1.76)  | 0.37  | 0.62  | 0.39  | 0.12  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07)  | (0.13)  | (0.15)  | (0.15)  | (0.11)  | —  |
| Distributions (from capital gains) | —  | (0.04)  | (0.23)  | —  | —  | —  |
| Return of capital | —  | (0.06)  | —  | —  | (0.05)  | (0.26)  |
| Total Dividends and Distributions | (0.07)  | (0.23)  | (0.38)  | (0.15)  | (0.16)  | (0.26)  |
| Net Asset Value, End of Period | $7.76  | $8.09  | $10.08  | $10.09  | $9.62  | $9.39  |
| Total Return\* | (3.15)% | (17.74)% | 3.55% | 6.47% | 4.24% | 1.17% |
| Net Assets, End of Period (in thousands) | $23086  | $47991  | $66581  | $29927  | $22953  | $25421  |
| Average Net Assets for the Period (in thousands) | $40155  | $60579  | $40487  | $21968  | $22886  | $31326  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.93% | 0.83% | 0.85% | 0.85% | 0.88% | 0.82% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.74% | 0.71% | 0.70% | 0.70% | 0.71% | 0.69% |
| Ratio of Net Investment Income/(Loss) | 1.76% | 1.22% | 1.33% | 1.45% | 1.74% | 2.62% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 41%<sup>(2)</sup> | 63%<sup>(2)</sup> | 164%<sup>(2)</sup> | 248% | 249% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 28 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.08  | $10.05  | $10.09  | $9.61  | $9.39  | $9.52  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.07  | 0.13  | 0.14  | 0.15  | 0.17  | 0.26  |
| Net realized and unrealized gain/(loss) | (0.32)  | (1.86)  | 0.21  | 0.49  | 0.22  | (0.13)  |
| Total from Investment Operations | (0.25)  | (1.73)  | 0.35  | 0.64  | 0.39  | 0.13  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.08)  | (0.14)  | (0.16)  | (0.16)  | (0.11)  | —  |
| Distributions (from capital gains) | —  | (0.03)  | (0.23)  | —  | —  | —  |
| Return of capital | —  | (0.07)  | —  | —  | (0.06)  | (0.26)  |
| Total Dividends and Distributions | (0.08)  | (0.24)  | (0.39)  | (0.16)  | (0.17)  | (0.26)  |
| Net Asset Value, End of Period | $7.75  | $8.08  | $10.05  | $10.09  | $9.61  | $9.39  |
| Total Return\* | (3.10)% | (17.51)% | 3.36% | 6.69% | 4.23% | 1.38% |
| Net Assets, End of Period (in thousands) | $108992  | $121761  | $145333  | $158474  | $166397  | $183605  |
| Average Net Assets for the Period (in thousands) | $114701  | $152358  | $148263  | $161595  | $170128  | $186758  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.83% | 0.72% | 0.74% | 0.74% | 0.77% | 0.72% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.63% | 0.60% | 0.60% | 0.60% | 0.61% | 0.60% |
| Ratio of Net Investment Income/(Loss) | 1.90% | 1.34%  | 1.38% | 1.55% | 1.83% | 2.72% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 41%<sup>(2)</sup> | 63%<sup>(2)</sup> | 164%<sup>(2)</sup> | 248% | 249% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 29 |

---

------

### Janus Henderson Global Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.09  | $10.00  | $10.10  | $9.64  | $9.41  | $9.54  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.05  | 0.08  | 0.08  | 0.11  | 0.13  | 0.22  |
| Net realized and unrealized gain/(loss) | (0.32)  | (1.80)  | 0.16  | 0.46  | 0.23  | (0.13)  |
| Total from Investment Operations | (0.27)  | (1.72)  | 0.24  | 0.57  | 0.36  | 0.09  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.06)  | (0.09)  | (0.11)  | (0.11)  | (0.09)  | —  |
| Distributions (from capital gains) | —  | (0.06)  | (0.23)  | —  | —  | —  |
| Return of capital | —  | (0.04)  | —  | —  | (0.04)  | (0.22)  |
| Total Dividends and Distributions | (0.06)  | (0.19)  | (0.34)  | (0.11)  | (0.13)  | (0.22)  |
| Net Asset Value, End of Period | $7.76  | $8.09  | $10.00  | $10.10  | $9.64  | $9.41  |
| Total Return\* | (3.35)% | (17.44)% | 2.19% | 5.92% | 3.93% | 0.92% |
| Net Assets, End of Period (in thousands) | $62  | $63  | $20  | $133  | $319  | $448  |
| Average Net Assets for the Period (in thousands) | $62  | $59  | $41  | $89  | $375  | $435  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 6.26% | 6.35% | 8.61% | 4.64% | 2.01% | 1.40% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.15% | 1.13% | 1.11% | 1.10% | 1.01% | 1.05% |
| Ratio of Net Investment Income/(Loss) | 1.39% | 0.85% | 0.77% | 1.09% | 1.43% | 2.25% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 41%<sup>(2)</sup> | 63%<sup>(2)</sup> | 164%<sup>(2)</sup> | 248% | 249% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 30 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Global Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.09  | $9.91  | $10.10  | $9.63  | $9.40  | $9.53  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.06  | 0.10  | 0.11  | 0.13  | 0.15  | 0.24  |
| Net realized and unrealized gain/(loss) | (0.32)  | (1.70)  | 0.07  | 0.47  | 0.23  | (0.13)  |
| Total from Investment Operations | (0.26)  | (1.60)  | 0.18  | 0.60  | 0.38  | 0.11  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07)  | (0.12)  | (0.14)  | (0.13)  | (0.10)  | —  |
| Distributions (from capital gains) | —  | (0.04)  | (0.23)  | —  | —  | —  |
| Return of capital | —  | (0.06)  | —  | —  | (0.05)  | (0.24)  |
| Total Dividends and Distributions | (0.07)  | (0.22)  | (0.37)  | (0.13)  | (0.15)  | (0.24)  |
| Net Asset Value, End of Period | $7.76  | $8.09  | $9.91  | $10.10  | $9.63  | $9.40  |
| Total Return\* | (3.21)% | (16.43)% | 1.56% | 6.32% | 4.09% | 1.14% |
| Net Assets, End of Period (in thousands) | $2789  | $3410  | $9280  | $29055  | $5048  | $6600  |
| Average Net Assets for the Period (in thousands) | $3084  | $6162  | $33807  | $6485  | $5509  | $6097  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.18% | 1.02% | 1.00% | 1.03% | 1.07% | 0.99% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.87% | 0.83% | 0.84% | 0.85% | 0.85% | 0.83% |
| Ratio of Net Investment Income/(Loss) | 1.65% | 1.06% | 1.10% | 1.32% | 1.60% | 2.46% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 41%<sup>(2)</sup> | 63%<sup>(2)</sup> | 164%<sup>(2)</sup> | 248% | 249% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 31 |

---

------

### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Global Bond Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> 32 DECEMBER 31, 2022

------

### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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

<br> Janus Investment Fund 33

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### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

<br> 34 DECEMBER 31, 2022

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### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)

#### Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

#### Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended December 31, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the

<br> Janus Investment Fund 35

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### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;· **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;· **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;· **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

#### Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract ("forward currency contract") is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign

<br> 36 DECEMBER 31, 2022

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### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to take a positive outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to take a negative outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

#### Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or "ASET" price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund's futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

<br> Janus Investment Fund 37

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### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)

#### Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty ("CCP"). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the "Executing Dealer") and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission ("CFTC"). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund's exposure to the counterparty.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable

<br> 38 DECEMBER 31, 2022

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### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the "notional value") (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Fund may invest in single-name credit default swaps ("CDS") to buy or sell credit protection to hedge its credit exposure, gain issuer exposure without owning the underlying security, or increase the Fund's total return. Single-name CDS enable the Fund to buy or sell protection against a credit event of a specific issuer. When the Fund buys a single-name CDS, the Fund will receive a return on its investment only in the event of a credit event, such as default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). If a single-name CDS transaction is particularly large, or if the relevant market is illiquid, it may not be possible for the Fund to initiate a single-name CDS transaction or to liquidate its position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a single-name CDS in the event of the default or bankruptcy of the counterparty. The risks associated with cleared single-name CDS may be lower than that for uncleared single-name CDS because for cleared single-name CDS, the counterparty is a clearinghouse (to the extent such a trading market is available). However, there can be no assurance that a clearinghouse or its members will satisfy their obligations to the Fund.

During the period, the Fund sold protection via the credit default swap market in order to gain credit risk exposure to individual corporates, countries and/or credit indices where gaining this exposure via the cash bond market was less attractive.

During the period, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.

There were no credit default swaps held at December 31, 2022.

The Fund's use of interest rate swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Interest rate swaps involve the exchange by two parties of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments). Interest rate swaps may result in potential losses if interest rates do not move as expected or if the counterparties are unable to satisfy their obligations. Interest rate swaps are generally entered into on a net basis. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that the Fund is contractually obligated to make.

During the period, the Fund entered into interest rate swaps paying a floating interest rate and receiving a fixed interest rate in order to increase interest rate risk (duration) exposure. As interest rates fall, the Fund benefits by paying a lower future floating rate, while receiving a fixed rate that has not decreased.

During the period, the Fund entered into interest rate swaps paying a fixed interest rate and receiving a floating interest rate in order to decrease interest rate risk (duration) exposure. As interest rates rise, the Fund benefits by receiving a higher expected future floating rate, while paying a fixed rate that has not increased.

<br> Janus Investment Fund 39

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### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
3. Other Investments and Strategies

#### Additional Investment Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Emerging Market Investing
Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more "developing countries" or "emerging market countries." Such countries include but are not limited to countries included in the MSCI Emerging Markets Index<sup>SM</sup>. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is

<br> 40 DECEMBER 31, 2022

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### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. 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 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 the Fund's investments. To the extent that the Fund invests a significant portion of its assets in the securities of 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. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country's lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

#### Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities' mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-

<br> Janus Investment Fund 41

------

### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities ("sovereign debt"). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed 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, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor's policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund's holdings. 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. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

#### TBA Commitments
The Fund may enter into "to be announced" or "TBA" commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although the particular TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. To facilitate TBA commitments, the Fund will segregate or otherwise earmark liquid assets marked to market daily in an amount at least equal to such TBA commitments. Proposed rules of the Financial Industry Regulatory Authority ("FINRA") include mandatory margin requirements for TBA commitments which, in some circumstances, will require the Fund to also post collateral. These collateral requirements may increase costs associated with the Fund's participation in the TBA market.

#### When-Issued, Delayed Delivery and Forward Commitment Transactions
The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund's other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed upon price on the settlement date. The Fund may dispose of or

<br> 42 DECEMBER 31, 2022

------

### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. 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. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then

<br> Janus Investment Fund 43

------

### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of December 31, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $291,963. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2022 is $302,250, resulting in the net amount due to the counterparty of $10,287.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the "Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022" table located in the Fund's Schedule of Investments.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to these contracts. Certain securities may be segregated at the Fund's custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund's corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| *Average Daily Net* <br>*Assets of the Fund* | *Contractual Investment* <br>*Advisory Fee (%)* |
| First $1 Billion | 0.60 |
| Next $1 Billion | 0.55 |
| Over $2 Billion | 0.50 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.61% of average annual net assets before any applicable waivers.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliate, Janus Capital International Limited (UK) ("JCIL"), pursuant to which one or more employees of JCIL may also serve as "associated persons" of the Adviser. In this capacity, such employees of JCIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser. The responsibilities of both the Adviser and JCIL under the participating affiliate arrangement are documented in a memorandum of understanding between the two entities.

<br> 44 DECEMBER 31, 2022

------

### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.59% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the

<br> Janus Investment Fund 45

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### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. There were no upfront sales charges retained by Janus Henderson Distributors during the period ended December 31, 2022.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2022.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash

<br> 46 DECEMBER 31, 2022

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### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

As of December 31, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

---

| | | |
|:---|:---|:---|
| *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- % |
| Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class D Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class N Shares | 98  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72  |
| Class S Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class T Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |

---

5. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2022, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |
| *For the year ended June 30, 2022* | *For the year ended June 30, 2022* | *For the year ended June 30, 2022* |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | *Accumulated* <br> *Capital Losses* |
| $(3882130) | $(3288248) | $(7170378) |

---

<br> Janus Investment Fund 47

------

### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle deferrals, and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $179299401  | $837975  | $(18668957) | $(17830982) |

---

6. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68516  | $559148  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31444  | $306412  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26397  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(709545) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3207) | $(17089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39769) | $(376736) |
| Class C Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5063  | $39318  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805  | $28398  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2627  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14186  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386737) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12860) | $(101782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35884) | $(344153) |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68453  | $534587  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326697  | $3123232  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14042  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108695  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39917  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379717  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1349834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7024235) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94613) | $(706552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361177) | $(3521286) |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321198  | $2482391  | &nbsp;&nbsp;&nbsp;&nbsp;2188047  | $20332011  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48911  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378497  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160227  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1525071  |
| Shares repurchased | (3327798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25593229) | (3019679) | &nbsp;&nbsp;&nbsp;&nbsp;(28207174) |
| Net Increase/(Decrease) | (2957689) | $(22732341) | &nbsp;&nbsp;&nbsp;&nbsp; (671405) | $(6350092) |
| Class N Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495270  | $3838971  | &nbsp;&nbsp;&nbsp;&nbsp;3887539  | $38153598  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150160  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160656  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410058  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3883999  |
| Shares repurchased | (1649740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12820803) | (3695383) | &nbsp;&nbsp;&nbsp;&nbsp;(32756470) |
| Net Increase/(Decrease) | (1004310) | $(7821176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602214  | $9281127  |
| Class S Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187  | $1450  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5710  | $57300  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226  | $1751  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5814  | $58281  |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11980  | $94863  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173218  | $1554038  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3108  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24050  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126549  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6648077) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62034) | $(474935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514310) | $(4967490) |

---

<br> 48 DECEMBER 31, 2022

------

### Janus Henderson Global Bond Fund

#### Notes to Financial Statements (unaudited)
7. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $45567387  | $79294975  | $30916032  | $26140540  |

---

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> Janus Investment Fund 49

------

### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> 50 DECEMBER 31, 2022

------

### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> Janus Investment Fund 51

------

### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> 52 DECEMBER 31, 2022

------

### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> Janus Investment Fund 53

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### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> 54 DECEMBER 31, 2022

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### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> Janus Investment Fund 55

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### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> 56 DECEMBER 31, 2022

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### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> Janus Investment Fund 57

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### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> 58 DECEMBER 31, 2022

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### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> Janus Investment Fund 59

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### Janus Henderson Global Bond Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> 60 DECEMBER 31, 2022

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### Janus Henderson Global Bond Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> Janus Investment Fund 61

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### Janus Henderson Global Bond Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> 62 DECEMBER 31, 2022

------

### Janus Henderson Global Bond Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> Janus Investment Fund 63

------

### Janus Henderson Global Bond Fund

#### Notes

#### NotesPage1
<br> 64 DECEMBER 31, 2022

------

### Janus Henderson Global Bond Fund

#### Notes

#### NotesPage2
<br> Janus Investment Fund 65

------

---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93023 03-23 |

---

------

---

| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Government Money** <br>**Market Fund**  | **Janus Henderson Government Money** <br>**Market Fund**  |
| Janus Investment Fund | Janus Investment Fund |

---

------

### **Table of Contents**

#### Janus Henderson Government Money Market Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#1_12) | [1](#1_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_12) | [6](#2_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_12) | [7](#3_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_12) | [8](#4_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_12) | [9](#5_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_12) | [10](#6_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_12) | [12](#7_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional information](#8_12) | [18](#8_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_12) | [29](#9_12) |

---

------

#### Janus Henderson Government Money Market Fund (unaudited)

#### Performance

---

| | |
|:---|:---|
| <br>**Vince Ahn**<br>**co-portfolio manager** | <br>**Garrett Strum**<br>**co-portfolio manager** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Seven-Day Current Yield** | **Seven-Day Current Yield** |
| *For the periods ended December 31, 2022* |  | Class D Shares |  |
| Class D Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; With Reimbursement | 3.68% |
| Fiscal Year-to-Date | 1.16% | Without Reimbursement | 3.68% |
| 1 Year | 1.16% | Class T Shares |  |
| 5 Year | 0.87% | With Reimbursement | 3.66% |
| 10 Year | 0.47% | Without Reimbursement | 3.66% |
| Since Inception (February 14, 1995) | 1.97% | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
| Class T Shares |  | Class D Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiscal Year-to-Date | 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>‡</sup> | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.15% | Class T Shares |  |
| 5 Year | 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>‡</sup> | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;10 Year | 0.46% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Since Inception (February 14, 1995) | 1.97% |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

Returns include reinvestment of all dividends and distributions.

The yield more closely reflects the current earnings of the money market fund than the total return.

Class D Shares of the Fund commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for 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. Please refer to the Fund's prospectuses for further details concerning historical performance.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

See "Useful Information About Your Fund Report."

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 1

------

#### Janus Henderson Government Money Market Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in either share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class D Shares | Class D Shares | $1000.00  | $1011.60  | $2.94  | $1000.00  | $1022.28  | $2.96  | 0.58% |
| Class T Shares | Class T Shares | $1000.00  | $1011.50  | $3.04  | $1000.00  | $1022.18  | $3.06  | 0.60% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

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<br> 2 DECEMBER 31, 2022

------

### Janus Henderson Government Money Market Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *<br>*Principal Amounts* | *<br>*Principal Amounts* | *Value* |
| U.S. Government Agency Notes– 45.3% | U.S. Government Agency Notes– 45.3% |  |
| Federal Home Loan Bank Discount Notes: | Federal Home Loan Bank Discount Notes: |  |
| 3.7443%, 1/4/23 | $10545000 | $10543923 |
| 3.7520%, 1/6/23 | 6000000 | 5998159 |
| 4.4403%, 1/9/23 | 5000000 | 4996381 |
| 4.2917%, 1/11/23 | 6000000 | 5994400 |
| 3.9901%, 1/12/23 | 6000000 | 5994134 |
| 3.9646%, 1/13/23 | 6000000 | 5993523 |
| 3.9996%, 1/18/23 | 6000000 | 5990204 |
| 4.0913%, 1/25/23 | 6000000 | 5985315 |
| 4.1972%, 1/26/23 | 6000000 | 5984260 |
| 4.1088%, 1/27/23 | 5000000 | 4986596 |
| 4.1601%, 1/30/23 | 6000000 | 5981686 |
| 4.2075%, 2/1/23 | 5000000 | 4983427 |
| 4.2128%, 2/3/23 | 6000000 | 5978718 |
| 4.1647%, 2/8/23 | 12000000 | 11951136 |
| 4.2764%, 2/10/23 | 6000000 | 5973538 |
| 4.2046%, 2/13/23 | 5000000 | 4976602 |
| 4.3784%, 2/15/23 | 5000000 | 4974473 |
| 4.3636%, 2/17/23 | 5000000 | 4973377 |
| 4.4896%, 2/22/23 | 5000000 | 4969595 |
| 4.3482%, 2/24/23 | 6000000 | 5963225 |
| 4.4745%, 2/27/23 | 5000000 | 4966674 |
| 4.5397%, 3/1/23 | 6000000 | 5957971 |
| 4.4856%, 3/2/23 | 6000000 | 5957733 |
| 4.5546%, 3/6/23 | 6000000 | 5954152 |
| 4.5541%, 3/7/23 | 6000000 | 5953421 |
| 4.5031%, 3/10/23 | 10000000 | 9919574 |
| 4.6053%, 3/14/23 | 6000000 | 5947701 |
| 4.5557%, 3/15/23 | 5000000 | 4956261 |
| 4.5659%, 3/17/23 | 6000000 | 5945924 |
| 4.5147%, 3/22/23 | 6000000 | 5942869 |
| Total U.S. Government Agency Notes (cost $184,694,952) | Total U.S. Government Agency Notes (cost $184,694,952) | 184694952 |
| U.S. Treasury Debt– 9.5% | U.S. Treasury Debt– 9.5% |  |
| United States Treasury Bill, 4.5449%, 1/5/23 | 6000000 | 5998904 |
| United States Treasury Bill, 4.3894%, 1/19/23 | 6000000 | 5989737 |
| United States Treasury Bill, 4.9807%, 1/24/23 | 5000000 | 4988106 |
| United States Treasury Bill, 4.6163%, 2/2/23 | 5000000 | 4983436 |
| United States Treasury Bill, 4.6151%, 2/9/23 | 6000000 | 5974944 |
| United States Treasury Bill, 4.5533%, 2/16/23 | 6000000 | 5970143 |
| United States Treasury Bill, 4.5254%, 2/23/23 | 5000000 | 4971968 |
| Total U.S. Treasury Debt (cost $38,877,238) | Total U.S. Treasury Debt (cost $38,877,238) | 38877238 |
| Variable Rate Demand Notes– 14.9% | Variable Rate Demand Notes– 14.9% |  |
| 6213 Montezuma LLC (LOC: FHLB of San Francisco), 4.3900%, 2/1/62 | 2200000 | 2200000 |
| Alberta Street Development LLC (LOC: FHLB of San Francisco), |  |  |
| &nbsp;&nbsp;&nbsp;4.3900%, 3/1/61 | 2000000 | 2000000 |
| Bryan W Kelley 2019 Irrevocable Insurance Trust (LOC: FHLB of Dallas), |  |  |
| &nbsp;&nbsp;&nbsp;4.3800%, 7/1/70 | 2980000 | 2980000 |
| Cypress Bend Real Estate Development Co LLC (LOC: FHLB of Dallas), |  |  |
| &nbsp;&nbsp;&nbsp;4.3800%, 4/1/33 | 9000000 | 9000000 |
| Irvine Inn Apartments LP (LOC: FHLB of San Francisco), 4.3900%, 2/1/60 | 4000000 | 4000000 |
| John H Smith Irrevocable Insurance Trust of 2017/The (LOC: FHLB of Dallas), |  |  |
| &nbsp;&nbsp;&nbsp;4.3800%, 2/1/41 | 5820000 | 5820000 |
| Johnson Capital Management LLC (LOC: FHLB of Indianapolis), 4.4200%, 6/3/47 | 2845000 | 2845000 |
| LML Trust (LOC: FHLB of Dallas), 4.3800%, 2/1/41 | 4500000 | 4500000 |
| New Sawmill Ridge LLC (LOC: FHLB of Indianapolis), 4.3900%, 6/1/61 | 3900000 | 3900000 |
| Olivetree Apartments LP (LOC: FHLB of San Francisco), 4.3900%, 6/2/59 | 10000000 | 10000000 |
| Rieber Life Insurance Trust/The (LOC: FHLB of Dallas), 4.3800%, 5/1/42 | 4000000 | 4000000 |
| SMZ Holdings LLC (LOC: FHLB of Dallas), 4.3800%, 6/1/40 | 4240000 | 4240000 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 3 |

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------

### Janus Henderson Government Money Market Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *<br>*Principal Amounts* | *<br>*Principal Amounts* | *Value* |
| Variable Rate Demand Notes– (continued) | Variable Rate Demand Notes– (continued) |  |
| Ventana Housing LP (LOC: FHLB of San Francisco), 4.3900%, 6/1/60 | $5000000 | $5000000 |
| Total Variable Rate Demand Notes (cost $60,485,000) | Total Variable Rate Demand Notes (cost $60,485,000) | 60485000 |
| Repurchase Agreements<sup>ë</sup>– 30.4% | Repurchase Agreements<sup>ë</sup>– 30.4% |  |
| Goldman Sachs & Co., Joint repurchase agreement, 4.1300%, dated 12/30/22, maturing 1/3/23 to be repurchased at $15,006,883 collateralized by $15,557,514 in U.S. Government Agencies 3.0000% - 8.0000%, 12/1/25 - 12/1/52 with a value of $15,300,000 | 15000000 | 15000000 |
| Goldman Sachs & Co., Joint repurchase agreement, 4.1500%, dated 12/30/22, maturing 1/3/23 to be repurchased at $20,009,222 collateralized by $20,858,015 in U.S. Government Agencies 3.5000% - 6.0000%, 3/1/27 - 12/20/52 with a value of $20,400,000 | 20000000 | 20000000 |
| HSBC Securities (USA), Inc., Joint repurchase agreement, 4.2400%, dated 12/30/22, maturing 1/3/23 to be repurchased at $10,004,711 collateralized by $12,088,458 in U.S. Treasuries 0% - 3.8750%, 4/15/23 - 2/15/51 with a value of $10,200,000 | 10000000 | 10000000 |
| ING Financial Markets LLC, Joint repurchase agreement, 4.2600%, dated 12/30/22, maturing 1/3/23 to be repurchased at $20,009,467 collateralized by $22,883,396 in U.S. Treasuries 0% - 4.5000%, 4/25/23 - 8/15/51 with a value of $20,409,661 | 20000000 | 20000000 |
| ING Financial Markets LLC, Joint repurchase agreement, 4.2700%, dated 12/30/22, maturing 1/3/23 to be repurchased at $10,004,744 collateralized by $10,904,020 in U.S. Government Agencies 2.0000% - 7.0000%, 9/1/28 - 9/1/57 with a value of $10,204,839 | 10000000 | 10000000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 4.2100%, dated 12/30/22, maturing 1/3/23 to be repurchased at $15,007,017 collateralized by $2,095,525 in U.S. Government Agencies 4.5000%, 11/20/44 - 10/1/52 and $15,035,420 in U.S. Treasuries 0% - 4.4324%, 1/19/23 - 8/15/29 with a value of $15,307,160 | 15000000 | 15000000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 4.2100%, dated 12/30/22, maturing 1/3/23 to be repurchased at $5,002,339 collateralized by $5,441,265 in U.S. Treasuries 0.7500% - 4.4334%, 7/31/23 - 2/15/29 with a value of $5,102,387 | 5000000 | 5000000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 4.2200%, dated 12/30/22, maturing 1/3/23 to be repurchased at $28,813,504 collateralized by $2,738,277 in U.S. Government Agencies 4.0000% - 6.9008%, 4/15/36 - 2/20/50 and $29,462,567 in U.S. Treasuries 0% - 3.6250%, 2/7/23 - 2/15/44 with a value of $29,389,775 | 28800000 | 28800000 |
| Total Repurchase Agreements (cost $123,800,000) | Total Repurchase Agreements (cost $123,800,000) | 123800000 |
| Total Investments (total cost $407,857,190) – 100.1% | Total Investments (total cost $407,857,190) – 100.1% | 407857190 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% | Liabilities, net of Cash, Receivables and Other Assets – (0.1)% | (314243) |
| Net Assets – 100% | Net Assets – 100% | $407542947 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 4 | &nbsp;&nbsp;DECEMBER 31, 2022 |

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------

### Janus Henderson Government Money Market Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| Goldman Sachs & Co | Goldman Sachs & Co | $35000000 | $— | $(35000000) | $— |
| HSBC Securities (USA), Inc | HSBC Securities (USA), Inc | 10000000 |  | (10000000) |  |
| ING Financial Markets LLC | ING Financial Markets LLC | 30000000 |  | (30000000) |  |
| Royal Bank of Canada, NY Branch | Royal Bank of Canada, NY Branch | 48800000 |  | (48800000) |  |
| Total | Total | $123800000 | $— | $(123800000) | $— |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Government Money Market Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | |
|:---|:---|
| LLC | Limited Liability Company |
| LOC | Letter of Credit |
| LP | Limited Partnership |

---

Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to "put" back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates.

<br> ¶ Variable rate demand notes are not based on a published reference rate and spread; they are determined by the issuer or remarketing agent and current market conditions. The reference rate in the security description is as of December 31, 2022.

<br> ë The Fund may have elements of risk due to concentration of investments. Such concentrations may subject the Fund to additional risks.

---

| | | | |
|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *U.S. Government Agency Notes* | $- | $184694952 | $- |
| *U.S. Treasury Debt* | - | 38877238 | - |
| *Variable Rate Demand Notes* | - | 60485000 | - |
| *Repurchase Agreements* | - | 123800000 | - |
| **Total Assets** | $- | $407857190 | $- |

---

<br> 6 DECEMBER 31, 2022

------

### Janus Henderson Government Money Market Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Assets:  |  |
| Investments, at value (cost $284,057,190) | $284057190 |
| Repurchase agreements, at value (cost $123,800,000) | 123800000 |
| Cash  | 143623 |
| Trustees' deferred compensation | 13166 |
| Receivables: |  |
| Fund shares sold | 1127159 |
| Interest | 279964 |
| Total Assets  | 409421102 |
| Liabilities:  |  |
| Payables: |  |
| Investments purchased  | 1000000 |
| Fund shares repurchased | 632527 |
| Administration services fees | 133319 |
| Advisory fees | 73966 |
| Professional fees | 20796 |
| Trustees' deferred compensation fees | 13166 |
| Dividends | 3915 |
| Trustees' fees and expenses | 466 |
| Total Liabilities  | 1878155 |
| Net Assets  | $407542947 |
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $407548074 |
| Total distributable earnings (loss) | (5127) |
| Total Net Assets  | $407542947 |
| Net Assets - Class D Shares | $398101657 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 398111470 |
| Net Asset Value Per Share | $1.00 |
| Net Assets - Class T Shares | $9441290 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9441581 |
| Net Asset Value Per Share | $1.00 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Government Money Market Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Interest | $5945885 |
| Other income | 270 |
| Total Investment Income  | 5946155 |
| Expenses:  |  |
| Advisory fees | 420046 |
| Administration services fees: |  |
| Class D Shares | 739033 |
| Class T Shares | 17997 |
| Professional fees | 20218 |
| Trustees' fees and expenses | 6990 |
| Other expenses | 65 |
| Total Expenses  | 1204349 |
| Net Investment Income/(Loss)  | 4741806 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $4741806 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Government Money Market Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $4741806 | $5414 |
| Net realized gain/(loss) on investments |  | 12305 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 4741806 | 17719 |
| Dividends and Distributions to Shareholders: |  |  |
| Class D Shares | (4645102) | (5316) |
| Class T Shares | (108942) | (100) |
| Net Decrease from Dividends and Distributions to Shareholders | (4754044) | (5416) |
| Capital Share Transactions:  |  |  |
| Class D Shares | (8794111) | 63765200 |
| Class T Shares | 575170 | 2019916 |
| Net Increase/(Decrease) from Capital Share Transactions | (8218941) | 65785116 |
| Net Increase/(Decrease) in Net Assets | (8231179) | 65797419 |
| Net Assets: |  |  |
| Beginning of period | 415774126 | 349976707 |
| End of period | $407542947 | $415774126 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Government Money Market Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.01  | —<sup>(2)</sup>  | —<sup>(2)</sup>  | 0.01  | 0.02  | 0.01  |
| Net realized and unrealized gain/(loss)<sup>(2)</sup> | —  | —  | —  | —  | —  | —  |
| Total from Investment Operations | 0.01  | —  | —  | 0.01  | 0.02  | 0.01  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.01)  | —<sup>(2)</sup>  | —<sup>(2)</sup>  | (0.01)  | (0.02)  | (0.01)  |
| Distributions (from capital gains) | —<sup>(2)</sup>  | —  | —  | —  | —  | —  |
| Total Dividends and Distributions | (0.01)  | —  | —  | (0.01)  | (0.02)  | (0.01)  |
| Net Asset Value, End of Period | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| Total Return\* | 1.16% | 0.00% | 0.00% | 0.96% | 1.71% | 0.79% |
| Net Assets, End of Period (in thousands) | $398102  | $406908  | $343130  | $324601  | $202580  | $188213  |
| Average Net Assets for the Period (in thousands) | $402994  | $356187  | $344963  | $252388  | $197526  | $185892  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.58% | 0.57% | 0.57% | 0.63% | 0.69% | 0.69% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.58% | 0.25% | 0.09% | 0.49% | 0.59% | 0.59% |
| Ratio of Net Investment Income/(Loss) | 2.28% | 0.00%<sup>(3)</sup> | 0.00%<sup>(3)</sup> | 0.84% | 1.70% | 0.79% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Less than 0.005%.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Government Money Market Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.01  | —<sup>(2)</sup>  | —<sup>(2)</sup>  | 0.01  | 0.02  | 0.01  |
| Net realized and unrealized gain/(loss)<sup>(2)</sup> | —  | —  | —  | —  | —  | —  |
| Total from Investment Operations | 0.01  | —  | —  | 0.01  | 0.02  | 0.01  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.01)  | —<sup>(2)</sup>  | —<sup>(2)</sup>  | (0.01)  | (0.02)  | (0.01)  |
| Distributions (from capital gains) | —<sup>(2)</sup>  | —  | —  | —  | —  | —  |
| Total Dividends and Distributions | (0.01)  | —  | —  | (0.01)  | (0.02)  | (0.01)  |
| Net Asset Value, End of Period | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| Total Return\* | 1.15% | 0.00% | 0.00% | 0.94% | 1.70% | 0.76% |
| Net Assets, End of Period (in thousands) | $9441  | $8866  | $6846  | $7384  | $7849  | $8544  |
| Average Net Assets for the Period (in thousands) | $9299  | $6856  | $7040  | $7745  | $8055  | $8262  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.60% | 0.59% | 0.59% | 0.66% | 0.71% | 0.72% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.60% | 0.26% | 0.09% | 0.53% | 0.61% | 0.62% |
| Ratio of Net Investment Income/(Loss) | 2.32% | 0.00%<sup>(3)</sup> | 0.00%<sup>(3)</sup> | 0.98% | 1.67% | 0.76% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Less than 0.005%.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Government Money Market Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Government Money Market Fund (the "Fund") is a series fund. The Fund is part of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 Funds which include multiple series of shares, with differing investment objectives and policies. The Fund seeks capital preservation and liquidity with current income as a secondary objective. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the "Adviser") to the Fund.

The Fund offers two classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer both classes of shares.

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).

As a government money market fund, the Fund is not required to impose a liquidity fee and/or a redemption gate on fund redemptions. The Trustees have determined not to subject the Fund to a liquidity fee and/or a redemption gate on fund redemptions. The Trustees have reserved its ability to change this determination with respect to liquidity fees and/or redemption gates, but only after providing appropriate prior notice to shareholders.

Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### Liquidity
The Fund has adopted liquidity requirements (measured at the time of purchase) as noted:

The Fund will limit its investments in illiquid securities to 5% or less of its total assets.

*Daily liquidity.* The Fund will invest at least 10% of its total assets in "daily liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day, and/or amounts receivable and due unconditionally within one business day on pending sales of portfolio securities.

*Weekly liquidity.* The Fund will invest at least 30% of its assets in "weekly liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.

<br> 12 DECEMBER 31, 2022

------

### Janus Henderson Government Money Market Fund

#### Notes to Financial Statements (unaudited)

#### 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"). Investments held by the Fund are valued utilizing the amortized cost method of valuation permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under the amortized cost method, which does not take into account unrealized capital gains or losses, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium.

#### 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.

Periodic review and monitoring of the valuation of short-term securities is performed in an effort to ensure that amortized cost approximates market value. 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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
*Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* 

<br> Janus Investment Fund 13

------

### Janus Henderson Government Money Market Fund

#### Notes to Financial Statements (unaudited)
Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

#### Dividends and Distributions
Dividends, if any, are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or the Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Other Investments and Strategies

#### Additional Investment Risk
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one

<br> 14 DECEMBER 31, 2022

------

### Janus Henderson Government Money Market Fund

#### Notes to Financial Statements (unaudited)
region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Repurchase Agreements
The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

#### Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities ("sovereign debt"). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed 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, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor's policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund's holdings. 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. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

<br> Janus Investment Fund 15

------

### Janus Henderson Government Money Market Fund

#### Notes to Financial Statements (unaudited)

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

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.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.

#### Variable and Floating Rate Notes
The Fund also may purchase variable and floating rate demand notes of corporations and other entities, which are unsecured obligations redeemable upon not more than 30 days' notice. The Fund may purchase variable and floating rate demand notes of U.S. Government issuers or commercial banks. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid investment. The rate of interest on securities purchased by the Fund may be tied to short-term Treasury or other government securities or indices on securities that are permissible investments of the Fund, as well as other money market rates of interest. The Fund will not purchase securities whose values are tied to interest rates or indices that are not appropriate for the duration and volatility standards of a money market fund.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's contractual investment advisory fee rate (expressed as an annual rate) is 0.20% of its average daily net assets.

The Adviser may voluntarily waive and/or reimburse additional fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. These waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement" on the Statement of Operations.

<br> 16 DECEMBER 31, 2022

------

### Janus Henderson Government Money Market Fund

#### Notes to Financial Statements (unaudited)
Class D Shares and Class T Shares of the Fund compensate the Adviser at an annual rate of 0.36% and 0.38%, respectively, of average daily net assets for providing certain administration services including, but not limited to, oversight and coordination of the Fund's service providers, recordkeeping and registration functions and also to pay for costs such as shareholder servicing and custody. These amounts are disclosed as "Administration services fees" on the Statement of Operations. A portion of the Fund's administration fee is paid to BNP Paribas Financial Services ("BPFS"). BPFS provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund's daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with the Adviser on behalf of the Fund. The Adviser does not receive any additional compensation, beyond the administration services fee for serving as administrator.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

5. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;83095414  | $83095427  | &nbsp;&nbsp;&nbsp;&nbsp;248101255  | $248101256  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 4584749  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584749  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3744  |
| Shares repurchased | (96474287) | &nbsp;&nbsp;&nbsp;&nbsp;(96474287) | (184339799) | &nbsp;&nbsp;&nbsp;&nbsp;(184339800) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(8794124) | $(8794111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63765199  | $63765200  |
| Class T Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7113321  | $7113322  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11702462  | $11702461  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108289  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108289  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(6646441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6646441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9682645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9682645) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575169  | $575170  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019918  | $2019916  |

---

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> Janus Investment Fund 17

------

### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

#### Monthly Portfolio Holdings
The Fund files its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. These reports (i) are available on the SEC's website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for

<br> 18 DECEMBER 31, 2022

------

### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)
those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance,

<br> Janus Investment Fund 19

------

### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)
the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> 20 DECEMBER 31, 2022

------

### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> Janus Investment Fund 21

------

### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> 22 DECEMBER 31, 2022

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### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> Janus Investment Fund 23

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### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> 24 DECEMBER 31, 2022

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### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> Janus Investment Fund 25

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### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> 26 DECEMBER 31, 2022

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### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> Janus Investment Fund 27

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### Janus Henderson Government Money Market Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> 28 DECEMBER 31, 2022

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### Janus Henderson Government Money Market Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> Janus Investment Fund 29

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### Janus Henderson Government Money Market Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> 30 DECEMBER 31, 2022

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### Janus Henderson Government Money Market Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> Janus Investment Fund 31

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### Janus Henderson Government Money Market Fund

#### Notes

#### NotesPage1
<br> 32 DECEMBER 31, 2022

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### Janus Henderson Government Money Market Fund

#### Notes

#### NotesPage2
<br> Janus Investment Fund 33

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| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93025 03-23 |

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|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson High-Yield Fund** | **Janus Henderson High-Yield Fund** |
| Janus Investment Fund | Janus Investment Fund |

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**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

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### **Table of Contents**

#### Janus Henderson High-Yield Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_13) | [1](#1_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_13) | [13](#2_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_13) | [15](#3_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_13) | [17](#4_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_13) | [19](#5_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_13) | [20](#6_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_13) | [28](#7_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_13) | [44](#8_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_13) | [55](#9_13) |

---

---

| | | |
|:---|:---|:---|
| <br>Tom Ross<br>co-portfolio manager | <br>Seth Meyer<br>**co-portfolio manager** | <br>Brent Olson<br>co-portfolio manager |

---

------

### Janus Henderson High-Yield Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| Fund Profile |  |  |
| **30-day SEC Yield\*** | **Without <br>Reimbursement** | **With <br>Reimbursement** |
| Class A Shares NAV | 7.66% | 7.72% |
| Class A Shares MOP | 7.29% | 7.35% |
| Class C Shares\*\* | 6.84% | 6.95% |
| Class D Shares | 7.89% | 7.96% |
| Class I Shares | 7.99% | 8.04% |
| Class N Shares | 8.05% | 8.10% |
| Class R Shares | 7.19% | 7.29% |
| Class S Shares | 7.31% | 7.56% |
| Class T Shares | 7.79% | 7.84% |
| **Weighted Average Maturity** | **Weighted Average Maturity** | 5.8 Years |
| **Average Effective Duration\*\*\*** | **Average Effective Duration\*\*\*** | 3.9 Years |
| \* Yield will fluctuate. |  |  |
| \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. |
| \*\*\* A theoretical measure of price volatility. | \*\*\* A theoretical measure of price volatility. |  |

---

---

| | |
|:---|:---|
| Ratings<sup>†</sup> Summary - (% of Total Investments) |  |
| BBB | 3.3% |
| BB | 48.2% |
| B | 35.5% |
| CCC | 7.0% |
| CC | 0.2% |
| Not Rated | 0.8% |
| Other | 5.0% |
| † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. | † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. |

---

Significant Areas of Investment - (% of Net Assets)

---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Corporate Bonds | 89.5% | 89.5% |
| Investments Purchased with Cash Collateral from Securities Lending | 3.2% | 3.2% |
| Investment Companies | 2.5% | 2.5% |
| Asset-Backed/Commercial Mortgage-Backed Securities | 1.7% | 1.7% |
| Bank Loans and Mezzanine Loans | 1.6% | 1.6% |
| Common Stocks | 0.7% | 0.7% |
| Convertible Corporate Bonds | 0.7% | 0.7% |
| Convertible Preferred Stocks | 0.6% | 0.6% |
| Preferred Stocks | 0.3% | 0.3% |
| Other | Other | (0.8)% |
|  |  | 100.0% |

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<br> Janus Investment Fund 1

------

#### Janus Henderson High-Yield Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | 1.57% | -15.22% | 0.98% | 2.90% | 6.17% | 0.98% | 0.98% |
| Class A Shares at MOP | -3.27% | -19.27% | 0.01% | 2.40% | 5.98% |  |  |
| Class C Shares at NAV | 1.34% | -15.70% | 0.31% | 2.20% | 5.43% | 1.73% | 1.70% |
| Class C Shares at CDSC | 0.36% | -16.50% | 0.31% | 2.20% | 5.43% |  |  |
| Class D Shares | 1.83% | -14.91% | 1.24% | 3.14% | 6.31% | 0.76% | 0.76% |
| Class I Shares | 1.71% | -14.88% | 1.28% | 3.20% | 6.34% | 0.72% | 0.72% |
| Class N Shares | 1.90% | -14.80% | 1.38% | 3.29% | 6.36% | 0.63% | 0.63% |
| Class R Shares | 1.37% | -15.46% | 0.57% | 2.49% | 5.71% | 1.41% | 1.38% |
| Class S Shares | 1.65% | -15.20% | 0.84% | 2.76% | 5.98% | 1.28% | 1.13% |
| Class T Shares | 1.78% | -14.99% | 1.14% | 3.04% | 6.26% | 0.87% | 0.87% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 3.50% | -11.19% | 2.31% | 4.03% | 6.30% |  |  |
| Morningstar Quartile - Class T Shares | - | 4th | 4th | 3rd | 1st |  |  |
| Morningstar Ranking - based on total returns for High Yield Bond Funds | - | 672/686 | 475/625 | 334/536 | 22/189 |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

<br> 2 DECEMBER 31, 2022

------

#### Janus Henderson High-Yield Fund (unaudited)

#### Performance
*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund's Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class I Shares of the Fund commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class N Shares of the Fund commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund's Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – December 29, 1995

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

------

#### Janus Henderson High-Yield Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $1015.70  | $5.03  | $1000.00  | $1020.21  | $5.04  | 0.99% |
| Class C Shares | Class C Shares | $1000.00  | $1013.40  | $8.78  | $1000.00  | $1016.48  | $8.79  | 1.73% |
| Class D Shares | Class D Shares | $1000.00  | $1018.30  | $3.92  | $1000.00  | $1021.32  | $3.92  | 0.77% |
| Class I Shares | Class I Shares | $1000.00  | $1017.10  | $3.76  | $1000.00  | $1021.48  | $3.77  | 0.74% |
| Class N Shares | Class N Shares | $1000.00  | $1019.00  | $3.26  | $1000.00  | $1021.98  | $3.26  | 0.64% |
| Class R Shares | Class R Shares | $1000.00  | $1013.70  | $7.11  | $1000.00  | $1018.15  | $7.12  | 1.40% |
| Class S Shares | Class S Shares | $1000.00  | $1016.50  | $5.79  | $1000.00  | $1019.46  | $5.80  | 1.14% |
| Class T Shares | Class T Shares | $1000.00  | $1017.80  | $4.42  | $1000.00  | $1020.82  | $4.43  | 0.87% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

---

<br> 4 DECEMBER 31, 2022

------

### Janus Henderson High-Yield Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– 1.7% | Asset-Backed/Commercial Mortgage-Backed Securities– 1.7% |  |
| BX Commercial Mortgage Trust 2021-ARIA F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.5935%, 6.9115%, 10/15/36 (144A)<sup>‡</sup> | $6000000 | $5457990 |
| JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE C, |  |  |
| &nbsp;&nbsp;&nbsp;3.6942%, 1/10/37 (144A)<sup>‡</sup> | 5000000 | 4507803 |
| MED Trust 2021-MDLN F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.0000%, 8.3180%, 11/15/38 (144A)<sup>‡</sup> | 5502661 | 5067507 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $15,259,421) | Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $15,259,421) | 15033300 |
| Bank Loans and Mezzanine Loans– 1.6% | Bank Loans and Mezzanine Loans– 1.6% |  |
| Basic Industry – 0.1% | Basic Industry – 0.1% |  |
| Olympus Water US Holding Corp, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 3 Month + 4.5000%, 9.1802%, 11/9/28<sup>‡</sup> | 664336 | 644031 |
| Communications – 0.6% | Communications – 0.6% |  |
| CSC Holdings LLC, CME Term SOFR 1 Month + 2.2500%, 6.5679%, 7/17/25<sup>‡</sup> | 3089826 | 2912161 |
| Directv Financing LLC, ICE LIBOR USD 1 Month + 5.0000%, 9.3836%, 8/2/27<sup>‡</sup> | 2086582 | 2078420 |
|  |  | 4990581 |
| Construction Materials – 0% | Construction Materials – 0% |  |
| Summit Materials LLC, CME Term SOFR 1 Month + 3.0000%, 7.2254%, 12/14/27<sup>ƒ,‡</sup> | 147000 | 146816 |
| Consumer Cyclical – 0.7% | Consumer Cyclical – 0.7% |  |
| Boardriders Inc, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 8.0000%, 12.5573% (12.39% Cash or 12.56% PIK), 4/23/24<sup>‡,Ø,¢</sup> | 371255 | 371255 |
| Mic Glen LLC, ICE LIBOR USD 1 Month + 6.7500%, 11.1336%, 7/20/29<sup>‡</sup> | 2303342 | 2088371 |
| Tacala Investment Corp, ICE LIBOR USD 1 Month + 7.5000%, 11.8836%, 2/4/28<sup>‡</sup> | 3481080 | 3144285 |
|  |  | 5603911 |
| Consumer Non-Cyclical – 0% | Consumer Non-Cyclical – 0% |  |
| National Mentor Holdings Inc, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 7.2500%, 11.9800%, 3/2/29<sup>‡</sup> | 253037 | 165107 |
| Transportation – 0.2% | Transportation – 0.2% |  |
| AAdvantage Loyalty IP Ltd, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 4.7500%, 8.9926%, 4/20/28<sup>‡</sup> | 2108000 | 2096469 |
| Total Bank Loans and Mezzanine Loans (cost $14,232,726) | Total Bank Loans and Mezzanine Loans (cost $14,232,726) | 13646915 |
| Corporate Bonds– 89.5% | Corporate Bonds– 89.5% |  |
| Banking – 2.5% | Banking – 2.5% |  |
| American Express Co, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 2.8540%, 3.5500%<sup>‡,µ</sup> | 3702000 | 3041193 |
| Barclays PLC, US Treasury Yield Curve Rate 5 Year + 5.4310%, 8.0000%<sup>‡,µ</sup> | 1730000 | 1617550 |
| BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 4.9690%, 9.2500% (144A)<sup>‡,µ</sup> | 2820000 | 2939985 |
| Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 3.5970%, 4.0000%<sup>‡,µ</sup> | 7841000 | 6830452 |
| Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 3.4170%, 3.8750%<sup>‡,µ</sup> | 2962000 | 2525105 |
| SVB Financial Group, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.0740%, 4.2500%<sup>‡,µ</sup> | 7060000 | 4631704 |
|  |  | 21585989 |
| Basic Industry – 6.0% | Basic Industry – 6.0% |  |
| Arconic Rolled Products, 6.1250%, 2/15/28 (144A)<sup>#</sup> | 3364000 | 3156324 |
| Compass Minerals International Inc, 6.7500%, 12/1/27 (144A) | 4992000 | 4792320 |
| Compass Minerals International Inc, 4.8750%, 7/15/24 (144A) | 2354000 | 2262783 |
| Element Solutions Inc, 3.8750%, 9/1/28 (144A) | 3484000 | 2961400 |
| First Quantum Minerals Ltd, 7.5000%, 4/1/25 (144A) | 11971000 | 11651856 |
| FMG Resources (August 2006) Pty Ltd, 4.3750%, 4/1/31 (144A) | 5623000 | 4676556 |
| Graphic Packaging International LLC, 3.7500%, 2/1/30 (144A) | 4075000 | 3463665 |
| Herens Holdco Sarl, 4.7500%, 5/15/28 (144A) | 1085000 | 810940 |
| Hudbay Minerals Inc, 4.5000%, 4/1/26 (144A) | 9951000 | 9038888 |
| Hudbay Minerals Inc, 6.1250%, 4/1/29 (144A) | 5276000 | 4777681 |
| Kaiser Aluminum Corp, 4.5000%, 6/1/31 (144A) | 3387000 | 2722301 |
| Polar US Borrower LLC, 6.7500%, 5/15/26 (144A) | 2271000 | 840270 |
|  |  | 51154984 |
| Brokerage – 2.0% | Brokerage – 2.0% |  |
| AG TTMT Escrow Issuer LLC, 8.6250%, 9/30/27 (144A) | 1265000 | 1271325 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson High-Yield Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Brokerage– (continued) | Brokerage– (continued) |  |
| Charles Schwab Corp, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.1680%, 4.0000%<sup>‡,µ</sup> | $4507000 | $3909822 |
| Coinbase Global Inc, 3.3750%, 10/1/28 (144A) | 2325000 | 1228995 |
| Coinbase Global Inc, 3.6250%, 10/1/31 (144A) | 4331000 | 2085861 |
| Jane Street Group / JSG Finance Inc, 4.5000%, 11/15/29 (144A) | 5494000 | 4724840 |
| LPL Holdings Inc, 4.3750%, 5/15/31 (144A) | 4286000 | 3643741 |
|  |  | 16864584 |
| Building Products – 1.1% | Building Products – 1.1% |  |
| TopBuild Corp, 4.1250%, 2/15/32 (144A) | 11420000 | 9280006 |
| Capital Goods – 9.5% | Capital Goods – 9.5% |  |
| ABC Supply Co Inc, 4.0000%, 1/15/28 (144A) | 2496000 | 2226931 |
| ARD Finance SA, 6.5000% (6.50% Cash or 7.25% PIK), 6/30/27 (144A)<sup>Ø</sup> | 10321934 | 7179240 |
| Ardagh Metal Packaging Finance USA LLC / Adragh Metal Packaging Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.0000%, 6/15/27 (144A)<sup>#</sup> | 1855000 | 1815943 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, |  |  |
| &nbsp;&nbsp;&nbsp;5.2500%, 8/15/27 (144A) | 6942000 | 5190826 |
| Atkore Inc, 4.2500%, 6/1/31 (144A) | 1176000 | 1008420 |
| Ball Corp, 2.8750%, 8/15/30 | 2415000 | 1927460 |
| Ball Corp, 3.1250%, 9/15/31 | 2169000 | 1741989 |
| Builders FirstSource Inc, 4.2500%, 2/1/32 (144A) | 2735000 | 2217341 |
| Builders FirstSource Inc, 6.3750%, 6/15/32 (144A) | 4639000 | 4357163 |
| Chart Industries Inc, 7.5000%, 1/1/30 (144A) | 4326000 | 4348885 |
| JELD-WEN Inc, 4.8750%, 12/15/27 (144A) | 3522000 | 2650904 |
| LABL Escrow Issuer LLC, 10.5000%, 7/15/27 (144A) | 2707000 | 2518864 |
| LABL Inc, 5.8750%, 11/1/28 (144A) | 3003000 | 2616424 |
| LABL Inc, 8.2500%, 11/1/29 (144A) | 7037000 | 5604776 |
| PECF USS Intermediate Holding III Corp, 8.0000%, 11/15/29 (144A)<sup>#</sup> | 8448000 | 5488581 |
| Standard Industries Inc/NJ, 3.3750%, 1/15/31 (144A) | 15031000 | 11310877 |
| Summit Materials LLC / Summit Materials Finance Corp, |  |  |
| &nbsp;&nbsp;&nbsp;5.2500%, 1/15/29 (144A) | 4697000 | 4373024 |
| TransDigm Inc, 4.8750%, 5/1/29 | 7032000 | 6133662 |
| Trivium Packaging Finance BV, 8.5000%, 8/15/27 (144A) | 6379000 | 5852891 |
| Vertical US Newco Inc, 5.2500%, 7/15/27 (144A) | 3245000 | 2880067 |
|  |  | 81444268 |
| Communications – 12.0% | Communications – 12.0% |  |
| Altice Financing SA, 5.0000%, 1/15/28 (144A) | 5643000 | 4542615 |
| Block Communications Inc, 4.8750%, 3/1/28 (144A) | 6622000 | 5777695 |
| CCO Holdings LLC / CCO Holdings Capital Corp, 5.0000%, 2/1/28 (144A) | 3482000 | 3161621 |
| CCO Holdings LLC / CCO Holdings Capital Corp, 4.5000%, 8/15/30 (144A) | 4280000 | 3535943 |
| CCO Holdings LLC / CCO Holdings Capital Corp, 4.5000%, 5/1/32 | 2945000 | 2344220 |
| CCO Holdings LLC / CCO Holdings Capital Corp, 4.5000%, 6/1/33 (144A) | 2755000 | 2113719 |
| Connect Finco Sarl / Connect US Finco LLC, 6.7500%, 10/1/26 (144A) | 7453000 | 6907139 |
| Consolidated Communications Inc, 5.0000%, 10/1/28 (144A) | 2649000 | 1953551 |
| Consolidated Communications Inc, 6.5000%, 10/1/28 (144A) | 1477000 | 1147719 |
| CSC Holdings LLC, 5.3750%, 2/1/28 (144A) | 2854000 | 2301038 |
| Directv Financing LLC / Directv Financing Co-Obligor Inc, |  |  |
| &nbsp;&nbsp;&nbsp;5.8750%, 8/15/27 (144A) | 3330000 | 2979218 |
| Front Range BidCo Inc, 4.0000%, 3/1/27 (144A) | 4634000 | 3422533 |
| GCI LLC, 4.7500%, 10/15/28 (144A) | 6408000 | 5383236 |
| Gray Escrow II Inc, 5.3750%, 11/15/31 (144A)<sup>#</sup> | 2361000 | 1701455 |
| Gray Television Inc, 4.7500%, 10/15/30 (144A) | 10263000 | 7423895 |
| Lamar Media Corp, 3.6250%, 1/15/31<sup>#</sup> | 4587000 | 3792199 |
| LCPR Senior Secured Financing DAC, 5.1250%, 7/15/29 (144A) | 1881000 | 1558236 |
| Level 3 Financing Inc, 3.4000%, 3/1/27 (144A) | 4206000 | 3554009 |
| Level 3 Financing Inc, 3.6250%, 1/15/29 (144A) | 4484000 | 3283369 |
| Liberty Interactive LLC, 8.2500%, 2/1/30 | 8003000 | 3641365 |
| News Corp, 3.8750%, 5/15/29 (144A) | 5563000 | 4825291 |
| Nexstar Broadcasting Inc, 4.7500%, 11/1/28 (144A) | 3578000 | 3094970 |
| Scripps Escrow II Inc, 3.8750%, 1/15/29 (144A) | 1825000 | 1464563 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson High-Yield Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Communications– (continued) | Communications– (continued) |  |
| Scripps Escrow II Inc, 5.3750%, 1/15/31 (144A)<sup>#</sup> | $8700000 | $6973128 |
| Scripps Escrow Inc, 5.8750%, 7/15/27 (144A) | 2433000 | 2171453 |
| Sirius XM Radio Inc, 4.0000%, 7/15/28 (144A) | 5393000 | 4693528 |
| Univision Communications Inc, 7.3750%, 6/30/30 (144A) | 2974000 | 2842252 |
| Virgin Media Finance PLC, 5.0000%, 7/15/30 (144A) | 3142000 | 2520073 |
| Windstream Escrow LLC, 7.7500%, 8/15/28 (144A) | 4447000 | 3623528 |
|  |  | 102733561 |
| Consumer Cyclical – 16.9% | Consumer Cyclical – 16.9% |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp, |  |  |
| &nbsp;&nbsp;&nbsp;6.0000%, 6/1/29 (144A) | 2986000 | 2167118 |
| AMC Entertainment Holdings Inc, 10.0000%, 6/15/26 (144A) | 3775652 | 1529139 |
| American Axle & Manufacturing Inc, 6.2500%, 3/15/26 | 987000 | 921625 |
| Arches Buyer Inc, 4.2500%, 6/1/28 (144A) | 4308000 | 3369293 |
| Carnival Corp, 7.6250%, 3/1/26 (144A)<sup>#</sup> | 12204000 | 9672826 |
| Century Communities Inc, 3.8750%, 8/15/29 (144A) | 3814000 | 2998758 |
| Colt Merger Sub Inc, 8.1250%, 7/1/27 (144A) | 6295000 | 6185152 |
| Ford Motor Co, 6.1000%, 8/19/32 | 6306000 | 5822692 |
| Ford Motor Credit Co LLC, 4.1340%, 8/4/25 | 2951000 | 2762107 |
| Ford Motor Credit Co LLC, 3.6250%, 6/17/31 | 7239000 | 5686655 |
| Full House Resorts Inc, 8.2500%, 2/15/28 (144A) | 9320000 | 8251089 |
| Goodyear Tire & Rubber Co/The, 5.2500%, 4/30/31 | 3257000 | 2704272 |
| Kohl's Corp, 3.6250%, 5/1/31 | 5413000 | 3794296 |
| LGI Homes Inc, 4.0000%, 7/15/29 (144A) | 4614000 | 3564891 |
| Life Time Inc, 5.7500%, 1/15/26 (144A) | 6247000 | 5812833 |
| Lithia Motors Inc, 4.3750%, 1/15/31 (144A) | 7016000 | 5708255 |
| LSF9 Atlantis Holdings LLC / Victra Finance Corp, 7.7500%, 2/15/26 (144A) | 4450000 | 3938517 |
| Macy's Retail Holdings LLC, 5.8750%, 4/1/29 (144A)<sup>#</sup> | 3120000 | 2762457 |
| Match Group Holdings II LLC, 5.6250%, 2/15/29 (144A) | 3089000 | 2872770 |
| Michael Cos Inc/The, 7.8750%, 5/1/29 (144A) | 4014000 | 2682027 |
| Papa John's International Inc, 3.8750%, 9/15/29 (144A) | 2447000 | 2043245 |
| Royal Caribbean Cruises Ltd, 11.6250%, 8/15/27 (144A) | 12397000 | 12497495 |
| Royal Caribbean Cruises Ltd, 9.2500%, 1/15/29 (144A)<sup>#</sup> | 2938000 | 3019089 |
| Service Corp International/US, 3.3750%, 8/15/30 | 7074000 | 5750503 |
| Shea Homes LP / Shea Homes Funding Corp, 4.7500%, 4/1/29 | 6079000 | 5106360 |
| Six Flags Entertainment Corp, 5.5000%, 4/15/27 (144A) | 2616000 | 2356100 |
| Stellantis Finance US Inc, 6.3750%, 9/12/32 (144A) | 267000 | 263577 |
| Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp, |  |  |
| &nbsp;&nbsp;&nbsp;5.8750%, 5/15/25 (144A) | 5120000 | 4779407 |
| Victoria's Secret & Co, 4.6250%, 7/15/29 (144A) | 10369000 | 8140702 |
| Weekley Homes LLC / Weekly Finance Corp, 4.8750%, 9/15/28 (144A) | 4357000 | 3660929 |
| Wendy's International LLC, 7.0000%, 12/15/25 | 2031000 | 2084436 |
| Wyndham Destinations Inc, 6.6000%, 10/1/25 | 4402000 | 4325185 |
| Wyndham Destinations Inc, 6.6250%, 7/31/26 (144A) | 3619000 | 3540329 |
| Wynn Macau Ltd, 5.6250%, 8/26/28 (144A) | 2535000 | 2165118 |
| Wynn Macau Ltd, 5.1250%, 12/15/29 (144A) | 1762000 | 1425617 |
|  |  | 144364864 |
| Consumer Non-Cyclical – 12.9% | Consumer Non-Cyclical – 12.9% |  |
| BellRing Brands Inc, 7.0000%, 3/15/30 (144A) | 5187000 | 4991191 |
| Catalent Pharma Solutions Inc, 3.5000%, 4/1/30 (144A)<sup>#</sup> | 6369000 | 5028899 |
| Chobani LLC / Chobani Finance Corp Inc, 7.5000%, 4/15/25 (144A)<sup>#</sup> | 7399000 | 7204776 |
| Chobani LLC / Chobani Finance Corp Inc, 4.6250%, 11/15/28 (144A) | 1737000 | 1512250 |
| FAGE International SA / FAGE USA Dairy Industry Inc, |  |  |
| &nbsp;&nbsp;&nbsp;5.6250%, 8/15/26 (144A) | 5605000 | 5199422 |
| Hadrian Merger Sub Inc, 8.5000%, 5/1/26 (144A) | 5206000 | 4581280 |
| HLF Financing Sarl LLC / Herbalife International Inc, |  |  |
| &nbsp;&nbsp;&nbsp;4.8750%, 6/1/29 (144A) | 5754000 | 3963183 |
| ModivCare Escrow Issuer Inc, 5.0000%, 10/1/29 (144A) | 7481000 | 6308727 |
| Mozart Debt Merger Sub Inc, 5.2500%, 10/1/29 (144A) | 11317000 | 8988754 |
| Newell Brands Inc, 6.3750%, 9/15/27 | 1580000 | 1568150 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson High-Yield Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Consumer Non-Cyclical– (continued) | Consumer Non-Cyclical– (continued) |  |
| Newell Brands Inc, 6.6250%, 9/15/29<sup>#</sup> | $2043000 | $2019219 |
| Organon Finance 1 LLC, 4.1250%, 4/30/28 (144A) | 2079000 | 1840747 |
| Organon Finance 1 LLC, 5.1250%, 4/30/31 (144A) | 12027000 | 10413942 |
| Pilgrim's Pride Corp, 4.2500%, 4/15/31 (144A) | 5305000 | 4512194 |
| Post Holdings Inc, 4.5000%, 9/15/31 (144A) | 2671000 | 2245404 |
| Providence Service Corp, 5.8750%, 11/15/25 (144A) | 3168000 | 2975786 |
| Surgery Center Holdings Inc, 10.0000%, 4/15/27 (144A)<sup>#</sup> | 5143000 | 5233002 |
| Syneos Health Inc, 3.6250%, 1/15/29 (144A) | 4871000 | 3878997 |
| Tenet Healthcare Corp, 4.8750%, 1/1/26 (144A) | 4717000 | 4460597 |
| Tenet Healthcare Corp, 4.2500%, 6/1/29 (144A) | 4603000 | 3987579 |
| Tenet Healthcare Corp, 6.1250%, 6/15/30 (144A) | 7152000 | 6814426 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26 | 8904000 | 7786548 |
| Teva Pharmaceutical Industries Ltd, 4.7500%, 5/9/27 | 3043000 | 2750567 |
| Thor Industries Inc, 4.0000%, 10/15/29 (144A) | 2847000 | 2235418 |
|  |  | 110501058 |
| Electric – 0.7% | Electric – 0.7% |  |
| TerraForm Power Operating LLC, 4.7500%, 1/15/30 (144A) | 7195000 | 6259638 |
| Energy – 10.6% | Energy – 10.6% |  |
| Antero Resources Corp, 5.3750%, 3/1/30 (144A) | 3686000 | 3417327 |
| Apache Corp, 4.2500%, 1/15/30 | 2497000 | 2209612 |
| Archrock Partners LP / Archrock Partners Finance Corp, |  |  |
| &nbsp;&nbsp;&nbsp;6.8750%, 4/1/27 (144A) | 2253000 | 2150859 |
| DT Midstream Inc, 4.1250%, 6/15/29 (144A) | 5659000 | 4861703 |
| DT Midstream Inc, 4.3750%, 6/15/31 (144A) | 3424000 | 2872394 |
| EnLink Midstream LLC, 5.6250%, 1/15/28 (144A) | 2949000 | 2808917 |
| EnLink Midstream LLC, 6.5000%, 9/1/30 (144A) | 3376000 | 3341227 |
| EnLink Midstream Partners LP, 4.1500%, 6/1/25 | 1000000 | 945048 |
| EnLink Midstream Partners LP, ICE LIBOR USD 3 Month + 4.1100%, 8.8790%<sup>‡,µ</sup> | 2628000 | 2168555 |
| EQM Midstream Partners LP, 7.5000%, 6/1/27 (144A) | 2253000 | 2206273 |
| EQM Midstream Partners LP, 4.7500%, 1/15/31 (144A) | 2854000 | 2333145 |
| FTAI Infra Escrow Holdings LLC, 10.5000%, 6/1/27 (144A) | 8281000 | 8320252 |
| Hess Midstream Operations LP, 5.1250%, 6/15/28 (144A) | 2099000 | 1940938 |
| Hess Midstream Operations LP, 4.2500%, 2/15/30 (144A) | 2001000 | 1710697 |
| Howard Midstream Energy Partners LLC, 6.7500%, 1/15/27 (144A) | 4394000 | 4211852 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp, |  |  |
| &nbsp;&nbsp;&nbsp;6.0000%, 8/1/26 (144A) | 5456000 | 5237760 |
| NGL Energy Partners LP / NGL Energy Finance Corp, 7.5000%, 2/1/26 (144A) | 9437000 | 8402623 |
| Occidental Petroleum Corp, 6.3750%, 9/1/28 | 2055000 | 2074191 |
| Southwestern Energy Co, 5.3750%, 3/15/30 | 2858000 | 2606550 |
| Southwestern Energy Co, 4.7500%, 2/1/32 | 2873000 | 2455237 |
| Sunoco LP / Sunoco Finance Corp, 4.5000%, 4/30/30 | 10380000 | 9010359 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, |  |  |
| &nbsp;&nbsp;&nbsp;5.5000%, 1/15/28 (144A) | 6644000 | 5892165 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, |  |  |
| &nbsp;&nbsp;&nbsp;6.0000%, 9/1/31 (144A) | 5175000 | 4449380 |
| Viper Energy Partners LP, 5.3750%, 11/1/27 (144A) | 5177000 | 4915616 |
|  |  | 90542680 |
| Finance Companies – 3.3% | Finance Companies – 3.3% |  |
| Fortress Transportation and Infrastructure Investors LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.5000%, 10/1/25 (144A) | 978000 | 919519 |
| Fortress Transportation and Infrastructure Investors LLC, |  |  |
| &nbsp;&nbsp;&nbsp;9.7500%, 8/1/27 (144A) | 4230000 | 4240575 |
| Navient Corp, 4.8750%, 3/15/28 | 1253000 | 1030489 |
| Navient Corp, 5.5000%, 3/15/29 | 2956000 | 2412097 |
| OneMain Finance Corp, 6.6250%, 1/15/28 | 943000 | 868343 |
| OWL Rock Core Income Corp, 7.7500%, 9/16/27 (144A) | 4463000 | 4448560 |
| PennyMac Financial Services Inc, 5.7500%, 9/15/31 (144A) | 1194000 | 946860 |
| Quicken Loans LLC, 3.8750%, 3/1/31 (144A) | 7069000 | 5395594 |
| SLM Corp, 3.1250%, 11/2/26 | 4105000 | 3491096 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson High-Yield Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Finance Companies– (continued) | Finance Companies– (continued) |  |
| Springleaf Finance Corp, 5.3750%, 11/15/29 | $5655000 | $4625228 |
|  |  | 28378361 |
| Financial Institutions – 0.6% | Financial Institutions – 0.6% |  |
| Burford Capital Global Finance LLC, 6.2500%, 4/15/28 (144A) | 1955000 | 1737231 |
| Burford Capital Global Finance LLC, 6.8750%, 4/15/30 (144A) | 4210000 | 3746255 |
|  |  | 5483486 |
| Information Technology Services – 0.4% | Information Technology Services – 0.4% |  |
| KBR Inc, 4.7500%, 9/30/28 (144A) | 3564000 | 3148127 |
| Real Estate Investment Trusts (REITs) – 0.4% | Real Estate Investment Trusts (REITs) – 0.4% |  |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP, |  |  |
| &nbsp;&nbsp;&nbsp;3.7500%, 12/15/27 (144A) | 3713000 | 3070343 |
| Technology – 8.0% | Technology – 8.0% |  |
| Austin BidCo Inc, 7.1250%, 12/15/28 (144A) | 5306000 | 4029048 |
| CA Magnum Holdings, 5.3750%, 10/31/26 (144A) | 7040000 | 6415045 |
| Ciena Corp, 4.0000%, 1/31/30 (144A) | 9685000 | 8523865 |
| Entegris Escrow Corp, 5.9500%, 6/15/30 (144A) | 2402000 | 2215124 |
| Entegris Inc, 3.6250%, 5/1/29 (144A) | 5838000 | 4753591 |
| II-VI Inc, 5.0000%, 12/15/29 (144A) | 8673000 | 7479855 |
| ION Trading Technologies Sarl, 5.7500%, 5/15/28 (144A) | 6326000 | 5274302 |
| Iron Mountain Inc, 4.8750%, 9/15/27 (144A) | 2819000 | 2592352 |
| Iron Mountain Inc, 5.2500%, 7/15/30 (144A) | 10051000 | 8734319 |
| NortonLifeLock Inc, 6.7500%, 9/30/27 (144A)<sup>#</sup> | 5512000 | 5401760 |
| Seagate HDD Cayman, 4.1250%, 1/15/31 | 2601000 | 2030251 |
| Seagate HDD Cayman, 9.6250%, 12/1/32 (144A) | 9768845 | 10714469 |
|  |  | 68163981 |
| Transportation – 2.6% | Transportation – 2.6% |  |
| Cargo Aircraft Management Inc, 4.7500%, 2/1/28 (144A) | 7894000 | 7164673 |
| Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd, 8.0000%, 9/20/25 (144A) | 1629000 | 1637357 |
| United Airlines Holdings Inc, 4.8750%, 1/15/25<sup>#</sup> | 2416000 | 2307280 |
| Watco Cos LLC / Watco Finance Corp, 6.5000%, 6/15/27 (144A) | 6823000 | 6481850 |
| XPO Escrow Sub LLC, 7.5000%, 11/15/27 (144A)<sup>#</sup> | 4173000 | 4222742 |
|  |  | 21813902 |
| Total Corporate Bonds (cost $857,934,884) | Total Corporate Bonds (cost $857,934,884) | 764789832 |
| Convertible Corporate Bonds– 0.7% | Convertible Corporate Bonds– 0.7% |  |
| Media – 0.7% | Media – 0.7% |  |
| DISH Network Corp, 2.3750%, 3/15/24((cost $6,021,645) | 6446000 | 5807846 |
| Common Stocks– 0.7% | Common Stocks– 0.7% |  |
| Hotels, Restaurants & Leisure – 0.1% | Hotels, Restaurants & Leisure – 0.1% |  |
| Caesars Entertainment Inc\* | 25124 | 1045158 |
| Machinery – 0.6% | Machinery – 0.6% |  |
| Chart Industries Inc\* | 44695 | 5150205 |
| Total Common Stocks (cost $6,591,996) | Total Common Stocks (cost $6,591,996) | 6195363 |
| Preferred Stocks– 0.3% | Preferred Stocks– 0.3% |  |
| Consumer Cyclical – 0.3% | Consumer Cyclical – 0.3% |  |
| Quiksilver Inc<sup>¢</sup>((cost $2,633,063) | 3097721 | 2633063 |
| Convertible Preferred Stocks– 0.6% | Convertible Preferred Stocks– 0.6% |  |
| Machinery – 0.6% | Machinery – 0.6% |  |
| Chart Industries Inc, 6.7500%, 12/15/25((cost $5,190,615) | 103647 | 5244538 |
| Investment Companies– 2.5% | Investment Companies– 2.5% |  |
| Money Markets – 2.5% | Money Markets – 2.5% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº,£</sup>((cost $21,434,257) | 21431721 | 21436008 |
| Investments Purchased with Cash Collateral from Securities Lending– 3.2% | Investments Purchased with Cash Collateral from Securities Lending– 3.2% |  |
| Investment Companies – 2.5% | Investment Companies – 2.5% |  |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº,£</sup> | 21584512 | 21584512 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson High-Yield Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Investments Purchased with Cash Collateral from Securities Lending– (continued) | Investments Purchased with Cash Collateral from Securities Lending– (continued) |  |
| Time Deposits – 0.7% | Time Deposits – 0.7% |  |
| Royal Bank of Canada, 4.3100%, 1/3/23 | $5420338 | $5420338 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $27,004,850) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $27,004,850) | 27004850 |
| Total Investments (total cost $956,303,457) – 100.8% | Total Investments (total cost $956,303,457) – 100.8% | 861791715 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.8)% | Liabilities, net of Cash, Receivables and Other Assets – (0.8)% | (7139051) |
| Net Assets – 100% | Net Assets – 100% | $854652664 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $765379615 | 88.8% |
| Luxembourg | 23006519 | 2.7 |
| Peru | 13816569 | 1.6 |
| Zambia | 11651856 | 1.4 |
| United Kingdom | 11044762 | 1.3 |
| Israel | 10537115 | 1.2 |
| India | 6415045 | 0.8 |
| Netherlands | 5852891 | 0.7 |
| Australia | 4676556 | 0.5 |
| Macao | 3590735 | 0.4 |
| France | 2939985 | 0.3 |
| Germany | 2880067 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $861791715 | 100.0 | % |

---

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% |
| Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | $448121 | $(431) | $1514 | $21436008 |
| Investments Purchased with Cash Collateral from Securities Lending - 2.5% | Investments Purchased with Cash Collateral from Securities Lending - 2.5% | Investments Purchased with Cash Collateral from Securities Lending - 2.5% | Investments Purchased with Cash Collateral from Securities Lending - 2.5% | Investments Purchased with Cash Collateral from Securities Lending - 2.5% |
| Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 223640<sup>∆</sup> | - | - | 21584512 |
| Total Affiliated Investments - 5.0% | $671761 | $(431) | $1514 | $43020520 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson High-Yield Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% |
| Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 22494643 | 245682177 | (246741895) | 21436008 |
| Investments Purchased with Cash Collateral from Securities Lending - 2.5% | Investments Purchased with Cash Collateral from Securities Lending - 2.5% | Investments Purchased with Cash Collateral from Securities Lending - 2.5% | Investments Purchased with Cash Collateral from Securities Lending - 2.5% | Investments Purchased with Cash Collateral from Securities Lending - 2.5% |
| Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 33838933 | 94320274 | (106574695) | 21584512 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** |
| *Reference*<br>*Asset* | *Maturity*<br>*Date* | *Notional*<br>*Amount* |  | *Premiums*<br>*Paid/(Received)* | *Unrealized*<br>*Appreciation/*<br>(Depreciation) | *Value* |
| CDX.NA.HY.S39, Fixed Rate of 5.00%, Paid Quarterly | 12/20/27 | (17500000) | USD | $294645 | $(428162) | $(133517) |

---

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2022.

---

| | |
|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** |
|  | *Credit* <br>*Contracts* |
| *Liability Derivatives:* |  |
| \*Swaps - centrally cleared | $428162  |
| \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended December 31, 2022.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts* |
| Swap contracts | $(4900186) |
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts* |
| Swap contracts | $(2677207) |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson High-Yield Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** |
| Credit default swaps:  |  |
| Average notional amount - buy protection | $64736214  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | $25871202 | $— | $(25871202) | $— |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson High-Yield Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> Bloomberg U.S. Corporate High-Yield Bond Index Bloomberg U.S. Corporate High Yield Bond Index measures the US dollar-denominated, high yield, fixed-rate corporate bond market.

---

| | |
|:---|:---|
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PIK | Pay-in-kind (PIK) bonds give the issuer an option to make the interest payment in cash or additional securities. |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| 144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2022 is $646,369,460, which represents 75.6% of net assets. |

---

<br> \* Non-income producing security.

<br> ƒ All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.

‡ Variable
or floating rate security. Rate shown is the current rate as of December 31, 2022. Certain variable rate
securities are not based on a published reference rate and spread; they are determined by the issuer
or agent and current market conditions. Reference rate is as of reset date and may vary by security,
which may not indicate a reference rate and/or spread in their description.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

<br> # Loaned security; a portion of the security is on loan at December 31, 2022.

<br> µ Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

<br> Ø Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

---

| | |
|:---|:---|
| ¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended December 31, 2022 is $3,004,318, which represents 0.4% of net assets. |

---

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

∆ Net of income paid
to the securities lending agent and rebates paid to the borrowing counterparties.

<br> Janus Investment Fund 13

------

### Janus Henderson High-Yield Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  |  | ***Level 2 -*** | ***Level 3 -*** |
|  |  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  |  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** | **Assets** |  |  |  |
| **Investments In Securities:** | **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | $15033300 | $- |
| *Bank Loans and Mezzanine Loans* | *Bank Loans and Mezzanine Loans* | - | 13275660 | 371255 |
| *Corporate Bonds* | *Corporate Bonds* | - | 764789832 | - |
| *Convertible Corporate Bonds* | *Convertible Corporate Bonds* | - | 5807846 | - |
| *Common Stocks* | *Common Stocks* | 6195363 | - | - |
| *Preferred Stocks* | *Preferred Stocks* | - | - | 2633063 |
| *Convertible Preferred Stocks* | *Convertible Preferred Stocks* | - | 5244538 | - |
| *Investment Companies* | *Investment Companies* | - | 21436008 | - |
| *Investments Purchased with Cash Collateral from Securities Lending* | *Investments Purchased with Cash Collateral from Securities Lending* | - | 27004850 | - |
| **Total Assets** | **Total Assets** | $6195363 | $852592034 | $3004318 |
| **Liabilities** | **Liabilities** |  |  |  |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Centrally Cleared Swaps* | *Centrally Cleared Swaps* | $- | $428162 | $- |
| (a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |

---

<br> 14 DECEMBER 31, 2022

------

### Janus Henderson High-Yield Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $913,284,688)<sup>(1)</sup> | $818771195 |
| Affiliated investments, at value (cost $43,018,769) | 43020520 |
| Cash  | 2539103 |
| Deposits with brokers for centrally cleared derivatives | 5952338 |
| Variation margin receivable on centrally cleared swaps | 5133 |
| Trustees' deferred compensation | 27610 |
| Receivables: |  |
| Interest | 13486126 |
| Fund shares sold | 1534423 |
| Investments sold | 766099 |
| Dividends from affiliates | 74824 |
| Other assets | 120900 |
| Total Assets  | 886298271 |
| Liabilities:  |  |
| Collateral for securities loaned (Note 3) | 27004850 |
| Payables: |  |
| Fund shares repurchased | 2273345 |
| Investments purchased  | 1240473 |
| Advisory fees | 420321 |
| Dividends | 353818 |
| Transfer agent fees and expenses | 129376 |
| Professional fees | 28262 |
| Trustees' deferred compensation fees | 27610 |
| 12b-1 Distribution and shareholder servicing fees | 13522 |
| Affiliated fund administration fees payable | 1964 |
| Trustees' fees and expenses | 1019 |
| Custodian fees | 506 |
| Accrued expenses and other payables | 150541 |
| Total Liabilities  | 31645607 |
| Net Assets  | $854652664 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson High-Yield Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $1205331058 |
| Total distributable earnings (loss) | (350678394) |
| Total Net Assets  | $854652664 |
| Net Assets - Class A Shares  | $21609942 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3129557 |
| Net Asset Value Per Share<sup>(2)</sup>  | $6.91 |
| Maximum Offering Price Per Share<sup>(3)</sup>  | $7.25 |
| Net Assets - Class C Shares | $5049012 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 730965 |
| Net Asset Value Per Share<sup>(2)</sup> | $6.91 |
| Net Assets - Class D Shares | $273695405 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 39630849 |
| Net Asset Value Per Share | $6.91 |
| Net Assets - Class I Shares | $143254341 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 20729262 |
| Net Asset Value Per Share | $6.91 |
| Net Assets - Class N Shares | $134598794 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 19488198 |
| Net Asset Value Per Share | $6.91 |
| Net Assets - Class R Shares | $6207653 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 899625 |
| Net Asset Value Per Share | $6.90 |
| Net Assets - Class S Shares | $1615219 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 233484 |
| Net Asset Value Per Share | $6.92 |
| Net Assets - Class T Shares | $268622298 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 38889176 |
| Net Asset Value Per Share | $6.91 |

---

<br>(1) Includes $25,871,202 of securities on loan. See Note 3 in Notes to Financial Statements.<br>(2) Redemption price per share may be reduced for any applicable contingent deferred sales charge.<br>(3) Maximum offering price is computed at 100/95.25 of net asset value.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson High-Yield Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Interest | $29892922 |
| Dividends from affiliates | 448121 |
| Affiliated securities lending income, net | 223640 |
| Unaffiliated securities lending income, net | 53813 |
| Dividends | 16888 |
| Other income | 1127211 |
| Total Investment Income  | 31762595 |
| Expenses:  |  |
| Advisory fees | 2737278 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 33375 |
| Class C Shares | 25839 |
| Class R Shares | 15933 |
| Class S Shares | 2042 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 167957 |
| Class R Shares | 7983 |
| Class S Shares | 2046 |
| Class T Shares | 361273 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 12838 |
| Class C Shares | 1619 |
| Class I Shares | 81363 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 897 |
| Class C Shares | 122 |
| Class D Shares | 24212 |
| Class I Shares | 4490 |
| Class N Shares | 3265 |
| Class R Shares | 78 |
| Class S Shares | 34 |
| Class T Shares | 1830 |
| Registration fees | 141700 |
| Shareholder reports expense | 42211 |
| Professional fees | 32622 |
| Trustees' fees and expenses | 13933 |
| Affiliated fund administration fees | 11747 |
| Custodian fees | 6051 |
| Other expenses | 64671 |
| Total Expenses  | 3797409 |
| Less: Excess Expense Reimbursement and Waivers | (114691) |
| Net Expenses  | 3682718 |
| Net Investment Income/(Loss)  | 28079877 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson High-Yield Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments | $(72619949) |
| Investments in affiliates | (431) |
| Swap contracts | (4900186) |
| Total Net Realized Gain/(Loss) on Investments  | (77520566) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 68125202 |
| Investments in affiliates | 1514 |
| Swap contracts | (2677207) |
| Total Change in Unrealized Net Appreciation/Depreciation  | 65449509 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $16008820 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson High-Yield Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $28079877 | $52778558 |
| Net realized gain/(loss) on investments | (77520566) | (13296880) |
| Change in unrealized net appreciation/depreciation | 65449509 | (213605131) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 16008820 | (174123453) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (747362) | (1458379) |
| Class C Shares | (123781) | (272044) |
| Class D Shares | (8256329) | (15872470) |
| Class I Shares | (4885979) | (11094566) |
| Class N Shares | (4654359) | (8664053) |
| Class R Shares | (165491) | (306981) |
| Class S Shares | (44524) | (84973) |
| Class T Shares | (8234431) | (16314962) |
| Net Decrease from Dividends and Distributions to Shareholders | (27112256) | (54068428) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (2686343) | (7831246) |
| Class C Shares | (96184) | (978532) |
| Class D Shares | (2097508) | (2184631) |
| Class I Shares | (19568040) | (55382146) |
| Class N Shares | (29356668) | 55710955 |
| Class R Shares | (64629) | 52678 |
| Class S Shares | 186179 | (418662) |
| Class T Shares | (11288786) | (20522556) |
| Net Increase/(Decrease) from Capital Share Transactions | (64971979) | (31554140) |
| Net Increase/(Decrease) in Net Assets | (76075415) | (259746021) |
| Net Assets: |  |  |
| Beginning of period | 930728079 | 1190474100 |
| End of period | $854652664 | $930728079 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson High-Yield Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $6.99  | $8.64  | $7.77  | $8.34  | $8.18  | $8.50  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.21  | 0.36  | 0.39  | 0.41  | 0.43  | 0.46  |
| Net realized and unrealized gain/(loss) | (0.09)  | (1.64)  | 0.88  | (0.57)  | 0.16  | (0.32)  |
| Total from Investment Operations | 0.12  | (1.28)  | 1.27  | (0.16)  | 0.59  | 0.14  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20)  | (0.37)  | (0.40)  | (0.41)  | (0.43)  | (0.46)  |
| Total Dividends and Distributions | (0.20)  | (0.37)  | (0.40)  | (0.41)  | (0.43)  | (0.46)  |
| Net Asset Value, End of Period | $6.91  | $6.99  | $8.64  | $7.77  | $8.34  | $8.18  |
| Total Return\* | 1.72% | (15.31)% | 16.69% | (1.95)% | 7.48% | 1.58% |
| Net Assets, End of Period (in thousands) | $21610  | $24533  | $38432  | $32937  | $28510  | $32487  |
| Average Net Assets for the Period (in thousands) | $26278  | $32275  | $36570  | $35108  | $27131  | $35915  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.02% | 0.98% | 0.97% | 0.98% | 1.04% | 1.03% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.99% | 0.98% | 0.97% | 0.98% | 1.04% | 1.03% |
| Ratio of Net Investment Income/(Loss) | 5.85% | 4.41% | 4.71% | 5.09% | 5.23% | 5.41% |
| Portfolio Turnover Rate | 35% | 81% | 120% | 146% | 110% | 114% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson High-Yield Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $6.99  | $8.63  | $7.77  | $8.34  | $8.18  | $8.50  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.18  | 0.31  | 0.34  | 0.36  | 0.37  | 0.40  |
| Net realized and unrealized gain/(loss) | (0.09)  | (1.63)  | 0.86  | (0.57)  | 0.17  | (0.32)  |
| Total from Investment Operations | 0.09  | (1.32)  | 1.20  | (0.21)  | 0.54  | 0.08  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.17)  | (0.32)  | (0.34)  | (0.36)  | (0.38)  | (0.40)  |
| Total Dividends and Distributions | (0.17)  | (0.32)  | (0.34)  | (0.36)  | (0.38)  | (0.40)  |
| Net Asset Value, End of Period | $6.91  | $6.99  | $8.63  | $7.77  | $8.34  | $8.18  |
| Total Return\* | 1.34% | (15.81)% | 15.73% | (2.64)% | 6.78% | 0.92% |
| Net Assets, End of Period (in thousands) | $5049  | $5200  | $7519  | $12402  | $23026  | $33888  |
| Average Net Assets for the Period (in thousands) | $5007  | $7124  | $9532  | $15009  | $27890  | $39154  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.80% | 1.71% | 1.70% | 1.69% | 1.70% | 1.68% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.73% | 1.68% | 1.69% | 1.69% | 1.70% | 1.68% |
| Ratio of Net Investment Income/(Loss) | 5.14% | 3.71% | 4.03% | 4.37% | 4.57% | 4.75% |
| Portfolio Turnover Rate | 35% | 81% | 120% | 146% | 110% | 114% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson High-Yield Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $6.99  | $8.64  | $7.77  | $8.34  | $8.18  | $8.50  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.22  | 0.38  | 0.41  | 0.43  | 0.45  | 0.48  |
| Net realized and unrealized gain/(loss) | (0.09)  | (1.64)  | 0.88  | (0.57)  | 0.16  | (0.32)  |
| Total from Investment Operations | 0.13  | (1.26)  | 1.29  | (0.14)  | 0.61  | 0.16  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.21)  | (0.39)  | (0.42)  | (0.43)  | (0.45)  | (0.48)  |
| Total Dividends and Distributions | (0.21)  | (0.39)  | (0.42)  | (0.43)  | (0.45)  | (0.48)  |
| Net Asset Value, End of Period | $6.91  | $6.99  | $8.64  | $7.77  | $8.34  | $8.18  |
| Total Return\* | 1.83% | (15.13)% | 16.93% | (1.73)% | 7.74% | 1.82% |
| Net Assets, End of Period (in thousands) | $273695  | $279111  | $347855  | $309023  | $348041  | $354349  |
| Average Net Assets for the Period (in thousands) | $279408  | $333960  | $330438  | $337185  | $339785  | $370556  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.80% | 0.76% | 0.76% | 0.77% | 0.80% | 0.79% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.77% | 0.76% | 0.76% | 0.77% | 0.80% | 0.79% |
| Ratio of Net Investment Income/(Loss) | 6.06% | 4.64% | 4.92% | 5.31% | 5.49% | 5.65% |
| Portfolio Turnover Rate | 35% | 81% | 120% | 146% | 110% | 114% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson High-Yield Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $7.00  | $8.64  | $7.77  | $8.34  | $8.19  | $8.50  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.22  | 0.39  | 0.42  | 0.44  | 0.45  | 0.48  |
| Net realized and unrealized gain/(loss) | (0.10)  | (1.64)  | 0.88  | (0.57)  | 0.16  | (0.31)  |
| Total from Investment Operations | 0.12  | (1.25)  | 1.30  | (0.13)  | 0.61  | 0.17  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.21)  | (0.39)  | (0.43)  | (0.44)  | (0.46)  | (0.48)  |
| Total Dividends and Distributions | (0.21)  | (0.39)  | (0.43)  | (0.44)  | (0.46)  | (0.48)  |
| Net Asset Value, End of Period | $6.91  | $7.00  | $8.64  | $7.77  | $8.34  | $8.19  |
| Total Return\* | 1.71% | (14.98)% | 16.99% | (1.69)% | 7.68% | 2.01% |
| Net Assets, End of Period (in thousands) | $143254  | $165462  | $264363  | $258255  | $289574  | $373573  |
| Average Net Assets for the Period (in thousands) | $165535  | $232609  | $258975  | $277116  | $323343  | $623820  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.75% | 0.72% | 0.71% | 0.72% | 0.73% | 0.71% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.74% | 0.72% | 0.71% | 0.72% | 0.73% | 0.71% |
| Ratio of Net Investment Income/(Loss) | 6.09% | 4.66% | 4.97% | 5.34% | 5.54% | 5.70% |
| Portfolio Turnover Rate | 35% | 81% | 120% | 146% | 110% | 114% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 23 |

---

------

### Janus Henderson High-Yield Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $6.99  | $8.64  | $7.77  | $8.34  | $8.18  | $8.50  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.22  | 0.39  | 0.42  | 0.44  | 0.46  | 0.47  |
| Net realized and unrealized gain/(loss) | (0.09)  | (1.64)  | 0.88  | (0.57)  | 0.16  | (0.30)  |
| Total from Investment Operations | 0.13  | (1.25)  | 1.30  | (0.13)  | 0.62  | 0.17  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.21)  | (0.40)  | (0.43)  | (0.44)  | (0.46)  | (0.49)  |
| Total Dividends and Distributions | (0.21)  | (0.40)  | (0.43)  | (0.44)  | (0.46)  | (0.49)  |
| Net Asset Value, End of Period | $6.91  | $6.99  | $8.64  | $7.77  | $8.34  | $8.18  |
| Total Return\* | 1.90% | (15.01)% | 17.09% | (1.59)% | 7.90% | 1.98% |
| Net Assets, End of Period (in thousands) | $134599  | $165384  | $149967  | $129944  | $124803  | $209887  |
| Average Net Assets for the Period (in thousands) | $154976  | $176304  | $139565  | $129946  | $170511  | $73663  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.65% | 0.63% | 0.62% | 0.62% | 0.65% | 0.67% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.64% | 0.63% | 0.62% | 0.62% | 0.65% | 0.67% |
| Ratio of Net Investment Income/(Loss) | 6.15% | 4.80%  | 5.05% | 5.47% | 5.61% | 5.89% |
| Portfolio Turnover Rate | 35% | 81% | 120% | 146% | 110% | 114% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 24 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson High-Yield Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $6.99  | $8.63  | $7.76  | $8.33  | $8.18  | $8.49  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.19  | 0.33  | 0.35  | 0.38  | 0.39  | 0.42  |
| Net realized and unrealized gain/(loss) | (0.09)  | (1.63)  | 0.89  | (0.57)  | 0.15  | (0.31)  |
| Total from Investment Operations | 0.10  | (1.30)  | 1.24  | (0.19)  | 0.54  | 0.11  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.19)  | (0.34)  | (0.37)  | (0.38)  | (0.39)  | (0.42)  |
| Total Dividends and Distributions | (0.19)  | (0.34)  | (0.37)  | (0.38)  | (0.39)  | (0.42)  |
| Net Asset Value, End of Period | $6.90  | $6.99  | $8.63  | $7.76  | $8.33  | $8.18  |
| Total Return\* | 1.37% | (15.56)% | 16.20% | (2.41)% | 6.89% | 1.28% |
| Net Assets, End of Period (in thousands) | $6208  | $6351  | $7788  | $1551  | $1623  | $1365  |
| Average Net Assets for the Period (in thousands) | $6268  | $7434  | $3865  | $1538  | $1397  | $1411  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.46% | 1.41% | 1.45% | 1.57% | 1.62% | 1.45% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.40% | 1.38% | 1.39% | 1.45% | 1.48% | 1.45% |
| Ratio of Net Investment Income/(Loss) | 5.44% | 4.02% | 4.20% | 4.64% | 4.82% | 4.99% |
| Portfolio Turnover Rate | 35% | 81% | 120% | 146% | 110% | 114% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 25 |

---

------

### Janus Henderson High-Yield Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $7.00  | $8.65  | $7.78  | $8.35  | $8.19  | $8.51  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.20  | 0.35  | 0.38  | 0.40  | 0.41  | 0.44  |
| Net realized and unrealized gain/(loss) | (0.08)  | (1.64)  | 0.88  | (0.57)  | 0.17  | (0.32)  |
| Total from Investment Operations | 0.12  | (1.29)  | 1.26  | (0.17)  | 0.58  | 0.12  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20)  | (0.36)  | (0.39)  | (0.40)  | (0.42)  | (0.44)  |
| Total Dividends and Distributions | (0.20)  | (0.36)  | (0.39)  | (0.40)  | (0.42)  | (0.44)  |
| Net Asset Value, End of Period | $6.92  | $7.00  | $8.65  | $7.78  | $8.35  | $8.19  |
| Total Return\* | 1.65% | (15.42)% | 16.47% | (2.14)% | 7.29% | 1.44% |
| Net Assets, End of Period (in thousands) | $1615  | $1449  | $2237  | $1859  | $1496  | $1995  |
| Average Net Assets for the Period (in thousands) | $1604  | $1946  | $2057  | $1687  | $1833  | $1746  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.35% | 1.28% | 1.27% | 1.30% | 1.31% | 1.19% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.14% | 1.13% | 1.15% | 1.19% | 1.22% | 1.18% |
| Ratio of Net Investment Income/(Loss) | 5.71% | 4.25% | 4.53% | 4.90% | 5.07% | 5.26% |
| Portfolio Turnover Rate | 35% | 81% | 120% | 146% | 110% | 114% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 26 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson High-Yield Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $6.99  | $8.64  | $7.77  | $8.34  | $8.18  | $8.50  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.21  | 0.37  | 0.40  | 0.42  | 0.44  | 0.47  |
| Net realized and unrealized gain/(loss) | (0.09)  | (1.64)  | 0.88  | (0.57)  | 0.16  | (0.32)  |
| Total from Investment Operations | 0.12  | (1.27)  | 1.28  | (0.15)  | 0.60  | 0.15  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20)  | (0.38)  | (0.41)  | (0.42)  | (0.44)  | (0.47)  |
| Total Dividends and Distributions | (0.20)  | (0.38)  | (0.41)  | (0.42)  | (0.44)  | (0.47)  |
| Net Asset Value, End of Period | $6.91  | $6.99  | $8.64  | $7.77  | $8.34  | $8.18  |
| Total Return\* | 1.78% | (15.21)% | 16.82% | (1.83)% | 7.64% | 1.73% |
| Net Assets, End of Period (in thousands) | $268622  | $283236  | $372314  | $349513  | $442866  | $515406  |
| Average Net Assets for the Period (in thousands) | $283792  | $351039  | $364038  | $411154  | $460568  | $703671  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.90% | 0.87% | 0.87% | 0.87% | 0.89% | 0.88% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.87% | 0.86% | 0.85% | 0.86% | 0.89% | 0.88% |
| Ratio of Net Investment Income/(Loss) | 5.96% | 4.53% | 4.82% | 5.21% | 5.39% | 5.55% |
| Portfolio Turnover Rate | 35% | 81% | 120% | 146% | 110% | 114% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 27 |

---

------

### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson High-Yield Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to obtain high current income. Capital appreciation is a secondary investment objective when consistent with its primary investment objective. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> 28 DECEMBER 31, 2022

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### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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.

<br> Janus Investment Fund 29

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### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of December 31, 2022.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and

<br> 30 DECEMBER 31, 2022

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### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

#### Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

#### Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended December 31, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

<br> Janus Investment Fund 31

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### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;· **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;· **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;· **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

<br> 32 DECEMBER 31, 2022

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### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)

#### Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty ("CCP"). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the "Executing Dealer") and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission ("CFTC"). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund's exposure to the counterparty.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable

<br> Janus Investment Fund 33

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### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the "notional value") (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.

During the year, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.

3. Other Investments and Strategies

#### Additional Investment Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor

<br> 34 DECEMBER 31, 2022

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### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Loans
The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession ("DIP") loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund's total assets. Below are descriptions of the types of loans held by the Fund as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Bank Loans -** Bank loans are obligations of companies or other entities 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Floating Rate Loans –** Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate ("LIBOR"). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (''borrowers'') in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower's capital structure. The senior position in the borrower's capital structure generally gives holders of senior loans a claim on certain of the borrower's assets that is senior to subordinated debt and preferred and common stock in the case of a borrower's default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

<br> Janus Investment Fund 35

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### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund's return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Mezzanine Loans -** Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer's capital structure.

#### Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities' mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### When-Issued, Delayed Delivery and Forward Commitment Transactions
The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund's other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time

<br> 36 DECEMBER 31, 2022

------

### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. 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. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05%

<br> Janus Investment Fund 37

------

### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of December 31, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $25,871,202. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2022 is $27,004,850, resulting in the net amount due to the counterparty of $1,133,648.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| *Average Daily Net* <br>*Assets of the Fund* | *Contractual Investment* <br>*Advisory Fee (%)* |
| First $300 Million | 0.65 |
| Over $300 Million | 0.55 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.59% of average annual net assets before any applicable waivers.

The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.63% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the

<br> 38 DECEMBER 31, 2022

------

### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the

<br> Janus Investment Fund 39

------

### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $252.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $613.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

<br> 40 DECEMBER 31, 2022

------

### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
5. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2022, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |
| *For the year ended June 30, 2022* | *For the year ended June 30, 2022* | *For the year ended June 30, 2022* |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | *Accumulated* <br> *Capital Losses* |
| $(57634508) | $(119230291) | $(176864799) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $958488414  | $1000228  | $(97696927) | $(96696699) |

---

<br> Janus Investment Fund 41

------

### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
6. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899118  | $6312970  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968534  | $8123951  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93548  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654210  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154236  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262944  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1372680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9653523) | &nbsp;&nbsp;&nbsp;&nbsp;(2063242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17218141) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380014) | $(2686343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940472) | $(7831246) |
| Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74275  | $524424  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160664  | $1367481  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16495  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115521  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31007  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253507  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2599520) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12667) | $(96184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127107) | $(978532) |
| Class D Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298283  | $9104896  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5458833  | $45365487  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 1023283  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7164644  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689999  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13782737  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(2610574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18367048) | &nbsp;&nbsp;&nbsp;&nbsp;(7500467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61332855) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289008) | $(2097508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351635) | $(2184631) |
| Class I Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7323446  | $52863854  | &nbsp;&nbsp;&nbsp;&nbsp;10493969  | $87570705  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601853  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220376  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170587  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9595832  |
| Shares repurchased | (10846891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76652270) | (18602709) | &nbsp;&nbsp;&nbsp;&nbsp;(152548683) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(2921592) | $(19568040) | &nbsp;&nbsp;&nbsp;&nbsp;(6938153) | $(55382146) |
| Class N Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556780  | $25024268  | &nbsp;&nbsp;&nbsp;&nbsp;13829484  | $115346449  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662906  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4647620  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068004  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8644959  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(8384713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59028556) | &nbsp;&nbsp;&nbsp;&nbsp;(8607863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68280453) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(4165027) | $(29356668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6289625  | $55710955  |
| Class R Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91790  | $641469  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119410  | $977300  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23587  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164960  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37679  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306583  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(871058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1231205) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9561) | $(64629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6736  | $52678  |
| Class S Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30139  | $211559  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26621  | $208895  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6342  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44453  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10363  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84905  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(712462) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26555  | $186179  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51598) | $(418662) |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314505  | $23787421  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6834123  | $57386388  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 1157011  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8101847  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955013  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15957838  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(6084475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43178054) | (11384240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93866782) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1612959) | $(11288786) | &nbsp;&nbsp;&nbsp;&nbsp;(2595104) | $(20522556) |

---

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $303075717  | $369282336  | $-  | $-  |

---

<br> 42 DECEMBER 31, 2022

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### Janus Henderson High-Yield Fund

#### Notes to Financial Statements (unaudited)
8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> Janus Investment Fund 43

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### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> 44 DECEMBER 31, 2022

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### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> Janus Investment Fund 45

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### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> 46 DECEMBER 31, 2022

------

### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> Janus Investment Fund 47

------

### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> 48 DECEMBER 31, 2022

------

### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> Janus Investment Fund 49

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### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> 50 DECEMBER 31, 2022

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### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> Janus Investment Fund 51

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### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> 52 DECEMBER 31, 2022

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### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> Janus Investment Fund 53

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### Janus Henderson High-Yield Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> 54 DECEMBER 31, 2022

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### Janus Henderson High-Yield Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> Janus Investment Fund 55

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### Janus Henderson High-Yield Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> 56 DECEMBER 31, 2022

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### Janus Henderson High-Yield Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> Janus Investment Fund 57

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| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93026 03-23 |

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Mid Cap Value Fund** | **Janus Henderson Mid Cap Value Fund** |
| Janus Investment Fund | Janus Investment Fund |

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**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

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### **Table of Contents**

#### Janus Henderson Mid Cap Value Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_14) | [1](#1_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_14) | [10](#2_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_14) | [11](#3_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_14) | [13](#4_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_14) | [14](#5_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_14) | [15](#6_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_14) | [24](#7_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_14) | [35](#8_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_14) | [46](#9_14) |

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<br> Kevin Prelogerco-portfolio manager Justin Tugmanco-portfolio manager <br>     

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### Janus Henderson Mid Cap Value Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **5 Top Contributors - Holdings** | **5 Top Contributors - Holdings** | **5 Top Contributors - Holdings** | **5 Top Detractors - Holdings** | **5 Top Detractors - Holdings** | **5 Top Detractors - Holdings** |
|  | **Average <br>Weight** | **Relative <br>Contribution** |  | **Average <br>Weight** | **Relative <br>Contribution** |
| Burlington Stores Inc | 1.43% | 0.72% | Equity LifeStyle Properties Inc | 2.53% | -0.35% |
| Cardinal Health Inc | 1.46% | 0.40% | Take-Two Interactive Software Inc | 1.50% | -0.29% |
| Globus Medical Inc | 1.63% | 0.39% | Vontier Corp | 1.24% | -0.29% |
| Casey's General Stores Inc | 2.23% | 0.35% | Envista Holdings Corp | 1.32% | -0.25% |
| Lamb Weston Holdings Inc | 1.57% | 0.31% | Alliant Energy Corp | 2.21% | -0.20% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **5 Top Contributors - Sectors**\* |  |  |  |
|  |  | **Relative** | **Fund** | **Russell Midcap Value Index** |
|  |  | **Contribution** | **Average Weight** | **Average Weight** |
|  | Real Estate | 1.12% | 8.36% | 11.25% |
|  | Consumer Discretionary | 1.10% | 7.57% | 9.86% |
|  | Financials | 1.04% | 15.42% | 18.15% |
|  | Health Care | 0.80% | 11.18% | 7.18% |
|  | Consumer Staples | 0.79% | 4.88% | 4.04% |
|  | **5 Top Detractors - Sectors**\* |  |  |  |
|  |  | **Relative** | **Fund** | **Russell Midcap Value Index** |
|  |  | **Contribution** | **Average Weight** | **Average Weight** |
|  | Industrials | -1.03% | 18.08% | 15.17% |
|  | Energy | -0.61% | 6.13% | 5.31% |
|  | Utilities | -0.39% | 5.33% | 8.90% |
|  | Communication Services | -0.32% | 4.58% | 3.37% |
|  | Information Technology | -0.22% | 8.96% | 9.20% |
|  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  |
| \* | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |

---

<br> Janus Investment Fund 1

------

### Janus Henderson Mid Cap Value Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | |
|:---|:---|
| 5 Largest Equity Holdings - (% of Net Assets) | 5 Largest Equity Holdings - (% of Net Assets) |
| Laboratory Corp of America Holdings |  |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 2.6% |
| Hartford Financial Services Group Inc |  |
| &nbsp;&nbsp;&nbsp;Insurance | 2.6% |
| Baker Hughes Co |  |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 2.4% |
| Burlington Stores Inc |  |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 2.3% |
| Equity LifeStyle Properties Inc |  |
| &nbsp;&nbsp;&nbsp;Equity Real Estate Investment Trusts (REITs) | 2.1% |
|  | 12.0% |

---

---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Common Stocks | 98.7% | 98.7% |
| Repurchase Agreements | 1.3% | 1.3% |
| Other | Other | (0.0)% |
|  |  | 100.0% |

---

---

| | |
|:---|:---|
| Top Country Allocations - Long Positions - (% of Investment Securities) | Top Country Allocations - Long Positions - (% of Investment Securities) |
| **As of December 31, 2022**<br>![](img_049d73ebe8a34f14.jpg) | **As of June 30, 2022**<br>![](img_2eb896dfe8484f14.jpg) |

---

<br> 2 DECEMBER 31, 2022

------

#### Janus Henderson Mid Cap Value Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | 7.33% | -5.26% | 4.51% | 8.23% | 10.15% | 0.93% |
| Class A Shares at MOP | 1.18% | -10.69% | 3.29% | 7.59% | 9.88% |  |
| Class C Shares at NAV | 6.99% | -5.89% | 3.84% | 7.55% | 9.45% | 1.63% |
| Class C Shares at CDSC | 5.99% | -6.78% | 3.84% | 7.55% | 9.45% |  |
| Class D Shares | 7.43% | -5.09% | 4.80% | 8.53% | 10.38% | 0.64% |
| Class I Shares | 7.53% | -5.04% | 4.87% | 8.58% | 10.41% | 0.60% |
| Class L Shares<sup>(1)</sup> | 7.53% | -5.04% | 4.82% | 8.58% | 10.48% | 0.81% |
| Class N Shares | 7.53% | -4.92% | 4.96% | 8.70% | 10.44% | 0.50% |
| Class R Shares | 7.11% | -5.64% | 4.18% | 7.89% | 9.82% | 1.26% |
| Class S Shares | 7.30% | -5.40% | 4.44% | 8.16% | 10.07% | 1.01% |
| Class T Shares | 7.45% | -5.10% | 4.72% | 8.44% | 10.33% | 0.75% |
| Russell Midcap Value Index | 5.01% | -12.03% | 5.72% | 10.11% | 9.11% |  |
| Morningstar Quartile - Class T Shares | - | 2nd | 4th | 4th | 1st |  |
| Morningstar Ranking - based on total returns for Mid-Cap Value Funds | - | 97/411 | 286/393 | 268/335 | 21/132 |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Class L Shares have a voluntarily agreed administrative fee waiver, which could be changed or terminated at any time.*

This Fund has a performance-based management fee that may adjust up or down based on the Fund's performance.

<br> Janus Investment Fund 3

------

#### Janus Henderson Mid Cap Value Fund (unaudited)

#### Performance
*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class reflects the performance of the Fund's Class J Shares (formerly named Investor Shares), from April 21, 2003 to July 6, 2009, calculated using the fees and expenses of the corresponding class, without the effect of any fee and expense limitations or waivers. For periods prior to April 21, 2003, the performance shown for each class reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares (as a result of a prior reorganization of Berger Mid Cap Value Fund – Investor Shares into the Fund's former Class J Shares), calculated using the fees and expenses of the corresponding class respectively, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares (formerly named Investor Shares). For the periods prior to April 21, 2003, the performance shown for Class D Shares reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares (as a result of a separate prior reorganization).

Class I Shares commenced operations on July 6, 2009. Performance shown reflects the performance of the Fund's Class J Shares (formerly named Investor Shares) from April 21, 2003 to July 6, 2009, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to April 21, 2003, the performance shown for Class I Shares reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares (as a result of a separate prior reorganization), calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class L Shares commenced operations on April 21, 2003. Performance shown for periods following April 21, 2003, reflects the fees and expenses of Class L Shares (formerly named Institutional Shares), net of any applicable fee and expense limitations or waivers. The performance shown for Class L Shares for the periods from May 17, 2002 to April 17, 2003, reflects the historical performance of Berger Mid Cap Value Fund – Institutional Shares (as a result of a prior reorganization of Berger Mid Cap Value Fund – Institutional Shares into the Fund's Class L Shares). For the periods prior to May 17, 2002, the performance shown reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares.

Class N Shares of the Fund commenced operations on May 31, 2012. Performance shown for Class N Shares reflects the performance of the Fund's Class T Shares from July 6, 2009 to May 31, 2012, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers. For the period from April 21, 2003 to July 6, 2009, the performance shown for Class N Shares reflects the performance of Class J Shares (formerly named Investor Shares), calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to April 21, 2003, the performance shown for Class N Shares reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares (as a result of a separate prior reorganization), calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class T Shares (formerly named Class J Shares) commenced operations with the Fund's inception. Performance shown for periods following April 21, 2003, reflects the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers. For the periods prior to April 21, 2003, the performance shown for Class T Shares reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares (as a result of a separate prior reorganization).

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The predecessor Fund's inception date – August 12, 1998

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

(1) Closed to new investors.

<br> 4 DECEMBER 31, 2022

------

#### Janus Henderson Mid Cap Value Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $1073.30  | $4.76  | $1000.00  | $1020.62  | $4.63  | 0.91% |
| Class C Shares | Class C Shares | $1000.00  | $1069.90  | $8.03  | $1000.00  | $1017.44  | $7.83  | 1.54% |
| Class D Shares | Class D Shares | $1000.00  | $1074.30  | $3.29  | $1000.00  | $1022.03  | $3.21  | 0.63% |
| Class I Shares | Class I Shares | $1000.00  | $1075.30  | $3.03  | $1000.00  | $1022.28  | $2.96  | 0.58% |
| Class L Shares | Class L Shares | $1000.00  | $1075.30  | $3.35  | $1000.00  | $1021.98  | $3.26  | 0.64% |
| Class N Shares | Class N Shares | $1000.00  | $1075.30  | $2.56  | $1000.00  | $1022.74  | $2.50  | 0.49% |
| Class R Shares | Class R Shares | $1000.00  | $1071.10  | $6.53  | $1000.00  | $1018.90  | $6.36  | 1.25% |
| Class S Shares | Class S Shares | $1000.00  | $1073.00  | $5.17  | $1000.00  | $1020.21  | $5.04  | 0.99% |
| Class T Shares | Class T Shares | $1000.00  | $1074.50  | $3.82  | $1000.00  | $1021.53  | $3.72  | 0.73% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

---

<br> Janus Investment Fund 5

------

### Janus Henderson Mid Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– 98.7% | Common Stocks– 98.7% |  |
| Aerospace & Defense – 3.2% | Aerospace & Defense – 3.2% |  |
| BWX Technologies Inc | 547224 | $31782770 |
| L3Harris Technologies Inc | 161918 | 33712947 |
|  |  | 65495717 |
| Auto Components – 2.0% | Auto Components – 2.0% |  |
| Aptiv PLC\* | 223318 | 20797605 |
| Autoliv Inc | 261780 | 20047112 |
|  |  | 40844717 |
| Banks – 6.2% | Banks – 6.2% |  |
| Citizens Financial Group Inc | 787165 | 30990686 |
| Regions Financial Corp | 1274785 | 27484365 |
| SVB Financial Group\* | 46650 | 10736031 |
| Synovus Financial Corp | 699651 | 26271895 |
| Webster Financial Corp | 422657 | 20008582 |
| Zions Bancorp NA | 273336 | 13437198 |
|  |  | 128928757 |
| Building Products – 3.2% | Building Products – 3.2% |  |
| Armstrong World Industries Inc | 229498 | 15741268 |
| Carlisle Cos Inc | 113694 | 26791991 |
| Fortune Brands Home & Security Inc | 360722 | 20600833 |
| Masterbrand Inc\* | 360722 | 2723451 |
|  |  | 65857543 |
| Capital Markets – 2.7% | Capital Markets – 2.7% |  |
| Jefferies Financial Group Inc | 480477 | 16470752 |
| State Street Corp | 502487 | 38977917 |
|  |  | 55448669 |
| Chemicals – 4.9% | Chemicals – 4.9% |  |
| Axalta Coating Systems Ltd\* | 862132 | 21958502 |
| Corteva Inc | 618058 | 36329449 |
| FMC Corp | 218442 | 27261562 |
| Westlake Chemical Corp | 152576 | 15645143 |
|  |  | 101194656 |
| Commercial Services & Supplies – 1.7% | Commercial Services & Supplies – 1.7% |  |
| Waste Connections Inc | 271464 | 35985268 |
| Construction Materials – 1.2% | Construction Materials – 1.2% |  |
| Martin Marietta Materials Inc | 75708 | 25587033 |
| Containers & Packaging – 1.9% | Containers & Packaging – 1.9% |  |
| Graphic Packaging Holding Co | 1169227 | 26015301 |
| Sonoco Products Co | 232775 | 14131770 |
|  |  | 40147071 |
| Electric Utilities – 4.0% | Electric Utilities – 4.0% |  |
| Alliant Energy Corp | 735568 | 40610709 |
| Entergy Corp | 382916 | 43078050 |
|  |  | 83688759 |
| Electrical Equipment – 3.2% | Electrical Equipment – 3.2% |  |
| Acuity Brands Inc | 156168 | 25862983 |
| AMETEK Inc | 297405 | 41553427 |
|  |  | 67416410 |
| Electronic Equipment, Instruments & Components – 2.4% | Electronic Equipment, Instruments & Components – 2.4% |  |
| Insight Enterprises Inc\* | 64209 | 6438236 |
| Vontier Corp | 1350251 | 26100352 |
| Zebra Technologies Corp\* | 65729 | 16853573 |
|  |  | 49392161 |
| Energy Equipment & Services – 2.4% | Energy Equipment & Services – 2.4% |  |
| Baker Hughes Co | 1654786 | 48865831 |
| Entertainment – 2.9% | Entertainment – 2.9% |  |
| Activision Blizzard Inc | 421187 | 32241865 |
| Take-Two Interactive Software Inc\* | 276590 | 28801317 |
|  |  | 61043182 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Equity Real Estate Investment Trusts (REITs) – 8.7% | Equity Real Estate Investment Trusts (REITs) – 8.7% |  |
| Alexandria Real Estate Equities Inc | 220530 | $32124605 |
| Apple Hospitality Inc | 2076175 | 32762042 |
| Equity LifeStyle Properties Inc | 674104 | 43547118 |
| Lamar Advertising Co | 347453 | 32799563 |
| STAG Industrial Inc | 532308 | 17198872 |
| Weyerhaeuser Co | 731833 | 22686823 |
|  |  | 181119023 |
| Food & Staples Retailing – 1.9% | Food & Staples Retailing – 1.9% |  |
| Casey's General Stores Inc | 178702 | 40091794 |
| Food Products – 2.4% | Food Products – 2.4% |  |
| Kellogg Co | 310395 | 22112540 |
| Lamb Weston Holdings Inc | 301898 | 26977605 |
|  |  | 49090145 |
| Health Care Equipment & Supplies – 2.7% | Health Care Equipment & Supplies – 2.7% |  |
| Envista Holdings Corp\* | 603306 | 20313313 |
| Globus Medical Inc\* | 496106 | 36845793 |
|  |  | 57159106 |
| Health Care Providers & Services – 7.1% | Health Care Providers & Services – 7.1% |  |
| Cardinal Health Inc | 407959 | 31359808 |
| Henry Schein Inc\* | 493605 | 39424231 |
| Humana Inc | 43435 | 22246973 |
| Laboratory Corp of America Holdings | 229444 | 54029473 |
|  |  | 147060485 |
| Information Technology Services – 1.9% | Information Technology Services – 1.9% |  |
| Fidelity National Information Services Inc | 469071 | 31826467 |
| Global Payments Inc | 85410 | 8482921 |
|  |  | 40309388 |
| Insurance – 6.6% | Insurance – 6.6% |  |
| Globe Life Inc | 312777 | 37705267 |
| Hartford Financial Services Group Inc | 704410 | 53415410 |
| Reinsurance Group of America Inc | 124604 | 17704982 |
| RenaissanceRe Holdings Ltd | 151832 | 27972009 |
|  |  | 136797668 |
| Life Sciences Tools & Services – 1.4% | Life Sciences Tools & Services – 1.4% |  |
| Agilent Technologies Inc | 127634 | 19100428 |
| Charles River Laboratories International Inc\* | 43456 | 9469062 |
|  |  | 28569490 |
| Machinery – 2.0% | Machinery – 2.0% |  |
| Lincoln Electric Holdings Inc | 214803 | 31036885 |
| Oshkosh Corp | 121544 | 10718965 |
|  |  | 41755850 |
| Media – 1.3% | Media – 1.3% |  |
| Fox Corp - Class B | 932671 | 26534490 |
| Metals & Mining – 1.2% | Metals & Mining – 1.2% |  |
| Freeport-McMoRan Inc | 647419 | 24601922 |
| Multi-Utilities – 0.7% | Multi-Utilities – 0.7% |  |
| DTE Energy Co | 128196 | 15066876 |
| Oil, Gas & Consumable Fuels – 3.6% | Oil, Gas & Consumable Fuels – 3.6% |  |
| Cabot Oil & Gas Corp | 1631894 | 40095636 |
| Pioneer Natural Resources Co | 149330 | 34105479 |
|  |  | 74201115 |
| Road & Rail – 1.5% | Road & Rail – 1.5% |  |
| Canadian Pacific Railway Ltd | 263015 | 19618289 |
| Landstar System Inc | 67602 | 11012366 |
|  |  | 30630655 |
| Semiconductor & Semiconductor Equipment – 3.1% | Semiconductor & Semiconductor Equipment – 3.1% |  |
| Lam Research Corp | 28740 | 12079422 |
| Microchip Technology Inc | 404053 | 28384723 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Semiconductor & Semiconductor Equipment– (continued) | Semiconductor & Semiconductor Equipment– (continued) |  |
| Teradyne Inc | 269533 | $23543708 |
|  |  | 64007853 |
| Software – 1.7% | Software – 1.7% |  |
| Black Knight Inc\* | 302705 | 18692034 |
| Nice Ltd (ADR)\* | 84482 | 16245889 |
|  |  | 34937923 |
| Specialty Retail – 6.2% | Specialty Retail – 6.2% |  |
| AutoZone Inc\* | 12168 | 30008478 |
| Bath & Body Works Inc | 543476 | 22902079 |
| Burlington Stores Inc\* | 232758 | 47194012 |
| O'Reilly Automotive Inc\* | 33481 | 28258968 |
|  |  | 128363537 |
| Trading Companies & Distributors – 2.8% | Trading Companies & Distributors – 2.8% |  |
| GATX Corp | 227069 | 24146517 |
| MSC Industrial Direct Co Inc | 416730 | 34046841 |
|  |  | 58193358 |
| Total Common Stocks (cost $1,560,605,249) | Total Common Stocks (cost $1,560,605,249) | 2048386452 |
| Repurchase Agreements– 1.3% | Repurchase Agreements– 1.3% |  |
| ING Financial Markets LLC, Joint repurchase agreement, 4.2600%, dated 12/30/22, maturing 1/3/23 to be repurchased at $11,905,633 collateralized by $13,971,925 in U.S. Treasuries 0.2500% - 5.3750%, 6/15/24 - 5/15/52 with a value of $12,143,747 | $11900000 | 11900000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 4.2100%, dated 12/30/22, maturing 1/3/23 to be repurchased at $15,007,017 collateralized by $16,323,795 in U.S. Treasuries 0.7500% - 4.4334%, 7/31/23 - 2/15/29 with a value of $15,307,161 | 15000000 | 15000000 |
| Total Repurchase Agreements (cost $26,900,000) | Total Repurchase Agreements (cost $26,900,000) | 26900000 |
| Total Investments (total cost $1,587,505,249) – 100.0% | Total Investments (total cost $1,587,505,249) – 100.0% | 2075286452 |
| Liabilities, net of Cash, Receivables and Other Assets – (0)% | Liabilities, net of Cash, Receivables and Other Assets – (0)% | (245200) |
| Net Assets – 100% | Net Assets – 100% | $2075041252 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $2019375162 | 97.3% |
| Sweden | 20047112 | 1.0 |
| Canada | 19618289 | 0.9 |
| Israel | 16245889 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $2075286452 | 100.0 | % |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| ING Financial Markets LLC | ING Financial Markets LLC | $11900000 | $— | $(11900000) | $— |
| Royal Bank of Canada, NY Branch | Royal Bank of Canada, NY Branch | 15000000 |  | (15000000) |  |
| Total | Total | $26900000 | $— | $(26900000) | $— |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> Russell Midcap<sup><sup>®</sup></sup> Value Index Russell Midcap<sup><sup>®</sup></sup> Value Index reflects the performance of U.S. mid-cap equities with lower price-to-book ratios and lower forecasted growth values.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |

---

<br> \* Non-income producing security.

---

| | | | |
|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* | $2048386452 | $- | $- |
| *Repurchase Agreements* | - | 26900000 | - |
| **Total Assets** | $2048386452 | $26900000 | $- |

---

<br> 10 DECEMBER 31, 2022

------

### Janus Henderson Mid Cap Value Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Investments, at value (cost $1,560,605,249) | $2048386452 |
| Repurchase agreements, at value (cost $26,900,000) | 26900000 |
| Cash  | 15161 |
| Trustees' deferred compensation | 67385 |
| Receivables: |  |
| Dividends  | 3016202 |
| Fund shares sold | 1005149 |
| Interest | 12649 |
| Other assets | 22969 |
| Total Assets  | 2079425967 |
| Liabilities:  |  |
| Payables: |  |
| Fund shares repurchased | 2787330 |
| Advisory fees | 888439 |
| Transfer agent fees and expenses | 351522 |
| Trustees' deferred compensation fees | 67385 |
| 12b-1 Distribution and shareholder servicing fees | 53948 |
| Professional fees | 29839 |
| Affiliated fund administration fees payable | 4746 |
| Custodian fees | 1965 |
| Trustees' fees and expenses | 1246 |
| Accrued expenses and other payables | 198295 |
| Total Liabilities  | 4384715 |
| Net Assets  | $2075041252 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $1511339480 |
| Total distributable earnings (loss) | 563701772 |
| Total Net Assets  | $2075041252 |
| Net Assets - Class A Shares  | $59245684 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3911765 |
| Net Asset Value Per Share<sup>(1)</sup>  | $15.15 |
| Maximum Offering Price Per Share<sup>(2)</sup>  | $16.07 |
| Net Assets - Class C Shares | $8482590 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 579166 |
| Net Asset Value Per Share<sup>(1)</sup> | $14.65 |
| Net Assets - Class D Shares | $692218524 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 46919961 |
| Net Asset Value Per Share | $14.75 |
| Net Assets - Class I Shares | $211871881 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14325326 |
| Net Asset Value Per Share | $14.79 |
| Net Assets - Class L Shares | $4332852 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 281981 |
| Net Asset Value Per Share | $15.37 |
| Net Assets - Class N Shares | $187074835 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12731114 |
| Net Asset Value Per Share | $14.69 |
| Net Assets - Class R Shares | $37023277 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2496262 |
| Net Asset Value Per Share | $14.83 |
| Net Assets - Class S Shares | $69723509 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4599852 |
| Net Asset Value Per Share | $15.16 |
| Net Assets - Class T Shares | $805068100 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 54079919 |
| Net Asset Value Per Share | $14.89 |

---

<br> (1) Redemption price per share may be reduced for any applicable contingent deferred sales charge.(2) Maximum offering price is computed at 100/94.25 of net asset value.

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Dividends | $21555099 |
| Interest | 498197 |
| Other income | 725 |
| Foreign tax withheld | (34097) |
| Total Investment Income  | 22019924 |
| Expenses:  |  |
| Advisory fees | 4837995 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 77204 |
| Class C Shares | 38195 |
| Class R Shares | 94748 |
| Class S Shares | 88232 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 413621 |
| Class L Shares | 5687 |
| Class R Shares | 47597 |
| Class S Shares | 88584 |
| Class T Shares | 1057062 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 49602 |
| Class C Shares | 3755 |
| Class I Shares | 99054 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 2162 |
| Class C Shares | 241 |
| Class D Shares | 54260 |
| Class I Shares | 6028 |
| Class L Shares | 58 |
| Class N Shares | 4235 |
| Class R Shares | 564 |
| Class S Shares | 731 |
| Class T Shares | 5734 |
| Shareholder reports expense | 79889 |
| Registration fees | 71414 |
| Professional fees | 30607 |
| Trustees' fees and expenses | 30397 |
| Affiliated fund administration fees | 26780 |
| Custodian fees | 4653 |
| Other expenses | 87029 |
| Total Expenses  | 7306118 |
| Less: Excess Expense Reimbursement and Waivers | (43770) |
| Net Expenses  | 7262348 |
| Net Investment Income/(Loss)  | 14757576 |
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments | 95674480 |
| Total Net Realized Gain/(Loss) on Investments  | 95674480 |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 40118880 |
| Total Change in Unrealized Net Appreciation/Depreciation  | 40118880 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $150550936 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $14757576 | $27298555 |
| Net realized gain/(loss) on investments | 95674480 | 254198111 |
| Change in unrealized net appreciation/depreciation | 40118880 | (412530566) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 150550936 | (131033900) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (3376569) | (7541955) |
| Class C Shares | (449644) | (1055359) |
| Class D Shares | (42385457) | (84766155) |
| Class I Shares | (13114124) | (34000389) |
| Class L Shares | (255038) | (543653) |
| Class N Shares | (11696613) | (59932912) |
| Class R Shares | (2021572) | (4657016) |
| Class S Shares | (3877081) | (9329371) |
| Class T Shares | (48220026) | (107882437) |
| Net Decrease from Dividends and Distributions to Shareholders | (125396124) | (309709247) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (832271) | (1995054) |
| Class C Shares | 378969 | (772958) |
| Class D Shares | 21506728 | 43413722 |
| Class I Shares | 2481632 | (108733239) |
| Class L Shares | (99284) | 224829 |
| Class N Shares | (8212292) | (249137964) |
| Class R Shares | 174184 | (97662) |
| Class S Shares | (1374598) | (13399116) |
| Class T Shares | (20559082) | (31165688) |
| Net Increase/(Decrease) from Capital Share Transactions | (6536014) | (361663130) |
| Net Increase/(Decrease) in Net Assets | 18618798 | (802406277) |
| Net Assets: |  |  |
| Beginning of period | 2056422454 | 2858828731 |
| End of period | $2075041252 | $2056422454 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $14.97  | $18.02  | $13.29  | $15.33  | $16.96  | $17.60  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.09  | 0.13  | 0.12  | 0.13  | 0.17  | 0.06  |
| Net realized and unrealized gain/(loss) | 1.00  | (1.17)  | 4.73  | (1.82)  | 0.12  | 1.20  |
| Total from Investment Operations | 1.09  | (1.04)  | 4.85  | (1.69)  | 0.29  | 1.26  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14)  | (0.04)  | (0.12)  | (0.12)  | (0.13)  | (0.01)  |
| Distributions (from capital gains) | (0.77)  | (1.97)  | —  | (0.23)  | (1.79)  | (1.89)  |
| Total Dividends and Distributions | (0.91)  | (2.01)  | (0.12)  | (0.35)  | (1.92)  | (1.90)  |
| Net Asset Value, End of Period | $15.15  | $14.97  | $18.02  | $13.29  | $15.33  | $16.96  |
| Total Return\* | 7.33% | (6.84)% | 36.65% | (11.47)% | 3.99% | 7.10% |
| Net Assets, End of Period (in thousands) | $59246  | $59218  | $73118  | $59211  | $74864  | $77496  |
| Average Net Assets for the Period (in thousands) | $60613  | $69576  | $67847  | $71147  | $75623  | $86398  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.91% | 0.93% | 0.97% | 1.19% | 1.06% | 1.15% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.91% | 0.93% | 0.97% | 1.19% | 1.05% | 1.13% |
| Ratio of Net Investment Income/(Loss) | 1.16% | 0.78% | 0.76% | 0.90% | 1.09% | 0.36% |
| Portfolio Turnover Rate | 26% | 52% | 46% | 37% | 42% | 41% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $14.46  | $17.55  | $12.93  | $14.91  | $16.49  | $17.26  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.04  | 0.01  | 0.04  | 0.05  | 0.07  | (0.04)  |
| Net realized and unrealized gain/(loss) | 0.96  | (1.13)  | 4.58  | (1.80)  | 0.14  | 1.16  |
| Total from Investment Operations | 1.00  | (1.12)  | 4.62  | (1.75)  | 0.21  | 1.12  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04)  | —  | —<sup>(2)</sup>  | —  | —  | —  |
| Distributions (from capital gains) | (0.77)  | (1.97)  | —  | (0.23)  | (1.79)  | (1.89)  |
| Total Dividends and Distributions | (0.81)  | (1.97)  | —  | (0.23)  | (1.79)  | (1.89)  |
| Net Asset Value, End of Period | $14.65  | $14.46  | $17.55  | $12.93  | $14.91  | $16.49  |
| Total Return\* | 6.99% | (7.50)% | 35.76% | (12.02)% | 3.40% | 6.40% |
| Net Assets, End of Period (in thousands) | $8483  | $7974  | $10436  | $15768  | $31418  | $58590  |
| Average Net Assets for the Period (in thousands) | $8229  | $9508  | $12833  | $22689  | $41945  | $67079  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.54% | 1.62% | 1.64% | 1.78% | 1.64% | 1.73% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.54% | 1.62% | 1.64% | 1.78% | 1.64% | 1.73% |
| Ratio of Net Investment Income/(Loss) | 0.55% | 0.09% | 0.24% | 0.32% | 0.47% | (0.23)% |
| Portfolio Turnover Rate | 26% | 52% | 46% | 37% | 42% | 41% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $14.63  | $17.67  | $13.03  | $15.04  | $16.70  | $17.37  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.18  | 0.17  | 0.17  | 0.21  | 0.12  |
| Net realized and unrealized gain/(loss) | 0.97  | (1.15)  | 4.64  | (1.79)  | 0.11  | 1.18  |
| Total from Investment Operations | 1.08  | (0.97)  | 4.81  | (1.62)  | 0.32  | 1.30  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.19)  | (0.10)  | (0.17)  | (0.16)  | (0.19)  | (0.08)  |
| Distributions (from capital gains) | (0.77)  | (1.97)  | —  | (0.23)  | (1.79)  | (1.89)  |
| Total Dividends and Distributions | (0.96)  | (2.07)  | (0.17)  | (0.39)  | (1.98)  | (1.97)  |
| Net Asset Value, End of Period | $14.75  | $14.63  | $17.67  | $13.03  | $15.04  | $16.70  |
| Total Return\* | 7.43% | (6.58)% | 37.11% | (11.24)% | 4.27% | 7.45% |
| Net Assets, End of Period (in thousands) | $692219  | $663819  | $752405  | $615270  | $763597  | $822153  |
| Average Net Assets for the Period (in thousands) | $687761  | $738640  | $680218  | $715784  | $765452  | $843030  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.63% | 0.64% | 0.66% | 0.89% | 0.73% | 0.82% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.63% | 0.64% | 0.66% | 0.89% | 0.73% | 0.82% |
| Ratio of Net Investment Income/(Loss) | 1.45% | 1.07% | 1.07% | 1.18% | 1.39% | 0.68% |
| Portfolio Turnover Rate | 26% | 52% | 46% | 37% | 42% | 41% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $14.66  | $17.71  | $13.06  | $15.07  | $16.73  | $17.40  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.19  | 0.18  | 0.18  | 0.22  | 0.13  |
| Net realized and unrealized gain/(loss) | 0.97  | (1.16)  | 4.65  | (1.79)  | 0.10  | 1.17  |
| Total from Investment Operations | 1.09  | (0.97)  | 4.83  | (1.61)  | 0.32  | 1.30  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.19)  | (0.11)  | (0.18)  | (0.17)  | (0.19)  | (0.08)  |
| Distributions (from capital gains) | (0.77)  | (1.97)  | —  | (0.23)  | (1.79)  | (1.89)  |
| Total Dividends and Distributions | (0.96)  | (2.08)  | (0.18)  | (0.40)  | (1.98)  | (1.97)  |
| Net Asset Value, End of Period | $14.79  | $14.66  | $17.71  | $13.06  | $15.07  | $16.73  |
| Total Return\* | 7.53% | (6.60)% | 37.15% | (11.16)% | 4.33% | 7.45% |
| Net Assets, End of Period (in thousands) | $211872  | $207292  | $359761  | $310803  | $364502  | $428793  |
| Average Net Assets for the Period (in thousands) | $212197  | $289382  | $338794  | $342719  | $386284  | $722356  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.58% | 0.60% | 0.62% | 0.85% | 0.68% | 0.77% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.58% | 0.60% | 0.62% | 0.85% | 0.68% | 0.77% |
| Ratio of Net Investment Income/(Loss) | 1.50% | 1.11% | 1.13% | 1.20% | 1.46% | 0.71% |
| Portfolio Turnover Rate | 26% | 52% | 46% | 37% | 42% | 41% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class L Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $15.19  | $18.28  | $13.47  | $15.54  | $17.18  | $17.82  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.18  | 0.17  | 0.18  | 0.22  | 0.13  |
| Net realized and unrealized gain/(loss) | 1.02  | (1.20)  | 4.81  | (1.86)  | 0.12  | 1.21  |
| Total from Investment Operations | 1.13  | (1.02)  | 4.98  | (1.68)  | 0.34  | 1.34  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.18)  | (0.10)  | (0.17)  | (0.16)  | (0.19)  | (0.09)  |
| Distributions (from capital gains) | (0.77)  | (1.97)  | —  | (0.23)  | (1.79)  | (1.89)  |
| Total Dividends and Distributions | (0.95)  | (2.07)  | (0.17)  | (0.39)  | (1.98)  | (1.98)  |
| Net Asset Value, End of Period | $15.37  | $15.19  | $18.28  | $13.47  | $15.54  | $17.18  |
| Total Return\* | 7.53% | (6.66)% | 37.14% | (11.27)% | 4.32% | 7.47% |
| Net Assets, End of Period (in thousands) | $4333  | $4372  | $4995  | $4231  | $6038  | $7129  |
| Average Net Assets for the Period (in thousands) | $4475  | $4881  | $4679  | $5336  | $6333  | $7889  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.81% | 0.81% | 0.83% | 1.05% | 0.88% | 0.93% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.64% | 0.65% | 0.67% | 0.89% | 0.72% | 0.77% |
| Ratio of Net Investment Income/(Loss) | 1.43% | 1.06%  | 1.08% | 1.20% | 1.41% | 0.73% |
| Portfolio Turnover Rate | 26% | 52% | 46% | 37% | 42% | 41% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $14.58  | $17.62  | $12.99  | $15.00  | $16.66  | $17.34  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.12  | 0.20  | 0.19  | 0.20  | 0.23  | 0.13  |
| Net realized and unrealized gain/(loss) | 0.97  | (1.14)  | 4.63  | (1.80)  | 0.11  | 1.19  |
| Total from Investment Operations | 1.09  | (0.94)  | 4.82  | (1.60)  | 0.34  | 1.32  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.21)  | (0.13)  | (0.19)  | (0.18)  | (0.21)  | (0.11)  |
| Distributions (from capital gains) | (0.77)  | (1.97)  | —  | (0.23)  | (1.79)  | (1.89)  |
| Total Dividends and Distributions | (0.98)  | (2.10)  | (0.19)  | (0.41)  | (2.00)  | (2.00)  |
| Net Asset Value, End of Period | $14.69  | $14.58  | $17.62  | $12.99  | $15.00  | $16.66  |
| Total Return\* | 7.53% | (6.47)% | 37.34% | (11.14)% | 4.47% | 7.56% |
| Net Assets, End of Period (in thousands) | $187075  | $193017  | $506429  | $422894  | $619969  | $642746  |
| Average Net Assets for the Period (in thousands) | $192207  | $471571  | $483187  | $595473  | $617269  | $349395  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.49% | 0.50% | 0.52% | 0.75% | 0.59% | 0.72% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.49% | 0.50% | 0.52% | 0.75% | 0.59% | 0.72% |
| Ratio of Net Investment Income/(Loss) | 1.58% | 1.20% | 1.24% | 1.36% | 1.54% | 0.81% |
| Portfolio Turnover Rate | 26% | 52% | 46% | 37% | 42% | 41% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $14.65  | $17.70  | $13.04  | $15.06  | $16.68  | $17.38  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.06  | 0.08  | 0.08  | 0.09  | 0.12  | 0.01  |
| Net realized and unrealized gain/(loss) | 0.97  | (1.16)  | 4.65  | (1.82)  | 0.13  | 1.18  |
| Total from Investment Operations | 1.03  | (1.08)  | 4.73  | (1.73)  | 0.25  | 1.19  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.08)  | —  | (0.07)  | (0.06)  | (0.08)  | —  |
| Distributions (from capital gains) | (0.77)  | (1.97)  | —  | (0.23)  | (1.79)  | (1.89)  |
| Total Dividends and Distributions | (0.85)  | (1.97)  | (0.07)  | (0.29)  | (1.87)  | (1.89)  |
| Net Asset Value, End of Period | $14.83  | $14.65  | $17.70  | $13.04  | $15.06  | $16.68  |
| Total Return\* | 7.11% | (7.20)% | 36.38% | (11.83)% | 3.70% | 6.78% |
| Net Assets, End of Period (in thousands) | $37023  | $36305  | $43893  | $38246  | $55536  | $62802  |
| Average Net Assets for the Period (in thousands) | $37362  | $42298  | $41183  | $48448  | $57426  | $67666  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.25% | 1.26% | 1.26% | 1.50% | 1.34% | 1.42% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.25% | 1.26% | 1.26% | 1.50% | 1.34% | 1.42% |
| Ratio of Net Investment Income/(Loss) | 0.83% | 0.45% | 0.49% | 0.59% | 0.79% | 0.09% |
| Portfolio Turnover Rate | 26% | 52% | 46% | 37% | 42% | 41% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $14.97  | $18.03  | $13.28  | $15.33  | $16.90  | $17.56  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.09  | 0.12  | 0.11  | 0.12  | 0.17  | 0.06  |
| Net realized and unrealized gain/(loss) | 0.99  | (1.18)  | 4.74  | (1.83)  | 0.12  | 1.19  |
| Total from Investment Operations | 1.08  | (1.06)  | 4.85  | (1.71)  | 0.29  | 1.25  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.12)  | (0.03)  | (0.10)  | (0.11)  | (0.07)  | (0.02)  |
| Distributions (from capital gains) | (0.77)  | (1.97)  | —  | (0.23)  | (1.79)  | (1.89)  |
| Total Dividends and Distributions | (0.89)  | (2.00)  | (0.10)  | (0.34)  | (1.86)  | (1.91)  |
| Net Asset Value, End of Period | $15.16  | $14.97  | $18.03  | $13.28  | $15.33  | $16.90  |
| Total Return\* | 7.30% | (6.97)% | 36.67% | (11.58)% | 3.93% | 7.07% |
| Net Assets, End of Period (in thousands) | $69724  | $70035  | $97606  | $99159  | $110404  | $198132  |
| Average Net Assets for the Period (in thousands) | $69529  | $86513  | $91479  | $107902  | $148179  | $209016  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.99% | 1.01% | 1.02% | 1.25% | 1.09% | 1.18% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.99% | 1.01% | 1.02% | 1.25% | 1.09% | 1.18% |
| Ratio of Net Investment Income/(Loss) | 1.08% | 0.70% | 0.72% | 0.79% | 1.07% | 0.33% |
| Portfolio Turnover Rate | 26% | 52% | 46% | 37% | 42% | 41% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $14.74  | $17.79  | $13.12  | $15.14  | $16.78  | $17.45  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.10  | 0.16  | 0.16  | 0.16  | 0.20  | 0.10  |
| Net realized and unrealized gain/(loss) | 0.99  | (1.16)  | 4.66  | (1.80)  | 0.12  | 1.18  |
| Total from Investment Operations | 1.09  | (1.00)  | 4.82  | (1.64)  | 0.32  | 1.28  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.17)  | (0.08)  | (0.15)  | (0.15)  | (0.17)  | (0.06)  |
| Distributions (from capital gains) | (0.77)  | (1.97)  | —  | (0.23)  | (1.79)  | (1.89)  |
| Total Dividends and Distributions | (0.94)  | (2.05)  | (0.15)  | (0.38)  | (1.96)  | (1.95)  |
| Net Asset Value, End of Period | $14.89  | $14.74  | $17.79  | $13.12  | $15.14  | $16.78  |
| Total Return\* | 7.45% | (6.72)% | 36.95% | (11.31)% | 4.22% | 7.31% |
| Net Assets, End of Period (in thousands) | $805068  | $814391  | $1010187  | $896622  | $1204382  | $1431431  |
| Average Net Assets for the Period (in thousands) | $829960  | $947426  | $971268  | $1089574  | $1281003  | $1566628  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.74% | 0.75% | 0.77% | 0.99% | 0.84% | 0.92% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.73% | 0.74% | 0.76% | 0.99% | 0.83% | 0.91% |
| Ratio of Net Investment Income/(Loss) | 1.35% | 0.96% | 1.00% | 1.09% | 1.30% | 0.58% |
| Portfolio Turnover Rate | 26% | 52% | 46% | 37% | 42% | 41% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 23 |

---

------

### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Mid Cap Value Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class L Shares are designed for pension and profit-sharing plans, employee benefit trusts, endowments, foundations and corporations, as well as high net worth individuals and financial intermediaries who are willing to maintain a minimum account balance of $250,000.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial

<br> 24 DECEMBER 31, 2022

------

### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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:

<br> Janus Investment Fund 25

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### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and

<br> 26 DECEMBER 31, 2022

------

### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

#### Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

#### Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Other Investments and Strategies

#### Additional Investment Risk
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor

<br> Janus Investment Fund 27

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### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### Repurchase Agreements
The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

<br> 28 DECEMBER 31, 2022

------

### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund's benchmark index used in the calculation is the Russell Midcap<sup><sup>®</sup></sup> Value Index.

No Performance Adjustment is applied unless the difference between the Fund's investment performance and the cumulative investment record of the Fund's benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund's full performance rate of ±4.00%. Because the Performance Adjustment is tied to a Fund's relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser's fee even if the Fund's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Fund's Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund's benchmark index.

<br> Janus Investment Fund 29

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### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
The Fund's prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended December 31, 2022, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.46%.

The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.83% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

The Transfer Agent receives an administrative fee based on the average daily net assets Class L Shares of the Fund based on the average proportion of the Fund's total net assets sold directly and the average proportion of the Fund's net assets sold through financial intermediaries on a monthly basis. The asset-weighted fee is calculated by applying a

<br> 30 DECEMBER 31, 2022

------

### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
blended annual fee rate of 0.12% on average net assets for the proportion of assets sold directly and 0.25% on average net assets for the proportion of assets sold through financial intermediaries. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations. The Transfer Agent has agreed to waive all or a portion of this fee. Such waiver is voluntary and could change or be terminated at any time at the discretion of the Transfer Agent or the Adviser without prior notification to shareholders. Removal of this fee waiver may have a significant impact on Class L Shares' total expense ratio. If applicable, amounts waived to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class L Shares and Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $735.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $437.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account

<br> Janus Investment Fund 31

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### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $1593872795  | $557928871  | $(76515214) | $481413657  |

---

<br> 32 DECEMBER 31, 2022

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### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
5. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199623  | $3088122  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510288  | $8695125  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2942303  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383641  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349261  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6862696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(994039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17039440) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44909) | $(832271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100110) | $(1995054) |
| Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72727  | $1081293  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91873  | $1488405  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29072  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421842  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62797  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007261  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1124166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3268624) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27592  | $378969  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43020) | $(772958) |
| Class D Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842933  | $12935773  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748541  | $45546718  |
| Reinvested dividends and distributions | 2815147  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41157447  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82736860  |
| Shares repurchased | (2121749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32586492) | &nbsp;&nbsp;&nbsp;&nbsp;(5067036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84869856) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1536331  | $21506728  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804530  | $43413722  |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980939  | $15146973  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724019  | $45914498  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846464  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12400700  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976237  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31995274  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (1638298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25066041) | (10879166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186643011) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189105  | $2481632  | &nbsp;&nbsp;&nbsp;&nbsp;(6178910) | $(108733239) |
| Class L Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106  | $1620  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271  | $4692  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16638  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253234  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32048  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537763  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317626) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5743) | $(99284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14464  | $224829  |
| Class N Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1011783  | $15369405  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760843  | $63661529  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716344  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10429961  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468019  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55800430  |
| Shares repurchased | (2234188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34011658) | (22731758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368599923) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(506061) | $(8212292) | (15502896) | $(249137964) |
| Class R Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174017  | $2679063  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439185  | $7352129  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137432  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020246  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286109  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643550  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4525125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12093341) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17719  | $174184  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1975) | $(97662) |
| Class S Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350760  | $5484366  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695152  | $11868148  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258120  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876964  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563353  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9329121  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10735928) | &nbsp;&nbsp;&nbsp;&nbsp;(1994406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34596385) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78359) | $(1374598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735901) | $(13399116) |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1079719  | $16720320  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694930  | $45420050  |
| Reinvested dividends and distributions | 3240578  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47798527  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561448  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106885982  |
| Shares repurchased | (5486614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85077929) | (10794302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183471720) |
| Net Increase/(Decrease) | (1166317) | $(20559082) | &nbsp;&nbsp;&nbsp;&nbsp;(1537924) | $(31165688) |

---

<br> Janus Investment Fund 33

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### Janus Henderson Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
6. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $541968495  | $618873476  | $-  | $-  |

---

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 34 DECEMBER 31, 2022

------

### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 35

------

### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 36 DECEMBER 31, 2022

------

### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 37

------

### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 38 DECEMBER 31, 2022

------

### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 39

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### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 40 DECEMBER 31, 2022

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### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 41

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### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 42 DECEMBER 31, 2022

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### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 43

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### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 44 DECEMBER 31, 2022

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### Janus Henderson Mid Cap Value Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 45

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### Janus Henderson Mid Cap Value Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 46 DECEMBER 31, 2022

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### Janus Henderson Mid Cap Value Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 47

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### Janus Henderson Mid Cap Value Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 48 DECEMBER 31, 2022

------

### Janus Henderson Mid Cap Value Fund

#### Notes

#### NotesPage1
<br> Janus Investment Fund 49

------

---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93032 03-23 |

---

------

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Money Market Fund** | **Janus Henderson Money Market Fund** |
| Janus Investment Fund | Janus Investment Fund |

---

------

### **Table of Contents**

#### Janus Henderson Money Market Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#1_15) | [1](#1_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_15) | [6](#2_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_15) | [7](#3_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_15) | [8](#4_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_15) | [9](#5_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_15) | [10](#6_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_15) | [12](#7_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_15) | [19](#8_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_15) | [30](#9_15) |

---

------

#### Janus Henderson Money Market Fund (unaudited)

#### Performance

---

| | |
|:---|:---|
| <br>**Vincent Ahn**<br>**co-portfolio manager** | <br>**Garrett Strum**<br>**co-portfolio manager** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return** | **Average Annual Total Return** | **Seven-Day Current Yield** | **Seven-Day Current Yield** |
| *For the periods ended December 31, 2022* |  | Class D Shares |  |
| Class D Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; With Reimbursement | 3.73% |
| Fiscal Year-to-Date | 1.21% | Without Reimbursement | 3.73% |
| 1 Year | 1.21% | Class T Shares |  |
| 5 Year | 0.93% | With Reimbursement | 3.71% |
| 10 Year | 0.51% | Without Reimbursement | 3.71% |
| Since Inception (February 14, 1995) | 2.04% | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
| Class T Shares |  | Class D Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiscal Year-to-Date | 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>‡</sup> | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.20% | Class T Shares |  |
| 5 Year | 0.92% | &nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>‡</sup> | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;10 Year | 0.49% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Since Inception (February 14, 1995) | 2.04% |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

Returns include reinvestment of all dividends and distributions.

The yield more closely reflects the current earnings of the money market fund than the total return.

Class D Shares of the Fund commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for 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. Please refer to the Fund's prospectuses for further details concerning historical performance.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

See "Useful Information About Your Fund Report."

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 1

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#### Janus Henderson Money Market Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in either share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class D Shares | Class D Shares | $1000.00  | $1012.10  | $2.89  | $1000.00  | $1022.33  | $2.91  | 0.57% |
| Class T Shares | Class T Shares | $1000.00  | $1012.00  | $2.99  | $1000.00  | $1022.23  | $3.01  | 0.59% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

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<br> 2 DECEMBER 31, 2022

------

### Janus Henderson Money Market Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *<br>*Principal Amounts* | *<br>*Principal Amounts* | *Value* |
| Certificates of Deposit– 3.8% | Certificates of Deposit– 3.8% |  |
| Bank of Montreal/Chicago IL, 4.5800%, 3/7/23 | $20000000 | $20000000 |
| Commonwealth Bank of Australia/New York NY, 3.7700%, 1/11/23 | 25000000 | 24998429 |
| Total Certificates of Deposit (cost $44,998,429) | Total Certificates of Deposit (cost $44,998,429) | 44998429 |
| Commercial Paper– 35.3% | Commercial Paper– 35.3% |  |
| ANZ New Zealand Int'l Ltd/London, 4.0008%, 1/11/23 (Section 4(2)) | 20000000 | 19982811 |
| Atlantic Asset Securitization LLC, 4.3392%, 1/10/23 (Section 4(2)) | 21000000 | 20982900 |
| Atlantic Asset Securitization LLC, 4.3379%, 1/12/23 (Section 4(2)) | 25000000 | 24973837 |
| Australia & New Zealand Banking Group Ltd, 4.6983%, 3/22/23 (Section 4(2)) | 10000000 | 9902365 |
| Australia & New Zealand Banking Group Ltd, 4.7548%, 4/3/23 (Section 4(2)) | 20000000 | 19772225 |
| BNP Paribas SA/New York NY, 4.4696%, 2/10/23 | 20000000 | 19909162 |
| BNP Paribas SA/New York NY, 4.3738%, 2/15/23 | 20000000 | 19899390 |
| Gotham Funding Corp, 4.2836%, 1/6/23 (Section 4(2)) | 12215000 | 12210790 |
| Gotham Funding Corp, 4.0665%, 1/10/23 (Section 4(2)) | 18000000 | 17986245 |
| Gotham Funding Corp, 4.3607%, 1/17/23 (Section 4(2)) | 7990000 | 7976930 |
| Gotham Funding Corp, 4.3599%, 1/18/23 (Section 4(2)) | 2800000 | 2795094 |
| Gotham Funding Corp, 4.5747%, 2/10/23 (Section 4(2)) | 9000000 | 8958185 |
| JP Morgan Securities LLC, 4.8024%, 2/27/23 | 10000000 | 9929568 |
| Manhattan Asset Funding Co LLC, 4.4124%, 1/13/23 (Section 4(2)) | 55000000 | 54934975 |
| National Bank of Canada, 4.3665%, 1/17/23 (Section 4(2)) | 15000000 | 14975431 |
| Nieuw Amsterdam Receivables Corp BV, 4.3586%, 1/9/23 (Section 4(2)) | 5646000 | 5642042 |
| Nieuw Amsterdam Receivables Corp BV, 4.5070%, 2/21/23 (Section 4(2)) | 45000000 | 44734471 |
| Svenska Handelsbanken AB, 4.2674%, 1/18/23 (Section 4(2)) | 9500000 | 9483699 |
| Swedbank AB, 4.3614%, 1/3/23 | 10000000 | 10000000 |
| Swedbank AB, 4.3081%, 2/2/23 | 15000000 | 14948089 |
| Swedbank AB, 4.4470%, 2/22/23 | 20000000 | 19881151 |
| Toronto-Dominion Bank/The, 4.3050%, 1/4/23 (Section 4(2)) | 25000000 | 24997113 |
| Toronto-Dominion Bank/The, 4.4163%, 3/1/23 (Section 4(2)) | 20000000 | 19865479 |
| Victory Receivables Corp, 4.3612%, 1/18/23 (Section 4(2)) | 5402000 | 5392532 |
| Total Commercial Paper (cost $420,134,484) | Total Commercial Paper (cost $420,134,484) | 420134484 |
| U.S. Government Agency Notes– 5.8% | U.S. Government Agency Notes– 5.8% |  |
| Federal Home Loan Bank Discount Notes: | Federal Home Loan Bank Discount Notes: |  |
| 4.1088%, 1/27/23 | 10000000 | 9973192 |
| 4.2075%, 2/1/23 | 10000000 | 9966855 |
| 4.2046%, 2/13/23 | 10000000 | 9953203 |
| 4.3636%, 2/17/23 | 10000000 | 9946754 |
| 4.3482%, 2/24/23 | 10000000 | 9938708 |
| 4.4856%, 3/2/23 | 10000000 | 9929555 |
| 4.5659%, 3/17/23 | 10000000 | 9909873 |
| Total U.S. Government Agency Notes (cost $69,618,140) | Total U.S. Government Agency Notes (cost $69,618,140) | 69618140 |
| U.S. Treasury Debt– 4.2% | U.S. Treasury Debt– 4.2% |  |
| United States Treasury Bill, 3.0287%, 1/3/23 | 10000000 | 10000000 |
| United States Treasury Bill, 4.5449%, 1/5/23 | 10000000 | 9998174 |
| United States Treasury Bill, 4.3184%, 1/12/23 | 10000000 | 9990969 |
| United States Treasury Bill, 4.3894%, 1/19/23 | 10000000 | 9982896 |
| United States Treasury Bill, 4.6151%, 2/9/23 | 10000000 | 9958240 |
| Total U.S. Treasury Debt (cost $49,930,279) | Total U.S. Treasury Debt (cost $49,930,279) | 49930279 |
| Variable Rate Demand Notes<sup>¶</sup>– 15.1% | Variable Rate Demand Notes<sup>¶</sup>– 15.1% |  |
| Alper Drive Apts LLC (LOC: The Northern Trust Company), 4.4200%, 8/1/61 | 8000000 | 8000000 |
| Bellevue 10 Apartments LLC (LOC: The Northern Trust Company), |  |  |
| &nbsp;&nbsp;&nbsp;4.4200%, 4/1/60 | 3450000 | 3450000 |
| Breckenridge Terrace LLC (LOC: Bank of America NA), 4.4600%, 5/2/39 | 14980000 | 14980000 |
| Breckenridge Terrace LLC (LOC: Bank of America NA), 4.4600%, 5/2/39 | 4000000 | 4000000 |
| Cellmark Inc (LOC: Swedbank AB NY), 4.3800%, 6/1/38 | 10000000 | 10000000 |
| CG-USA Simi Valley LP (LOC: FHLB of San Francisco), 4.3900%, 10/1/60 | 6900000 | 6900000 |
| County of Eagle CO (LOC: Bank of America NA), 4.4800%, 6/1/27 | 9100000 | 9100000 |
| County of Eagle CO (LOC: Bank of America NA), 4.4800%, 5/2/39 | 8000000 | 8000000 |
| Dorfman 2020 Family Trust (LOC: FHLB of Dallas), 4.3800%, 8/1/40 | 5285000 | 5285000 |
| Drummond Family Life Insurance LLC (LOC: FHLB of Dallas), 4.3800%, 6/1/72 | 14575000 | 14575000 |
| Encinitas Senior Living LP (LOC: FHLB of San Francisco), 4.3900%, 8/1/59 | 3370000 | 3370000 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 3 |

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------

### Janus Henderson Money Market Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *<br>*Principal Amounts* | *<br>*Principal Amounts* | *Value* |
| Variable Rate Demand Notes<sup>¶</sup>– (continued) | Variable Rate Demand Notes<sup>¶</sup>– (continued) |  |
| Griffin-Spalding County Development Authority (LOC: Bank of America NA), |  |  |
| &nbsp;&nbsp;&nbsp;4.3800%, 8/1/28 | $3750000 | $3750000 |
| GTA Amber Lane LLC (LOC: FHLB of San Francisco), 4.3900%, 9/1/61 (144A) | 5720000 | 5720000 |
| Jefferson Centerpointe LLC (LOC: FHLB of San Francisco), 4.3900%, 12/1/60 | 10485000 | 10485000 |
| Lodi LV Loca LP (LOC: FHLB of San Francisco), 4.3900%, 8/1/59 | 13500000 | 13500000 |
| Michael Dennis Sullivan Irrevocable Trust (LOC: Wells Fargo Bank NA), |  |  |
| &nbsp;&nbsp;&nbsp;4.3800%, 11/1/39 | 11375000 | 11375000 |
| Mississippi Business Finance Corp (LOC: FHLB of Dallas), 4.3600%, 12/1/42 | 9615000 | 9615000 |
| New Polaris LLC (LOC: FHLB of Indianapolis), 4.3900%, 12/1/61 | 5000000 | 5000000 |
| Phoenix Realty Special Account-U LP (LOC: The Northern Trust Company), |  |  |
| &nbsp;&nbsp;&nbsp;4.5700%, 4/1/25 | 1675000 | 1675000 |
| Rieber Life Insurance Trust/The (LOC: FHLB of Dallas), 4.3800%, 5/1/42 | 11645000 | 11645000 |
| Steel Dust Recycling LLC (LOC: Comerica Bank), 4.4600%, 5/1/46 | 13875000 | 13875000 |
| Tenderfoot Seasonal Housing LLC (LOC: Bank of America NA), 4.4800%, 7/2/35 | 5700000 | 5700000 |
| Total Variable Rate Demand Notes (cost $180,000,000) | Total Variable Rate Demand Notes (cost $180,000,000) | 180000000 |
| Repurchase Agreements<sup>ë</sup>– 36.5% | Repurchase Agreements<sup>ë</sup>– 36.5% |  |
| Goldman Sachs & Co, Joint repurchase agreement, 4.1300%, dated 12/30/22, maturing 1/3/23 to be repurchased at $55,025,239 collateralized by $57,044,217 in U.S. Government Agencies 3.0000% - 8.0000%, 12/1/25 - 12/1/52 with a value of $56,100,000 | 55000000 | 55000000 |
| Goldman Sachs & Co, Joint repurchase agreement, 4.1500%, dated 12/30/22, maturing 1/3/23 to be repurchased at $75,034,583 collateralized by $78,217,557 in U.S. Government Agencies 3.5000% - 6.0000%, 3/1/27 - 12/20/52 with a value of $76,500,000 | 75000000 | 75000000 |
| HSBC Securities (USA), Inc, Joint repurchase agreement, 4.2400%, dated 12/30/22, maturing 1/3/23 to be repurchased at $30,014,133 collateralized by $36,265,374 in U.S. Treasuries 0% - 3.8750%, 4/15/23 - 2/15/51 with a value of $30,600,000 | 30000000 | 30000000 |
| ING Financial Markets LLC, Joint repurchase agreement, 4.2600%, dated 12/30/22, maturing 1/3/23 to be repurchased at $75,035,500 collateralized by $85,812,734 in U.S. Treasuries 0% - 4.5000%, 4/25/23 - 8/15/51 with a value of $76,536,229 | 75000000 | 75000000 |
| ING Financial Markets LLC, Joint repurchase agreement, 4.2700%, dated 12/30/22, maturing 1/3/23 to be repurchased at $40,018,978 collateralized by $43,616,081 in U.S. Government Agencies 2.0000% - 7.0000%, 9/1/28 - 9/1/57 with a value of $40,819,357 | 40000000 | 40000000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 4.2100%, dated 12/30/22, maturing 1/3/23 to be repurchased at $55,025,728 collateralized by $7,683,591 in U.S. Government Agencies 4.5000%, 11/20/44 - 10/1/52 and $55,129,873 in U.S. Treasuries 0% - 4.4324%, 1/19/23 - 8/15/29 with a value of $56,126,253 | 55000000 | 55000000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 4.2100%, dated 12/30/22, maturing 1/3/23 to be repurchased at $10,004,678 collateralized by $10,882,530 in U.S. Treasuries 0.7500% - 4.4334%, 7/31/23 - 2/15/29 with a value of $10,204,774 | 10000000 | 10000000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 4.2200%, dated 12/30/22, maturing 1/3/23 to be repurchased at $94,544,310 collateralized by $8,984,971 in U.S. Government Agencies 4.0000% - 6.9008%, 4/15/36 - 2/20/50 and $96,674,048 in U.S. Treasuries 0% - 3.6250%, 2/7/23 - 2/15/44 with a value of $96,435,198 | 94500000 | 94500000 |
| Total Repurchase Agreements (cost $434,500,000) | Total Repurchase Agreements (cost $434,500,000) | 434500000 |
| Total Investments (total cost $1,199,181,332) – 100.7% | Total Investments (total cost $1,199,181,332) – 100.7% | 1199181332 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.7)% | Liabilities, net of Cash, Receivables and Other Assets – (0.7)% | (8125328) |
| Net Assets – 100% | Net Assets – 100% | $1191056004 |

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---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 4 | &nbsp;&nbsp;DECEMBER 31, 2022 |

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------

### Janus Henderson Money Market Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| Goldman Sachs & Co | Goldman Sachs & Co | $130000000 | $— | $(130000000) | $— |
| HSBC Securities (USA), Inc | HSBC Securities (USA), Inc | 30000000 |  | (30000000) |  |
| ING Financial Markets LLC | ING Financial Markets LLC | 115000000 |  | (115000000) |  |
| Royal Bank of Canada, NY Branch | Royal Bank of Canada, NY Branch | 159500000 |  | (159500000) |  |
| Total | Total | $434500000 | $— | $(434500000) | $— |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Money Market Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | |
|:---|:---|
| LLC | Limited Liability Company |
| LOC | Letter of Credit |
| LP | Limited Partnership |

---

Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to "put" back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates.

---

| | |
|:---|:---|
| 144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2022 is $5,720,000, which represents 0.5% of net assets. |

---

---

| | |
|:---|:---|
| 4(2) | Securities sold under Section 4(2) of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 4(2) securities as of the period ended December 31, 2022 is $325,567,124, which represents 27.3% of net assets. |

---

<br> ¶ Variable rate demand notes are not based on a published reference rate and spread; they are determined by the issuer or remarketing agent and current market conditions. The reference rate in the security description is as of December 31, 2022.

<br> ë The Fund may have elements of risk due to concentration of investments. Such concentrations may subject the Fund to additional risks.

---

| | | | |
|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Certificates of Deposit* | $- | $44998429 | $- |
| *Commercial Paper* | - | 420134484 | - |
| *U.S. Government Agency Notes* | - | 69618140 | - |
| *U.S. Treasury Debt* | - | 49930279 | - |
| *Variable Rate Demand Notes* | - | 180000000 | - |
| *Repurchase Agreements* | - | 434500000 | - |
| **Total Assets** | $- | $1199181332 | $- |

---

<br> 6 DECEMBER 31, 2022

------

### Janus Henderson Money Market Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Assets:  |  |
| Investments, at value (cost $764,681,332) | $764681332 |
| Repurchase agreements, at value (cost $434,500,000) | 434500000 |
| Cash  | 151940 |
| Trustees' deferred compensation | 38509 |
| Receivables: |  |
| Fund shares sold | 2622134 |
| Interest | 1110448 |
| Total Assets  | 1203104363 |
| Liabilities:  |  |
| Payables: |  |
| Investments purchased  | 9200000 |
| Fund shares repurchased | 2164416 |
| Administration services fees | 384988 |
| Advisory fees | 213733 |
| Trustees' deferred compensation fees | 38509 |
| Dividends | 24329 |
| Professional fees | 21051 |
| Trustees' fees and expenses | 1333 |
| Total Liabilities  | 12048359 |
| Net Assets  | $1191056004 |
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $1191074234 |
| Total distributable earnings (loss) | (18230) |
| Total Net Assets  | $1191056004 |
| Net Assets - Class D Shares | $1176034309 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1176050519 |
| Net Asset Value Per Share | $1.00 |
| Net Assets - Class T Shares | $15021695 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15029824 |
| Net Asset Value Per Share | $1.00 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Money Market Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Interest | $17675461 |
| Other income | 1203 |
| Total Investment Income  | 17676664 |
| Expenses:  |  |
| Advisory fees | 1207813 |
| Administration services fees: |  |
| Class D Shares | 2146402 |
| Class T Shares | 29197 |
| Professional fees | 22710 |
| Trustees' fees and expenses | 19884 |
| Total Expenses  | 3426006 |
| Net Investment Income/(Loss)  | 14250658 |
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments | (72) |
| Total Net Realized Gain/(Loss) on Investments  | (72) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $14250586 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Money Market Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $14250658 | $12370 |
| Net realized gain/(loss) on investments | (72) | 23179 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 14250586 | 35549 |
| Dividends and Distributions to Shareholders: |  |  |
| Class D Shares | (14093797) | (12192) |
| Class T Shares | (180599) | (176) |
| Net Decrease from Dividends and Distributions to Shareholders | (14274396) | (12368) |
| Capital Share Transactions:  |  |  |
| Class D Shares | (18009085) | 44101793 |
| Class T Shares | (916638) | 143044 |
| Net Increase/(Decrease) from Capital Share Transactions | (18925723) | 44244837 |
| Net Increase/(Decrease) in Net Assets | (18949533) | 44268018 |
| Net Assets: |  |  |
| Beginning of period | 1210005537 | 1165737519 |
| End of period | $1191056004 | $1210005537 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Money Market Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.01  | —<sup>(2)</sup>  | —<sup>(2)</sup>  | 0.01  | 0.02  | 0.01  |
| Net realized and unrealized gain/(loss)<sup>(2)</sup> | —  | —  | —  | —  | —  | —  |
| Total from Investment Operations | 0.01  | —  | —  | 0.01  | 0.02  | 0.01  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.01)  | —<sup>(2)</sup>  | —<sup>(2)</sup>  | (0.01)  | (0.02)  | (0.01)  |
| Distributions (from capital gains) | —<sup>(2)</sup>  | —  | —  | —  | —  | —  |
| Total Dividends and Distributions | (0.01)  | —  | —  | (0.01)  | (0.02)  | (0.01)  |
| Net Asset Value, End of Period | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| Total Return\* | 1.21% | 0.00% | 0.00% | 1.05% | 1.80% | 0.92% |
| Net Assets, End of Period (in thousands) | $1176034  | $1194067  | $1149942  | $1155176  | $910866  | $840396  |
| Average Net Assets for the Period (in thousands) | $1170245  | $1134774  | $1202890  | $1006448  | $886310  | $852513  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.57% | 0.57% | 0.57% | 0.62% | 0.67% | 0.67% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.57% | 0.28% | 0.13% | 0.53% | 0.57% | 0.57% |
| Ratio of Net Investment Income/(Loss) | 2.39% | 0.00%<sup>(3)</sup> | 0.00%<sup>(3)</sup> | 0.98% | 1.79% | 0.91% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Less than 0.005%.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Money Market Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.01  | —<sup>(2)</sup>  | —<sup>(2)</sup>  | 0.01  | 0.02  | 0.01  |
| Net realized and unrealized gain/(loss)<sup>(2)</sup> | —  | —  | —  | —  | —  | —  |
| Total from Investment Operations | 0.01  | —  | —  | 0.01  | 0.02  | 0.01  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.01)  | —<sup>(2)</sup>  | —<sup>(2)</sup>  | (0.01)  | (0.02)  | (0.01)  |
| Distributions (from capital gains) | —<sup>(2)</sup>  | —  | —  | —  | —  | —  |
| Total Dividends and Distributions | (0.01)  | —  | —  | (0.01)  | (0.02)  | (0.01)  |
| Net Asset Value, End of Period | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| Total Return\* | 1.20% | 0.00% | 0.00% | 1.03% | 1.79% | 0.89% |
| Net Assets, End of Period (in thousands) | $15022  | $15939  | $15795  | $13158  | $12045  | $12467  |
| Average Net Assets for the Period (in thousands) | $15087  | $16109  | $14191  | $13238  | $11795  | $13647  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.59% | 0.58% | 0.59% | 0.65% | 0.69% | 0.69% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.59% | 0.28% | 0.13% | 0.55% | 0.59% | 0.59% |
| Ratio of Net Investment Income/(Loss) | 2.37% | 0.00%<sup>(3)</sup> | 0.00%<sup>(3)</sup> | 1.02% | 1.76% | 0.87% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) Less than 0.005%.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Money Market Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Money Market Fund (the "Fund") is a series fund. The Fund is part of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 Funds which include multiple series of shares, with differing investment objectives and policies. The Fund seeks capital preservation and liquidity with current income as a secondary objective. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the "Adviser") to the Fund.

The Fund offers two classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer both classes of shares.

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, which means that the Fund's Shares can only be held through individual investors. In order to make an initial investment in the Fund, the Fund requires that a shareholder provide certain information (e.g., Social Security number or government-issued identification) that confirms your eligibility to invest in the Fund. Accounts that are not beneficially owned by natural persons, such as business and limited liability company accounts, charitable or financial organizations, and corporate and S-Corp accounts, are not eligible to invest in the Fund, and will be involuntarily redeemed from the Fund after having been provided sufficient notice.

As a retail money market fund, the Fund may be subject to liquidity fees and/or redemption gates on fund redemptions if the Fund's liquidity falls below required minimums because of market conditions or other factors. Liquidity fees and redemption gates are most likely to be imposed during times of extraordinary market stress. Pursuant to Rule 2a-7 under the 1940 Act, the Trustees are permitted to impose a liquidity fee on redemptions from the Fund (up to 2%) or a redemption gate to temporarily restrict redemptions from the Fund for up to 10 business days (in any 90-day period) in the event that the Fund's weekly liquid assets fall below certain designated thresholds.

If the Fund's weekly liquid assets fall below 30% of the Fund's total assets, the Trustees are permitted, but not required, to (i) impose a liquidity fee of no more than 2% of the amount redeemed and/or (ii) impose a redemption gate to temporarily suspend the right of redemption. If the Fund's weekly liquid assets fall below 10% of the Fund's total assets, the Fund will impose, generally as of the beginning of the next business day, a liquidity fee of 1% of the amount redeemed unless the Trustees determine that such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (subject to the 2% limit) would be in the best interests of the Fund. A liquidity fee or redemption gate may be imposed as early as the same day that the Fund's weekly liquid assets fall below the 30% or 10% thresholds.

Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

<br> 12 DECEMBER 31, 2022

------

### Janus Henderson Money Market Fund

#### Notes to Financial Statements (unaudited)

#### Liquidity
The Fund has adopted liquidity requirements (measured at the time of purchase) as noted:

The Fund will limit its investments in illiquid securities to 5% or less of its total assets.

*Daily liquidity.* The Fund will invest at least 10% of its total assets in "daily liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day, and/or amounts receivable and due unconditionally within one business day on pending sales of portfolio securities.

*Weekly liquidity.* The Fund will invest at least 30% of its assets in "weekly liquid assets," which generally include cash (including demand deposits), direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.

#### 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"). Investments held by the Fund are valued utilizing the amortized cost method of valuation permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under the amortized cost method, which does not take into account unrealized capital gains or losses, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium.

#### 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.

Periodic review and monitoring of the valuation of short-term securities is performed in an effort to ensure that amortized cost approximates market value. 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 year.

<br> Janus Investment Fund 13

------

### Janus Henderson Money Market Fund

#### Notes to Financial Statements (unaudited)
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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

#### Dividends and Distributions
Dividends, if any, are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or the Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Other Investments and Strategies

#### Additional Investment Risk
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19

<br> 14 DECEMBER 31, 2022

------

### Janus Henderson Money Market Fund

#### Notes to Financial Statements (unaudited)
pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Repurchase Agreements
The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

#### Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities ("sovereign debt"). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed 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

<br> Janus Investment Fund 15

------

### Janus Henderson Money Market Fund

#### Notes to Financial Statements (unaudited)
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, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor's policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund's holdings. 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. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

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.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.

#### Variable and Floating Rate Notes
The Fund also may purchase variable and floating rate demand notes of corporations and other entities, which are unsecured obligations redeemable upon not more than 30 days' notice. The Fund may purchase variable and floating rate demand notes of U.S. Government issuers or commercial banks. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven day or shorter demand feature and there is no readily available market for the obligation, it is

<br> 16 DECEMBER 31, 2022

------

### Janus Henderson Money Market Fund

#### Notes to Financial Statements (unaudited)
treated as an illiquid investment. The rate of interest on securities purchased by the Fund may be tied to short-term Treasury or other government securities or indices on securities that are permissible investments of the Fund, as well as other money market rates of interest. The Fund will not purchase securities whose values are tied to interest rates or indices that are not appropriate for the duration and volatility standards of a money market fund.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's contractual investment advisory fee rate (expressed as an annual rate) is 0.20% of its average daily net assets.

The Adviser may voluntarily waive and/or reimburse additional fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. These waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement" on the Statement of Operations.

Class D Shares and Class T Shares of the Fund compensate the Adviser at an annual rate of 0.36% and 0.38%, respectively, of average daily net assets for providing certain administration services including, but not limited to, oversight and coordination of the Fund's service providers, recordkeeping and registration functions and also to pay for costs such as shareholder servicing and custody. These amounts are disclosed as "Administration services fees" on the Statement of Operations. A portion of the Fund's administration fee is paid to BNP Paribas Financial Services ("BPFS"). BPFS provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund's daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with the Adviser on behalf of the Fund. The Adviser does not receive any additional compensation, beyond the administration services fee for serving as administrator.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

<br> Janus Investment Fund 17

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### Janus Henderson Money Market Fund

#### Notes to Financial Statements (unaudited)
5. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;203124960  | $203124985  | &nbsp;&nbsp;&nbsp;&nbsp;635233907  | $635233909  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 13916818  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13916818  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7541  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7541  |
| Shares repurchased | (235050887) | &nbsp;&nbsp;&nbsp;&nbsp;(235050888) | (591139655) | &nbsp;&nbsp;&nbsp;&nbsp;(591139657) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(18009109) | $(18009085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44101793  | $44101793  |
| Class T Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12725692  | $12725692  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45442255  | $45442256  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180569  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180569  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(13822899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13822899) | &nbsp;&nbsp;&nbsp;&nbsp;(45299388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45299388) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916638) | $(916638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143048  | $143044  |

---

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 18 DECEMBER 31, 2022

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### Janus Henderson Money Market Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

#### Monthly Portfolio Holdings
The Fund files its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. These reports (i) are available on the SEC's website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 19

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### Janus Henderson Money Market Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 20 DECEMBER 31, 2022

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### Janus Henderson Money Market Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 21

------

### Janus Henderson Money Market Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 22 DECEMBER 31, 2022

------

### Janus Henderson Money Market Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 23

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### Janus Henderson Money Market Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 24 DECEMBER 31, 2022

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### Janus Henderson Money Market Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 25

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### Janus Henderson Money Market Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 26 DECEMBER 31, 2022

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### Janus Henderson Money Market Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 27

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### Janus Henderson Money Market Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 28 DECEMBER 31, 2022

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### Janus Henderson Money Market Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 29

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### Janus Henderson Money Market Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 30 DECEMBER 31, 2022

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### Janus Henderson Money Market Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 31

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### Janus Henderson Money Market Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 32 DECEMBER 31, 2022

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### Janus Henderson Money Market Fund

#### Notes

#### NotesPage1
<br> Janus Investment Fund 33

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---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93027 03-23 |

---

------

---

| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Multi-Sector Income Fund**  | **Janus Henderson Multi-Sector Income Fund**  |
| Janus Investment Fund | Janus Investment Fund |

---

**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Multi-Sector Income Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_16) | [1](#1_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_16) | [24](#2_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_16) | [26](#3_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_16) | [28](#4_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_16) | [30](#5_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_16) | [31](#6_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_16) | [38](#7_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_16) | [56](#8_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Liquidity Risk Management Program](#9_16) | [67](#9_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#10_16) | [68](#10_16) |

---

<br> John Kerschnerco-portfolio manager John Lloydco-portfolio manager Seth Meyerco-portfolio manager <br>     

------

### Janus Henderson Multi-Sector Income Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| Fund Profile |  |  |
| **30-day SEC Yield\*** | **Without <br>Reimbursement** | **With <br>Reimbursement** |
| Class A Shares NAV | 4.43% | 4.43% |
| Class A Shares MOP | 4.22% | 4.22% |
| Class C Shares\*\* | 3.60% | 3.60% |
| Class D Shares | 4.60% | 4.60% |
| Class I Shares | 4.67% | 4.67% |
| Class N Shares | 4.77% | 4.77% |
| Class S Shares | 4.25% | 3.98% |
| Class T Shares | 4.50% | 4.50% |
| **Weighted Average Maturity** | **Weighted Average Maturity** | 5.4 Years |
| **Average Effective Duration\*\*\*** | **Average Effective Duration\*\*\*** | 4.2 Years |
| \* Yield will fluctuate. |  |  |
| \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. |
| \*\*\* A theoretical measure of price volatility. | \*\*\* A theoretical measure of price volatility. |  |

---

---

| | |
|:---|:---|
| Ratings<sup>†</sup> Summary - (% of Total Investments) |  |
| AAA | 2.1% |
| AA | 29.1% |
| A | 2.3% |
| BBB | 14.2% |
| BB | 14.2% |
| B | 9.7% |
| CCC | 3.8% |
| CC | 0.1% |
| Not Rated | 47.8% |
| Other | -23.3% |
| † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. | † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. |

---

Significant Areas of Investment - (% of Net Assets)

---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 61.3% | 61.3% |
| Mortgage-Backed Securities | 27.4% | 27.4% |
| Corporate Bonds | 26.2% | 26.2% |
| Bank Loans and Mezzanine Loans | 7.1% | 7.1% |
| Investment Companies | 2.5% | 2.5% |
| Convertible Preferred Stocks | 0.4% | 0.4% |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3% | 0.3% |
| Preferred Stocks | 0.2% | 0.2% |
| Common Stocks | 0.0% | 0.0% |
| Other | Other | (25.4)% |
|  |  | 100.0% |

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<br> Janus Investment Fund 1

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#### Janus Henderson Multi-Sector Income Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | -1.96% | -12.12% | 1.17% | 2.66% | 0.90% | 0.90% |
| Class A Shares at MOP | -6.66% | -16.33% | 0.19% | 2.10% |  |  |
| Class C Shares at NAV | -2.31% | -12.75% | 0.41% | 1.90% | 1.68% | 1.68% |
| Class C Shares at CDSC | -3.26% | -13.59% | 0.41% | 1.90% |  |  |
| Class D Shares | -1.88% | -11.98% | 1.34% | 2.82% | 0.74% | 0.74% |
| Class I Shares | -1.85% | -11.93% | 1.42% | 2.92% | 0.69% | 0.69% |
| Class N Shares | -1.80% | -11.85% | 1.48% | 2.97% | 0.59% | 0.59% |
| Class S Shares | -2.07% | -12.31% | 1.11% | 2.59% | 1.45% | 1.14% |
| Class T Shares | -1.92% | -12.06% | 1.26% | 2.73% | 0.84% | 0.84% |
| Bloomberg U.S. Aggregate Bond Index | -2.97% | -13.01% | 0.02% | 1.20% |  |  |
| Morningstar Quartile - Class I Shares | - | 3rd | 2nd | 1st |  |  |
| Morningstar Ranking - based on total returns for Multisector Bond Funds | - | 227/346 | 83/273 | 27/204 |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

<br> 2 DECEMBER 31, 2022

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#### Janus Henderson Multi-Sector Income Fund (unaudited)

#### Performance
*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – February 28, 2014

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

------

#### Janus Henderson Multi-Sector Income Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $980.40  | $4.64  | $1000.00  | $1020.52  | $4.74  | 0.93% |
| Class C Shares | Class C Shares | $1000.00  | $976.90  | $8.17  | $1000.00  | $1016.94  | $8.34  | 1.64% |
| Class D Shares | Class D Shares | $1000.00  | $981.20  | $3.85  | $1000.00  | $1021.32  | $3.92  | 0.77% |
| Class I Shares | Class I Shares | $1000.00  | $981.50  | $3.60  | $1000.00  | $1021.58  | $3.67  | 0.72% |
| Class N Shares | Class N Shares | $1000.00  | $982.00  | $3.15  | $1000.00  | $1022.03  | $3.21  | 0.63% |
| Class S Shares | Class S Shares | $1000.00  | $979.30  | $5.74  | $1000.00  | $1019.41  | $5.85  | 1.15% |
| Class T Shares | Class T Shares | $1000.00  | $980.80  | $4.29  | $1000.00  | $1020.87  | $4.38  | 0.86% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

---

<br> 4 DECEMBER 31, 2022

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– 61.3% | Asset-Backed/Commercial Mortgage-Backed Securities– 61.3% |  |
| Aaset 2019-2 Trust, 6.4130%, 10/16/39 (144A) | $4723808 | $1039238 |
| ACC Auto Trust 2021-A C, 3.7900%, 4/15/27 (144A) | 6000000 | 5727149 |
| ACC Auto Trust 2021-A D, 6.1000%, 6/15/29 (144A) | 3700000 | 3465267 |
| ACM Auto Trust 2022-1A C, 5.4800%, 4/20/29 (144A) | 8250000 | 8046700 |
| AGL CLO 1 Ltd 2021-10A D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 2.9000%, 6.9791%, 4/15/34 (144A)<sup>‡</sup> | 8000000 | 7460984 |
| Alaska Airlines 2020-1 Class A Pass Through Trust, 4.8000%, 8/15/27 (144A) | 6926237 | 6592197 |
| Apidos CLO 2013-15A A1RR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.0100%, 5.2526%, 4/20/31 (144A)<sup>‡</sup> | 4209000 | 4153248 |
| Avis Budget Rental Car Funding AESOP LLC 2018-2A D, 3.0400%, 3/20/25 (144A) | 13000000 | 12201039 |
| Avis Budget Rental Car Funding AESOP LLC 2019-2A D, 3.0400%, 9/22/25 (144A) | 5000000 | 4638020 |
| Avis Budget Rental Car Funding AESOP LLC 2021-1A D, 3.7100%, 8/20/27 (144A) | 6000000 | 4924053 |
| BAMLL Commercial Mortgage Securities Trust 2014-FRR4 CK29, |  |  |
| &nbsp;&nbsp;&nbsp;0%, 5/27/23 (144A)<sup>◊</sup> | 15370000 | 14586994 |
| Benefit Street Partners CLO Ltd 2016-10A CRR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.5000%, 7.7426%, 4/20/34 (144A)<sup>‡</sup> | 6750000 | 6238222 |
| BlueMountain CLO XXVI Ltd 2019-25A D2R, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 4.1500%, 8.2291%, 7/15/36 (144A)<sup>‡</sup> | 6250000 | 5582138 |
| BlueMountain CLO XXVI Ltd 2021-28A A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.2600%, 5.3391%, 4/15/34 (144A)<sup>‡</sup> | 5000000 | 4890800 |
| BPR Trust 2022-OANA D, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 3.6950%, 8.0306%, 4/15/37 (144A)<sup>‡</sup> | 15000000 | 13752480 |
| Business Jet Securities LLC 2020-1A B, 3.9670%, 11/15/35 (144A) | 3907072 | 3474238 |
| Business Jet Securities LLC 2021-1A B, 2.9180%, 4/15/36 (144A) | 2125918 | 1801834 |
| Business Jet Securities LLC 2021-1A C, 5.0670%, 4/15/36 (144A) | 1972895 | 1731294 |
| Business Jet Securities LLC 2022-1A C, 6.4130%, 6/15/37 (144A) | 4275775 | 3966540 |
| BX Commercial Mortgage Trust 2019-MMP F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.7921%, 7.1101%, 8/15/36 (144A)<sup>‡</sup> | 12935269 | 12299936 |
| BX Commercial Mortgage Trust 2019-XL, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 2.7645%, 7.1001%, 10/15/36 (144A)<sup>‡</sup> | 15440250 | 14723316 |
| BX Commercial Mortgage Trust 2021-21M E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.1710%, 6.4890%, 10/15/36 (144A)<sup>‡</sup> | 6705104 | 6147904 |
| BX Commercial Mortgage Trust 2021-ARIA E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.2445%, 6.5625%, 10/15/36 (144A)<sup>‡</sup> | 10000000 | 9098076 |
| BX Commercial Mortgage Trust 2021-ARIA F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.5935%, 6.9115%, 10/15/36 (144A)<sup>‡</sup> | 10000000 | 9096650 |
| BX Commercial Mortgage Trust 2021-LBA EJV, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.0000%, 6.3180%, 2/15/36 (144A)<sup>‡</sup> | 11200000 | 10096653 |
| BX Commercial Mortgage Trust 2021-LBA EV, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.0000%, 6.3180%, 2/15/36 (144A)<sup>‡</sup> | 9000000 | 8113383 |
| BX Commercial Mortgage Trust 2021-SOAR F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.3500%, 6.6680%, 6/15/38 (144A)<sup>‡</sup> | 7129989 | 6589789 |
| BX Commercial Mortgage Trust 2021-SOAR J, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.7500%, 8.0680%, 6/15/38 (144A)<sup>‡</sup> | 9229088 | 8233049 |
| BX Commercial Mortgage Trust 2021-VINO G, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.9523%, 8.2703%, 5/15/38 (144A)<sup>‡</sup> | 12000000 | 11019073 |
| BX Commercial Mortgage Trust 2021-VOLT F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.4000%, 6.7179%, 9/15/36 (144A)<sup>‡</sup> | 8440000 | 7779236 |
| BX Commercial Mortgage Trust 2021-VOLT G, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.8500%, 7.1679%, 9/15/36 (144A)<sup>‡</sup> | 6000000 | 5497031 |
| BX Commercial Mortgage Trust 2022-FOX2 A2, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 0.7492%, 5.0848%, 4/15/39 (144A)<sup>‡</sup> | 10000000 | 9208345 |
| Carlyle Global Markets Strategies 2012-3A CR2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.5000%, 7.5109%, 1/14/32 (144A)<sup>‡</sup> | 4139000 | 3520551 |
| CarMax Auto Owner Trust 2022-3 D, 6.2000%, 1/16/29 | 6250000 | 6040681 |
| Carvana Auto Receivables Trust 2019-2A XS, 0%, 4/15/26 (144A)<sup>‡,¤</sup> | 89141764 | 305756 |
| Carvana Auto Receivables Trust 2019-4A XS, 0%, 10/15/26 (144A)<sup>‡,¤</sup> | 64110385 | 275675 |
| Carvana Auto Receivables Trust 2021-N3 E, 3.1600%, 6/12/28 (144A) | 12890000 | 10896945 |
| Carvana Auto Receivables Trust 2021-N4 N, 2.9900%, 9/11/28 (144A) | 36502 | 36477 |
| Castlelake Aircraft Securitization Trust 2016-1, 6.1500%, 8/15/41 | 215295 | 150706 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| Castlelake Aircraft Securitization Trust 2018-1, 6.6250%, 6/15/43 (144A) | $3830196 | $1628797 |
| CBAM CLO Management 2020-13A A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.4300%, 5.6726%, 1/20/34 (144A)<sup>‡</sup> | 6000000 | 5885106 |
| CBAM CLO Management 2021-14A A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.1000%, 5.3426%, 4/20/34 (144A)<sup>‡</sup> | 15000000 | 14568900 |
| CBAM CLO Management 2021-14A D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.1000%, 7.3426%, 4/20/34 (144A)<sup>‡</sup> | 10000000 | 8418370 |
| CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62 (144A) | 23417424 | 22698975 |
| CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62 (144A) | 21915598 | 20761508 |
| Chase Auto Credit Linked Note 2021-3 E, 2.1020%, 2/26/29 (144A) | 1199830 | 1099276 |
| Chase Auto Credit Linked Notes 2021-1 E, 2.3650%, 9/25/28 (144A) | 1364638 | 1284680 |
| Chase Auto Credit Linked Notes 2021-1 F, 4.2800%, 9/25/28 (144A) | 3337000 | 2900654 |
| Chase Mortgage Finance Corp 2021-CL1 M4, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.6500%, 6.5777%, 2/25/50 (144A)<sup>‡</sup> | 2500158 | 2042128 |
| Chase Mortgage Finance Corp 2021-CL1 M5, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 3.2500%, 7.1777%, 2/25/50 (144A)<sup>‡</sup> | 1000187 | 789465 |
| CIFC Funding Ltd 2015-3A DR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 2.5000%, 6.7266%, 4/19/29 (144A)<sup>‡</sup> | 2097500 | 1886835 |
| CIFC Funding Ltd 2016-1A D2RR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 4.2500%, 8.5276%, 10/21/31 (144A)<sup>‡</sup> | 5000000 | 4615165 |
| CIM Retail Portfolio Trust 2021-RETL E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.7500%, 8.0680%, 8/15/36 (144A)<sup>‡</sup> | 3900000 | 3765765 |
| CIM Trust 2021-NR1 A1, 2.5690%, 7/25/55 (144A)<sup>Ç</sup> | 5380506 | 5066210 |
| Citigroup Commercial Mortgage Trust 2018-C5, 0.6732%, 6/10/51<sup>‡,¤</sup> | 32965535 | 1017779 |
| Citigroup Commercial Mortgage Trust 2021-PRM2 E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.4000%, 6.7180%, 10/15/36 (144A)<sup>‡</sup> | 2000000 | 1881170 |
| Citigroup Commercial Mortgage Trust 2021-PRM2 F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.7500%, 8.0680%, 10/15/36 (144A)<sup>‡</sup> | 6000000 | 5657158 |
| Citigroup Commercial Mortgage Trust 2021-PRM2 G, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.5000%, 8.8180%, 10/15/36 (144A)<sup>‡</sup> | 6000000 | 5500823 |
| Citigroup Commercial Mortgage Trust 2021-PRM2 J, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 5.4000%, 9.7180%, 10/15/36 (144A)<sup>‡</sup> | 6000000 | 5545565 |
| Coinstar Funding LLC 2017-1A A2, 5.2160%, 4/25/47 (144A) | 12743325 | 9749663 |
| Cold Storage Trust 2020-ICE5 F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.4925%, 7.8103%, 11/15/37 (144A)<sup>‡</sup> | 12828026 | 12226584 |
| Cologix Data Centers Issuer LLC 2022-1CAN A2, 4.9400%, 1/25/52 (144A) | 5000000<br> CAD | 3369294 |
| COLT Funding LLC 2021-3R B1, 3.5630%, 12/25/64 (144A)<sup>‡</sup> | 2547000 | 1570395 |
| Commercial Mortgage Pass-through Certificate 2022-LPF2 E, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 5.9400%, 10.2756%, 10/15/39 (144A)<sup>‡</sup> | 1500000 | 1483633 |
| Commercial Mortgage Pass-through Certificates 2022-LPF2 D, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 4.1920%, 8.5276%, 10/15/39 (144A)<sup>‡</sup> | 5000000 | 4989385 |
| Conn Funding II LP 2021-A B, 2.8700%, 5/15/26 (144A) | 3140000 | 3087279 |
| Connecticut Avenue Securities Trust 2017-C05 1M2C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.2000%, 6.5887%, 1/25/30<sup>‡</sup> | 11211032 | 10899406 |
| Connecticut Avenue Securities Trust 2018-C05 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.2500%, 8.6387%, 1/25/31<sup>‡</sup> | 5692259 | 5904130 |
| Connecticut Avenue Securities Trust 2018-R07 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.3500%, 8.7387%, 4/25/31 (144A)<sup>‡</sup> | 4000000 | 4078368 |
| Connecticut Avenue Securities Trust 2019-R02, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.3000%, 6.6887%, 8/25/31 (144A)<sup>‡</sup> | 80805 | 80649 |
| Connecticut Avenue Securities Trust 2019-R02, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.1500%, 8.5387%, 8/25/31 (144A)<sup>‡</sup> | 26683000 | 26942715 |
| Connecticut Avenue Securities Trust 2019-R03 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.1000%, 8.4887%, 9/25/31 (144A)<sup>‡</sup> | 15690995 | 15686784 |
| Connecticut Avenue Securities Trust 2019-R04 2B1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 5.2500%, 9.6387%, 6/25/39 (144A)<sup>‡</sup> | 5142928 | 5271721 |
| Connecticut Avenue Securities Trust 2019-R05, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.1000%, 8.4887%, 7/25/39 (144A)<sup>‡</sup> | 8320724 | 8404364 |
| Connecticut Avenue Securities Trust 2021-R01 1M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.7500%, 4.6777%, 10/25/41 (144A)<sup>‡</sup> | 948783 | 940551 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| Connecticut Avenue Securities Trust 2021-R02 2B1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 3.3000%, 7.2277%, 11/25/41 (144A)<sup>‡</sup> | $7600000 | $7203895 |
| Connecticut Avenue Securities Trust 2022-R01 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 3.1500%, 7.0777%, 12/25/41 (144A)<sup>‡</sup> | 13477000 | 12649530 |
| Connecticut Avenue Securities Trust 2022-R02 2B1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 4.5000%, 8.4277%, 1/25/42 (144A)<sup>‡</sup> | 17053000 | 16078969 |
| Connecticut Avenue Securities Trust 2022-R04 1M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.0000%, 5.9277%, 3/25/42 (144A)<sup>‡</sup> | 11175441 | 11148525 |
| Credit Suisse Commercial Mortgage Trust 2019-ICE4 F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.6500%, 6.9680%, 5/15/36 (144A)<sup>‡</sup> | 14200000 | 13643780 |
| Credit Suisse Commercial Mortgage Trust 2020-TMIC A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.0000%, 7.8180%, 12/15/35 (144A)<sup>‡</sup> | 15000000 | 14927801 |
| Credit Suisse Commercial Mortgage Trust 2021-WEHO A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.9693%, 8.2873%, 4/15/23 (144A)<sup>‡</sup> | 11376952 | 11047478 |
| CSAIL 2021-C20 XA, 1.0440%, 3/15/54<sup>‡,¤</sup> | 58661027 | 3313205 |
| DBCCRE Mortgage Trust 2014-ARCP D, 4.9345%, 1/10/34 (144A)<sup>‡</sup> | 1000000 | 938603 |
| DBCCRE Mortgage Trust 2014-ARCP E, 4.9345%, 1/10/34 (144A)<sup>‡</sup> | 2848000 | 2548374 |
| DBCCRE Mortgage Trust 2014-ARCP F, 4.9345%, 1/10/34 (144A)<sup>‡</sup> | 11442000 | 10129319 |
| Diamond Infrastructure Funding LLC 2021-1A B, 2.3550%, 4/15/49 (144A) | 4000000 | 3264358 |
| Diamond Infrastructure Funding LLC 2021-1A C, 3.4750%, 4/15/49 (144A) | 3420000 | 2647595 |
| Diamond Issuer LLC 2021-1A C, 3.7870%, 11/20/51 (144A) | 5000000 | 3920384 |
| Diamond Resorts Owner Trust 2021-1A D, 3.8300%, 11/21/33 (144A) | 625190 | 563648 |
| DROP Mortgage Trust 2021-FILE D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.7500%, 7.0700%, 10/15/43 (144A)<sup>‡</sup> | 15000000 | 13282752 |
| Dryden Senior Loan Fund 2020-83A D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.5000%, 7.6937%, 1/18/32 (144A)<sup>‡</sup> | 6000000 | 5401758 |
| ECAF I Ltd, 5.8020%, 6/15/40 (144A) | 3163638 | 684181 |
| Elmwood CLO VIII Ltd 2021-1A A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.2400%, 5.4826%, 1/20/34 (144A)<sup>‡</sup> | 5000000 | 4894790 |
| Elmwood CLO VIII Ltd 2021-1A D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.0000%, 7.2426%, 1/20/34 (144A)<sup>‡</sup> | 3000000 | 2837637 |
| Exeter Automobile Receivables Trust 2020-2A E, 7.1900%, 9/15/27 (144A) | 6794000 | 6836521 |
| Exeter Automobile Receivables Trust 2022-6A E, 11.6100%, 6/17/30 (144A) | 3000000 | 3020542 |
| Extended Stay America Trust 2021-ESH E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.8500%, 7.1680%, 7/15/38 (144A)<sup>‡</sup> | 5164057 | 4915981 |
| Extended Stay America Trust 2021-ESH F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.7000%, 8.0180%, 7/15/38 (144A)<sup>‡</sup> | 9625255 | 9035867 |
| ExteNet Issuer LLC, 5.2190%, 7/26/49 (144A) | 4000000 | 3733079 |
| Fannie Mae REMICS, ICE LIBOR USD 1 Month + 55.0000%, 9.6785%, 10/25/40<sup>‡</sup> | 588203 | 963890 |
| Fannie Mae REMICS, 3.0000%, 5/25/48 | 15523 | 14004 |
| Fannie Mae REMICS, ICE LIBOR USD 1 Month + 6.0500%, 1.6613%, 8/25/48<sup>‡,¤</sup> | 7136925 | 750049 |
| Flagship Credit Auto Trust 2022-4 E, 12.6600%, 1/15/30 (144A) | 5000000 | 5175508 |
| Flagstar Mortgage Trust 2021-13IN A17, 3.0000%, 12/30/51 (144A)<sup>‡</sup> | 16002824 | 13036883 |
| Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51 (144A)<sup>‡</sup> | 41225844 | 34405940 |
| Foursight Capital Auto Receivables Trust 2020-1 F, 4.6200%, 6/15/27 (144A) | 1250000 | 1230893 |
| Freddie Mac Multifamily Structured Credit Risk 2021-MN1 B1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 7.7500%, 11.2969%, 1/25/51 (144A)<sup>‡</sup> | 1000000 | 920719 |
| Freddie Mac Multifamily Structured Credit Risk 2021-MN1 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 3.7500%, 7.2969%, 1/25/51 (144A)<sup>‡</sup> | 2000000 | 1783348 |
| Freddie Mac Multifamily Structured Credit Risk 2021-MN3 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 4.0000%, 7.5208%, 11/25/51 (144A)<sup>‡</sup> | 10000000 | 8705043 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA2 B1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.7000%, 8.0887%, 12/25/30 (144A)<sup>‡</sup> | 5607000 | 5602466 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA3 B1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 5.1000%, 9.4887%, 6/25/50 (144A)<sup>‡</sup> | 5688316 | 5926917 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA4 B1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 5.2500%, 9.6387%, 9/25/50 (144A)<sup>‡</sup> | 8939000 | 9149283 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 B1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 4.0000%, 7.9277%, 11/25/50 (144A)<sup>‡</sup> | 5441430 | 5238798 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA1 B1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.6500%, 6.5777%, 1/25/51 (144A)<sup>‡</sup> | $7550000 | $6783495 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 B2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 6.0000%, 9.9277%, 8/25/33 (144A)<sup>‡</sup> | 12308000 | 10099800 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.3000%, 6.2277%, 8/25/33 (144A)<sup>‡</sup> | 1483000 | 1466546 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA3 B2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 6.2500%, 10.1777%, 10/25/33 (144A)<sup>‡</sup> | 20836000 | 17104571 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA5 B1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 3.0500%, 6.9777%, 1/25/34 (144A)<sup>‡</sup> | 6624000 | 5971979 |
| FREMF Mortgage Trust 2018-KF45, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.9500%, 6.0920%, 3/25/25 (144A)<sup>‡</sup> | 423688 | 403293 |
| FREMF Mortgage Trust 2018-KL2P BPZ, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.5000%, 6.6420%, 1/25/28 (144A)<sup>‡</sup> | 5597272 | 5499769 |
| FREMF Mortgage Trust 2018-KSW4 C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 5.0000%, 9.1420%, 10/25/28<sup>‡</sup> | 6175672 | 5773825 |
| FREMF Mortgage Trust 2019-KF70 C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 6.0000%, 10.1420%, 9/25/29 (144A)<sup>‡</sup> | 19544330 | 18122044 |
| FREMF Mortgage Trust 2019-KF72, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.1000%, 6.2420%, 11/25/26 (144A)<sup>‡</sup> | 2774713 | 2612798 |
| Gam Resecuritization Trust 2021-FRR2 BK74, 0%, 9/27/51 (144A)<sup>◊</sup> | 11000000 | 7124242 |
| Gam Resecuritization Trust 2021-FRR2 CK74, 0%, 9/27/51 (144A)<sup>◊</sup> | 18068494 | 11092348 |
| GCAT 2022-INV1 A26, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 17292483 | 14031964 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 5.5500%, 1.1971%, 1/20/44<sup>‡,¤</sup> | 370865 | 30328 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 6.1500%, 1.8237%, 10/16/55<sup>‡,¤</sup> | 505447 | 31855 |
| Government National Mortgage Association, 0.2848%, 1/16/60<sup>‡,¤</sup> | 12552183 | 354554 |
| Great Wolf Trust, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.7320%, 7.0500%, 12/15/36 (144A)<sup>‡</sup> | 19500000 | 18463547 |
| Great Wolf Trust, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.1310%, 7.4490%, 12/15/36 (144A)<sup>‡</sup> | 3899000 | 3672693 |
| GS Mortgage Securities Trust 2017-SLP F, 4.5913%, 10/10/32 (144A)<sup>‡</sup> | 6500000 | 6071557 |
| GS Mortgage Securities Trust 2017-SLP G, 4.5913%, 10/10/32 (144A)<sup>‡</sup> | 1831000 | 1626548 |
| GS Mortgage Securities Trust 2022-SHIP D, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.6069%, 5.9425%, 8/15/36 (144A)<sup>‡</sup> | 20000000 | 19391374 |
| Hertz Vehicle Financing LLC 2021-1A D, 3.9800%, 12/26/25 (144A) | 15000000 | 13331695 |
| HGI CRE CLO Ltd 2021-FL1 D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.3500%, 6.6763%, 6/16/36 (144A)<sup>‡</sup> | 5000000 | 4616862 |
| Hilton Grand Vacations Trust 2022-1D D, 6.7900%, 6/20/34 (144A) | 2392727 | 2240488 |
| Home Partners of America Trust 2021-2 F, 3.7990%, 12/17/26 (144A) | 19444588 | 16220634 |
| Home Partners of America Trust 2021-3 F, 4.2420%, 1/17/41 (144A) | 4673195 | 3837266 |
| Hotwire Funding LLC 2021-1 C, 4.4590%, 11/20/51 (144A) | 3000000 | 2560015 |
| JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE A, |  |  |
| &nbsp;&nbsp;&nbsp;3.2865%, 1/10/37 (144A) | 10000000 | 9194438 |
| JP Morgan Chase Commercial Mortgage Sec Trust 2021-NYAH E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.8400%, 6.1580%, 6/15/38 (144A)<sup>‡</sup> | 5000000 | 4726733 |
| JP Morgan Chase Commercial Mortgage Sec Trust 2022-NLP D, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 2.1664%, 6.5020%, 4/15/37 (144A)<sup>‡</sup> | 19210579 | 17399850 |
| Kayne CLO 10 Ltd 2021-10A A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.1700%, 5.4946%, 4/23/34 (144A)<sup>‡</sup> | 12500000 | 12208637 |
| LCM LP XIV, ICE LIBOR USD 3 Month + 1.0400%, 5.2826%, 7/20/31 (144A)<sup>‡</sup> | 4640000 | 4551139 |
| Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27 (144A)<sup>‡</sup> | 3726669 | 3580048 |
| Lendbuzz Securitization Trust 2021-1A A, 5.9900%, 12/15/28 (144A)<sup>‡</sup> | 5594000 | 5358147 |
| LFS LLC 2022-A B, 8.0000%, 5/15/34 (144A) | 4000000 | 3559383 |
| Life Financial Services Trust 2021-BMR E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.7500%, 6.0680%, 3/15/38 (144A)<sup>‡</sup> | 17693463 | 16707103 |
| Life Financial Services Trust 2022-BMR2 D, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 2.5419%, 6.8775%, 5/15/39 (144A)<sup>‡</sup> | 10000000 | 9569136 |
| LoanMe Trust SBL 2019-1, 10.0000%, 8/15/30 (144A)<sup>Ç</sup> | 6317933 | 6205747 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| Longfellow Place CLO Ltd 2013-1A DRR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 4.5000%, 8.5791%, 4/15/29 (144A)<sup>‡</sup> | $3000000 | $2842389 |
| LUXE Commercial Mortgage Trust 2021-TRIP E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.7500%, 7.0680%, 10/15/38 (144A)<sup>‡</sup> | 8000000 | 7328612 |
| LUXE Commercial Mortgage Trust 2021-TRIP F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.2500%, 7.5680%, 10/15/38 (144A)<sup>‡</sup> | 8000000 | 7006910 |
| Luxury Lease Partners Auto Trust 2021-ARC2 A, 3.0000%, 7/15/27 (144A) | 1638989 | 1598952 |
| Madison Park Funding Ltd 2016-22A DR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.5000%, 7.5791%, 1/15/33 (144A)<sup>‡</sup> | 8500000 | 7836099 |
| Madison Park Funding Ltd 2018-32A A1R, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.0000%, 3.7590%, 1/22/31 (144A)<sup>‡</sup> | 10000000 | 9842340 |
| Madison Park Funding Ltd 2018-32A DR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.2000%, 7.5246%, 1/22/31 (144A)<sup>‡</sup> | 7000000 | 6523713 |
| MBRT 2019-MBR H1, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.3500%, 8.6680%, 11/15/36 (144A)<sup>‡</sup> | 5000000 | 4776063 |
| MBRT 2019-MBR H2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 5.3000%, 9.6180%, 11/15/36 (144A)<sup>‡</sup> | 1950000 | 1844990 |
| MED Trust 2021-MDLN D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.0000%, 6.3180%, 11/15/38 (144A)<sup>‡</sup> | 18386000 | 17405069 |
| MED Trust 2021-MDLN F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.0000%, 8.3180%, 11/15/38 (144A)<sup>‡</sup> | 7733000 | 7121469 |
| MED Trust 2021-MDLN G, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 5.2500%, 9.5680%, 11/15/38 (144A)<sup>‡</sup> | 15000000 | 13707336 |
| Mello Mortgage Capital Acceptance Trust 2021-INV4 A3, |  |  |
| &nbsp;&nbsp;&nbsp;2.5000%, 12/25/51 (144A)<sup>‡</sup> | 3547498 | 2833164 |
| Mercury Financial Credit Card Master Trust 2021-1A B, |  |  |
| &nbsp;&nbsp;&nbsp;2.3300%, 3/20/26 (144A) | 5000000 | 4633771 |
| Mercury Financial Credit Card Master Trust 2021-1A C, |  |  |
| &nbsp;&nbsp;&nbsp;4.2100%, 3/20/26 (144A) | 4000000 | 3660051 |
| MHC Commercial Mortgage Trust 2021-MHC E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.1010%, 6.4190%, 4/15/38 (144A)<sup>‡</sup> | 3000000 | 2832126 |
| MHC Commercial Mortgage Trust 2021-MHC G, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.2010%, 7.5190%, 4/15/38 (144A)<sup>‡</sup> | 10620000 | 9727210 |
| Mission Lane Credit Card Master Trust 2021-A B, 2.2400%, 9/15/26 (144A) | 3000000 | 2803037 |
| Mission Lane Credit Card Master Trust 2021-A C, 4.7500%, 9/15/26 (144A) | 5000000 | 4655480 |
| Multifamily Connecticut Avenue Securities Trust 2019-01, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.2500%, 7.6387%, 10/25/49 (144A)<sup>‡</sup> | 17692408 | 15988935 |
| Multifamily Connecticut Avenue Securities Trust 2020-01, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.7500%, 8.1387%, 3/25/50 (144A)<sup>‡</sup> | 15446000 | 14130296 |
| Multifamily Connecticut Avenue Securities Trust 2020-01 CE, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 7.5000%, 11.8887%, 3/25/50 (144A)<sup>‡</sup> | 2000000 | 1872057 |
| MVW Owner Trust 2021-1WA D, 3.1700%, 1/22/41 (144A) | 2243450 | 1990522 |
| NBC Funding LLC 2021-1 B, 4.9700%, 7/30/51 (144A) | 3000000 | 2487374 |
| Neuberger Berman CLO Ltd, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 2.8000%, 7.1739%, 1/28/30 (144A)<sup>‡</sup> | 6000000 | 5415084 |
| New Residential Mortgage Loan Trust 2022-SFR1 F, 4.4430%, 2/17/39 (144A) | 10500000 | 8780545 |
| NW Re-Remic Trust 2021-FRR1 BK88, 2.6724%, 12/18/51 (144A)<sup>‡</sup> | 20000000 | 15345756 |
| Oak Hill Credit Partners 2012-7A AR3, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.0700%, 5.7454%, 2/20/34 (144A)<sup>‡</sup> | 5000000 | 4881645 |
| Oak Street Investment Grade Net Lease Fund 2020-1A B1, |  |  |
| &nbsp;&nbsp;&nbsp;5.1100%, 11/20/50 (144A) | 4499000 | 3844509 |
| Oak Street Investment Grade Net Lease Fund 2021-1A B1, |  |  |
| &nbsp;&nbsp;&nbsp;4.2300%, 1/20/51 (144A) | 2400000 | 2082696 |
| Oasis Securitization 2021-1A A, 2.5792%, 2/15/33 (144A) | 1035054 | 1019927 |
| Oasis Securitization 2021-2A A, 2.1430%, 10/15/33 (144A) | 4464996 | 4354254 |
| Oasis Securitization 2021-2A B, 5.1470%, 10/15/33 (144A) | 4465760 | 4355866 |
| Oasis Securitization 2022-2A B, 8.8500%, 10/15/34 (144A) | 9760316 | 9634598 |
| OCP CLO Ltd, ICE LIBOR USD 3 Month + 3.0000%, 5.7830%, 4/24/29 (144A)<sup>‡</sup> | 6000000 | 5850696 |
| Octagon Investment Partners 42 Ltd 2019-3A AR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.1400%, 5.2191%, 7/15/34 (144A)<sup>‡</sup> | 10000000 | 9738950 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| Octagon Investment Partners XXI Ltd 2014-1A AAR3, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.0000%, 3.9051%, 2/14/31 (144A)<sup>‡</sup> | $8000000 | $7861584 |
| Ondeck Asset Securitization Trust LLC 2021-1A C, 2.9700%, 5/17/27 (144A) | 3000000 | 2738018 |
| Onslow Bay Financial LLC 2021-INV3 A3, 2.5000%, 10/25/51 (144A)<sup>‡</sup> | 5358778 | 4284195 |
| Pagaya AI Debt Selection Trust 2021-1 CERT, 0%, 11/15/27 (144A)<sup>‡,¤</sup> | 1846154 | 411877 |
| Pagaya AI Debt Selection Trust 2022-1 C, 4.8880%, 10/15/29 (144A) | 3679513 | 3076121 |
| Palmer Square Loan Funding 2022-5A C, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 3 Month + 3.9100%, 0%, 1/15/31 (144A)<sup>‡</sup> | 7000000 | 6705426 |
| Pawnee Equipment Receivables 2022-1 D, 7.2300%, 7/17/28 (144A) | 5000000 | 5036170 |
| Pawnee Equipment Receivables 2022-1 E, 9.5000%, 9/17/29 (144A) | 5379000 | 5225631 |
| Pawnee Equipment Receivables Series 2019-1 LLC, 3.8000%, 1/15/26 (144A) | 4467000 | 4402198 |
| Pawnee Equipment Receivables Series 2020-1 LLC, 5.4300%, 7/15/27 (144A) | 6165000 | 5921579 |
| Perimeter Master Note Business Trust, 5.2100%, 5/15/24 (144A) | 2250000 | 2188178 |
| Point Securitization Trust 2021-1 A1, 3.2282%, 2/25/52 (144A)<sup>‡</sup> | 5565592 | 5323109 |
| Preston Ridge Partners Mortgage Trust 2021-10 A1, 2.4870%, 10/25/26 (144A)<sup>Ç</sup> | 9350557 | 8407912 |
| Preston Ridge Partners Mortgage Trust 2021-9 A1, 2.3630%, 10/25/26 (144A)<sup>Ç</sup> | 11469705 | 10389082 |
| Preston Ridge Partners Mortgage Trust 2022-2 A1, 5.0000%, 3/25/27 (144A)<sup>Ç</sup> | 7587480 | 7089993 |
| Pretium Mortgage Credit Partners LLC 2021-RN4 A1, 2.4871%, 10/25/51 (144A)<sup>‡</sup> | 17101137 | 14997515 |
| PRIMA Capital Ltd, 4.2500%, 12/25/50 (144A) | 10500000 | 8410896 |
| PRIMA Capital Ltd 2021-9A C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.3500%, 6.2886%, 12/15/37 (144A)<sup>‡</sup> | 15000000 | 13916850 |
| Progress Residential Trust 2021-SFR11 F, 4.4200%, 1/17/39 (144A) | 4885000 | 3773198 |
| Progress Residential Trust 2022-SFR1 F, 4.8800%, 2/17/41 (144A) | 9000000 | 6979493 |
| Progress Residential Trust 2022-SFR3 F, 6.6000%, 4/17/39 (144A) | 2500000 | 2217461 |
| Project Silver, 6.9000%, 7/15/44 (144A)<sup>‡</sup> | 898315 | 352323 |
| Raptor Aircraft Finance I LLC, 4.2130%, 8/23/44 (144A) | 10573424 | 7689830 |
| Sand Trust 2021-1A D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.5500%, 7.6291%, 10/15/34 (144A)<sup>‡</sup> | 8000000 | 7221368 |
| Santander Bank Auto Credit-Linked Notes 2022-B E, 8.6810%, 8/16/32 (144A) | 4701332 | 4680433 |
| Santander Bank Auto Credit-Linked Notes 2022-C E, 11.3660%, 12/15/32 (144A) | 4500000 | 4498262 |
| Santander Consumer Auto Receivables Trust 2020-BA, 4.1300%, 1/15/27 (144A) | 1500000 | 1439921 |
| Santander Consumer Auto Receivables Trust 2021-AA E, |  |  |
| &nbsp;&nbsp;&nbsp;3.2800%, 3/15/27 (144A) | 1750000 | 1622986 |
| SEB Funding LLC 2021-1A A2, 4.9690%, 1/30/52 (144A) | 21692633 | 18364029 |
| Sierra Receivables Funding Co LLC 2020-2A D, 6.5900%, 7/20/37 (144A) | 2284097 | 2175599 |
| Sierra Receivables Funding Co LLC 2021-1A D, 3.1700%, 11/20/37 (144A) | 4919366 | 4467704 |
| Sierra Receivables Funding Co LLC 2022-3A C, 7.6300%, 7/20/39 (144A) | 2233207 | 2225705 |
| Sierra Timeshare 2019-1 Receivables Funding LLC, 4.7500%, 1/20/36 (144A) | 1346338 | 1256175 |
| Sierra Timeshare 2019-2 Receivables Funding LLC, 4.5400%, 5/20/36 (144A) | 2325371 | 2141612 |
| SMRT 2022-MINI E, CME Term SOFR 1 Month + 2.7000%, 7.0360%, 1/15/39 (144A)<sup>‡</sup> | 7000000 | 6404967 |
| Sprite Limited 2021-1 B, 5.1000%, 11/15/46 (144A) | 5409120 | 4302100 |
| Sprite Limited 2021-1 C, 8.8350%, 11/15/46 (144A) | 5071440 | 4154392 |
| Summit Issuer LLC 2020-1A B, 3.1790%, 12/20/50 (144A) | 2500000 | 2144706 |
| Symphony CLO Ltd 2012-9A D2R2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 4.1000%, 8.1791%, 7/16/32 (144A)<sup>‡</sup> | 11000000 | 9840787 |
| Symphony CLO Ltd 2014-15A DR2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 4.0000%, 6.7403%, 1/17/32 (144A)<sup>‡</sup> | 2000000 | 1751008 |
| Tesla Auto Lease Trust 2021-A E, 2.6400%, 3/20/25 (144A) | 3850000 | 3600590 |
| Theorem Funding Trust 2022-3A A, 7.6000%, 4/15/29 (144A) | 9416800 | 9414835 |
| Thrust Engine Leasing 2021-1A A, 4.1630%, 7/15/40 (144A) | 9466889 | 6953519 |
| Thunderbolt Aircraft Lease Ltd 2017-A B, 5.7500%, 5/17/32 (144A)<sup>Ç</sup> | 2354539 | 1685382 |
| TPI Re-Remic Trust 2022-FRR1 DK33, 0%, 7/25/46 (144A)<sup>◊</sup> | 2237000 | 2077837 |
| TPI Re-Remic Trust 2022-FRR1 DK34, 0%, 7/25/46 (144A)<sup>◊</sup> | 5124000 | 4759426 |
| TPI Re-Remic Trust 2022-FRR1 DK35, 0%, 8/25/46 (144A)<sup>◊</sup> | 2639000 | 2451234 |
| TPI Re-Remic Trust 2022-FRR1 EK34, 0%, 7/25/46 (144A)<sup>◊</sup> | 5000000 | 4603568 |
| Tricolor Auto Securitization Trust 2022-1A E, 7.7900%, 8/16/27 (144A) | 10870000 | 10583197 |
| TVEST LLC 2021-A B, 0%, 9/15/33 (144A) | 6550000 | 4892064 |
| Upstart Securitization Trust 2019-2 C, 4.7830%, 9/20/29 (144A) | 6438162 | 6423377 |
| Upstart Securitization Trust 2019-3 C, 5.3810%, 1/21/30 (144A) | 14117618 | 14043481 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| Upstart Securitization Trust 2020-3 B, 3.0140%, 11/20/30 (144A) | $4270374 |  | $4239171 |
| Upstart Securitization Trust 2020-3 C, 6.2500%, 11/20/30 (144A) | 20527000 |  | 19833452 |
| Upstart Securitization Trust 2021-1 B, 1.8900%, 3/20/31 (144A) | 5300000 |  | 5193553 |
| Upstart Securitization Trust 2021-1 C, 4.0600%, 3/20/31 (144A) | 3250000 |  | 2986653 |
| VASA Trust 2021-VASA D, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.1000%, 6.4180%, 7/15/39 (144A)<sup>‡</sup> | 7000000 |  | 6437824 |
| VASA Trust 2021-VASA F, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.9000%, 8.2180%, 7/15/39 (144A)<sup>‡</sup> | 5500000 |  | 4773807 |
| VB-S1 Issuer LLC 2020-2A B, 3.2290%, 9/15/50 (144A) | 5750000 |  | 5157044 |
| VB-S1 Issuer LLC 2020-2A C, 4.4590%, 9/15/50 (144A) | 6000000 |  | 5364083 |
| Voya CLO Ltd 2014-4A CR2, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.3500%, 5.8330%, 7/14/31 (144A)<sup>‡</sup> | 7000000 |  | 5911801 |
| Wells Fargo Commercial Mortgage Trust 2021-C61 XA, 1.3693%, 11/15/54<sup>‡,¤</sup> | 81397511 |  | 5988306 |
| Westgate Resorts 2018-4A C, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.3000%, 7.6584%, 10/25/31 (144A)<sup>‡</sup> | 2000000 |  | 1880440 |
| Westgate Resorts 2022-1A D, 3.8380%, 8/20/36 (144A) | 3001825 |  | 2769785 |
| Westlake Automobile Receivable Trust 2020-3A F, 5.1100%, 5/17/27 (144A) | 7000000 |  | 6795437 |
| Westlake Automobile Receivable Trust 2021-3A E, 3.4200%, 4/15/27 (144A) | 5000000 |  | 4315605 |
| Willis Engine Securitization Trust 2020-A B, 4.2120%, 3/15/45 (144A) | 5487497 |  | 3676959 |
| Willis Engine Securitization Trust 2020-A C, 6.6570%, 3/15/45 (144A) | 1577551 |  | 1041972 |
| Z Capital Credit Partners CLO 2018-1 Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 2.4500%, 6.5291%, 1/16/31 (144A)<sup>‡</sup> | 1250000 |  | 1228280 |
| Z Capital Credit Partners CLO 2018-1A A2 Ltd, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.5600%, 5.6391%, 1/16/31 (144A)<sup>‡</sup> | 3058485 |  | 3022019 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,806,074,996) | Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,806,074,996) | Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,806,074,996) | 1647217266 |
| Bank Loans and Mezzanine Loans– 7.1% | Bank Loans and Mezzanine Loans– 7.1% | Bank Loans and Mezzanine Loans– 7.1% |  |
| Basic Industry – 0.6% | Basic Industry – 0.6% | Basic Industry – 0.6% |  |
| Aruba Investments Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 7.7500%, 12.1387%, 11/24/28<sup>‡</sup> | 5786000 |  | 5236330 |
| Herens US Holdco Corp, ICE LIBOR USD 3 Month + 4.0000%, 8.7299%, 7/3/28<sup>‡</sup> | 7577594 |  | 6941380 |
| INEOS US Petrochem LLC, ICE LIBOR USD 1 Month + 2.7500%, 7.1336%, 1/29/26<sup>‡</sup> | 3567670 |  | 3507873 |
|  |  |  | 15685583 |
| Brokerage – 0.3% | Brokerage – 0.3% | Brokerage – 0.3% |  |
| Citadel Securities LP, CME Term SOFR 1 Month + 2.5000%, 6.7009%, 2/2/28<sup>‡</sup> | 7311226 |  | 7177736 |
| Capital Goods – 1.0% | Capital Goods – 1.0% | Capital Goods – 1.0% |  |
| Arcline FM Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 8.2500%, 12.9799%, 6/25/29<sup>‡</sup> | 12859010 |  | 11315929 |
| PECF USS Intermediate Holding III Corp, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.2500%, 8.6336%, 12/15/28<sup>‡</sup> | 10617342 |  | 8844972 |
| Standard Industries Inc, ICE LIBOR USD 3 Month + 2.5000%, 6.4251%, 9/22/28<sup>‡</sup> | 7913865 |  | 7809323 |
|  |  |  | 27970224 |
| Communications – 0.2% | Communications – 0.2% | Communications – 0.2% |  |
| Directv Financing LLC, ICE LIBOR USD 1 Month + 5.0000%, 9.3836%, 8/2/27<sup>‡</sup> | 6017092 |  | 5993557 |
| Construction Materials – 0% | Construction Materials – 0% | Construction Materials – 0% |  |
| Summit Materials LLC, CME Term SOFR 1 Month + 3.0000%, 7.2254%, 12/14/27<sup>ƒ,‡</sup> | 711000 |  | 710111 |
| Consumer Cyclical – 2.5% | Consumer Cyclical – 2.5% | Consumer Cyclical – 2.5% |  |
| Boardriders Inc, ICE LIBOR USD 3 Month + 6.5000%, 10.9147%, 4/23/24<sup>ƒ,‡</sup> | 4502490 |  | 2386320 |
| Boardriders Inc, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 8.0000%, 12.5573% (12.39% Cash or 12.56% PIK), 4/23/24<sup>‡,Ø,¢</sup> | 1521 |  | 1521 |
| Caesars Resort Collection LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.5000%, 7.8836%, 7/21/25<sup>‡</sup> | 6583507 |  | 6590450 |
| Flutter Financing BV, CME Term SOFR 1 Month + 3.2500%, 5.8737%, 7/22/28<sup>ƒ,‡</sup> | 8713513 |  | 8663933 |
| Loire Finco Luxembourg, EURIBOR 12 Month + 3.0000%, 4.6480%, 4/21/27<sup>‡</sup> | 2660000 | EUR | 2611316 |
| LSF9 Atlantis Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 7.2500%, 11.3794%, 3/31/29<sup>ƒ,‡</sup> | 8900000 |  | 8628550 |
| Mic Glen LLC, ICE LIBOR USD 1 Month + 6.7500%, 11.1336%, 7/20/29<sup>‡</sup> | 7907942 |  | 7169894 |
| Olaplex Inc, CME Term SOFR 3 Month + 3.5000%, 7.9234%, 2/23/29<sup>‡</sup> | 6268500 |  | 5829705 |
| Rent-A-Center Inc, ICE LIBOR USD 1 Month + 3.2500%, 7.6875%, 2/17/28<sup>‡</sup> | 4924812 |  | 4746021 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Bank Loans and Mezzanine Loans– (continued) | Bank Loans and Mezzanine Loans– (continued) |  |
| Consumer Cyclical– (continued) | Consumer Cyclical– (continued) |  |
| Sovos Brands Intermediate Inc, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.5000%, 7.9147%, 6/8/28<sup>‡</sup> | $3495764 | $3396729 |
| Stars Group Holdings BV, ICE LIBOR USD 3 Month + 2.2500%, 6.9799%, 7/21/26<sup>‡</sup> | 5347943 | 5278808 |
| Tacala Investment Corp, ICE LIBOR USD 1 Month + 7.5000%, 11.8836%, 2/4/28<sup>‡</sup> | 5683991 | 5134065 |
| Woof Holdings Inc, ICE LIBOR USD 3 Month + 7.2500%, 11.6039%, 12/21/28<sup>‡</sup> | 1707290 | 1536561 |
| Wyndham Worldwide Corp, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 4.0000%, 8.1885%, 12/14/29<sup>ƒ,‡</sup> | 4500000 | 4421250 |
|  |  | 66395123 |
| Consumer Non-Cyclical – 0.7% | Consumer Non-Cyclical – 0.7% |  |
| Eyecare Partners LLC, ICE LIBOR USD 3 Month + 6.7500%, 11.4799%, 11/15/29<sup>‡</sup> | 7500000 | 6099975 |
| Journey Personal Care Corp, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 4.2500%, 8.9799%, 3/1/28<sup>‡</sup> | 3376665 | 2455988 |
| Mamba Purchaser Inc, ICE LIBOR USD 1 Month + 6.5000%, 10.8887%, 10/15/29<sup>‡</sup> | 4000000 | 3280000 |
| National Mentor Holdings Inc, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 7.2500%, 11.9800%, 3/2/29<sup>‡</sup> | 580826 | 378989 |
| Perrigo Investments LLC, CME Term SOFR 1 Month + 2.5000%, 6.9230%, 4/20/29<sup>‡</sup> | 4975000 | 4950094 |
| Surgery Center Holdings Inc, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.7500%, 8.0500%, 8/31/26<sup>‡</sup> | 2380784 | 2347786 |
|  |  | 19512832 |
| Diversified Consumer Services – 0.2% | Diversified Consumer Services – 0.2% |  |
| Driven Holdings LLC, ICE LIBOR USD 3 Month + 3.0000%, 7.7377%, 12/17/28<sup>‡</sup> | 4591000 | 4349423 |
| Diversified Financial Services – 0.5% | Diversified Financial Services – 0.5% |  |
| Delta 2 Lux Sarl, CME Term SOFR 1 Month + 3.2500%, 7.0443%, 1/15/30<sup>ƒ,‡</sup> | 6300000 | 6292125 |
| Luxembourg Investment Co 428 Sarl, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 3 Month + 5.0000%, 8.5532%, 1/3/29<sup>‡</sup> | 7944280 | 6249527 |
|  |  | 12541652 |
| Technology – 0.8% | Technology – 0.8% |  |
| Acuris Finance US Inc, CME Term SOFR 3 Month + 4.0000%, 8.7302%, 2/16/28<sup>‡</sup> | 2570885 | 2522681 |
| Magenta Buyer LLC, ICE LIBOR USD 1 Month + 8.2500%, 12.6700%, 7/27/29<sup>‡</sup> | 8900000 | 6971637 |
| Mitchell International Inc, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 3.7500%, 8.4149%, 10/15/28<sup>‡</sup> | 7781200 | 7170495 |
| Sunshine Software Merger Sub Inc, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.7500%, 8.1336%, 10/16/28<sup>‡</sup> | 4939673 | 4407382 |
|  |  | 21072195 |
| Transportation – 0.3% | Transportation – 0.3% |  |
| First Student Bidco Inc, ICE LIBOR USD 3 Month + 3.0000%, 7.7264%, 7/21/28<sup>‡</sup> | 7249142 | 6531767 |
| First Student Bidco Inc, ICE LIBOR USD 3 Month + 3.0000%, 7.7264%, 7/21/28<sup>‡</sup> | 2696078 | 2429275 |
|  |  | 8961042 |
| Total Bank Loans and Mezzanine Loans (cost $207,770,340) | Total Bank Loans and Mezzanine Loans (cost $207,770,340) | 190369478 |
| Corporate Bonds– 26.2% | Corporate Bonds– 26.2% |  |
| Banking – 2.8% | Banking – 2.8% |  |
| Banco La Hipotecaria SA, 5.5000%, 9/15/23 (144A) | 5700000 | 5650410 |
| Banco La Hipotecaria SA, 4.1250%, 12/15/24 (144A) | 5000000 | 4789550 |
| Bank of America Corp, SOFR + 2.0400%, 4.9480%, 7/22/28<sup>‡</sup> | 5784000 | 5649006 |
| Bank of America Corp, SOFR + 1.8300%, 4.5710%, 4/27/33<sup>‡</sup> | 6997000 | 6400175 |
| Bank of New York Mellon Corp, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 4.3580%, 4.7000%<sup>‡,µ</sup> | 1880000 | 1805044 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 1.4000%, 3.0880%, 1/10/37<sup>‡</sup> | 5537000 | 4186547 |
| BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 4.9690%, 9.2500% (144A)<sup>‡,µ</sup> | 3553000 | 3704173 |
| Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 3.4170%, 3.8750%<sup>‡,µ</sup> | 5310000 | 4526775 |
| Commonwealth Bank of Australia, 3.7840%, 3/14/32 (144A) | 7269000 | 5991715 |
| Credit Suisse Group AG, SOFR + 5.0200%, 9.0160%, 11/15/33 (144A)<sup>‡</sup> | 7519000 | 7698457 |
| JPMorgan Chase & Co, SOFR + 1.2600%, 2.9630%, 1/25/33<sup>‡</sup> | 3163000 | 2574373 |
| JPMorgan Chase & Co, SOFR + 1.8000%, 4.5860%, 4/26/33<sup>‡</sup> | 1146000 | 1060925 |
| JPMorgan Chase & Co, SOFR + 3.3800%, 5.0000%<sup>‡,µ</sup> | 2163000 | 1978995 |
| Morgan Stanley, SOFR + 3.1200%, 3.6220%, 4/1/31<sup>‡</sup> | 3996000 | 3488522 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Banking– (continued) | Banking– (continued) | Banking– (continued) |  |
| Morgan Stanley, SOFR + 1.2900%, 2.9430%, 1/21/33<sup>‡</sup> | $2117000 |  | $1712607 |
| Morgan Stanley, SOFR + 2.6200%, 5.2970%, 4/20/37<sup>‡</sup> | 2819000 |  | 2577578 |
| SVB Financial Group, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.0740%, 4.2500%<sup>‡,µ</sup> | 3350000 |  | 2197763 |
| SVB Financial Group, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 10 Year + 3.0640%, 4.1000%<sup>‡,µ</sup> | 6392000 |  | 3658278 |
| Wells Fargo & Co, SOFR + 1.9800%, 4.8080%, 7/25/28<sup>‡</sup> | 5756000 |  | 5621864 |
|  |  |  | 75272757 |
| Basic Industry – 1.8% | Basic Industry – 1.8% | Basic Industry – 1.8% |  |
| Celanese US Holdings LLC, 6.3300%, 7/15/29 | 1443000 |  | 1402079 |
| Celanese US Holdings LLC, 6.3790%, 7/15/32 | 2119000 |  | 2015059 |
| Diamond BC BV, 4.6250%, 10/1/29 (144A) | 7815000 |  | 6271538 |
| First Quantum Minerals Ltd, 7.5000%, 4/1/25 (144A) | 4974000 |  | 4841394 |
| FMG Resources (August 2006) Pty Ltd, 4.3750%, 4/1/31 (144A) | 10080000 |  | 8383370 |
| Hudbay Minerals Inc, 4.5000%, 4/1/26 (144A) | 6918000 |  | 6283894 |
| Hudbay Minerals Inc, 6.1250%, 4/1/29 (144A) | 6957000 |  | 6299910 |
| IAMGOLD Corp, 5.7500%, 10/15/28 (144A) | 8423000 |  | 6539958 |
| Neon Holdings Inc, 10.1250%, 4/1/26 (144A) | 7204000 |  | 6141410 |
|  |  |  | 48178612 |
| Brokerage – 0.4% | Brokerage – 0.4% | Brokerage – 0.4% |  |
| Charles Schwab Corp, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.1680%, 4.0000%<sup>‡,µ</sup> | 6792000 |  | 5892060 |
| Coinbase Global Inc, 3.6250%, 10/1/31 (144A) | 10595000 |  | 5102678 |
|  |  |  | 10994738 |
| Capital Goods – 2.5% | Capital Goods – 2.5% | Capital Goods – 2.5% |  |
| Allegion US Holding Co Inc, 5.4110%, 7/1/32 | 3264000 |  | 3160579 |
| ARD Finance SA, 5.0000% (5.00% Cash or 5.75% PIK), 6/30/27<sup>Ø</sup> | 9468244 | EUR | 6772644 |
| ARD Finance SA, 5.0000% (5.00% Cash or 5.75% PIK), 6/30/27 (144A)<sup>Ø</sup> | 1468400 | EUR | 1050348 |
| ARD Finance SA, 6.5000% (6.50% Cash or 7.25% PIK), 6/30/27 (144A)<sup>Ø</sup> | 2518536 |  | 1751724 |
| Ardagh Metal Packaging Finance USA LLC / Adragh Metal Packaging Finance PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.0000%, 6/15/27 (144A) | 6486000 |  | 6349439 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.1250%, 8/15/26 (144A) | 7429000 |  | 6435023 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.2500%, 8/15/27 (144A) | 4928000 |  | 3684873 |
| Builders FirstSource Inc, 6.3750%, 6/15/32 (144A) | 5996000 |  | 5631720 |
| Chart Industries Inc, 7.5000%, 1/1/30 (144A) | 6520000 |  | 6554491 |
| Chart Industries Inc, 9.5000%, 1/1/31 (144A) | 2717000 |  | 2786582 |
| GCC SAB de CV, 3.6140%, 4/20/32 (144A)<sup>#</sup> | 4299000 |  | 3577786 |
| HT Troplast GmbH, 9.2500%, 7/15/25 (144A) | 2790000 | EUR | 2708120 |
| JELD-WEN Inc, 4.8750%, 12/15/27 (144A) | 5168000 |  | 3889799 |
| LABL Inc, 8.2500%, 11/1/29 (144A) | 8536000 |  | 6798688 |
| PECF USS Intermediate Holding III Corp, 8.0000%, 11/15/29 (144A)<sup>#</sup> | 4276000 |  | 2778074 |
| Vontier Corp, 2.9500%, 4/1/31 | 4359000 |  | 3149674 |
|  |  |  | 67079564 |
| Communications – 1.9% | Communications – 1.9% | Communications – 1.9% |  |
| Altice Financing SA, 5.0000%, 1/15/28 (144A) | 6822000 |  | 5491710 |
| AT&T Inc, EURIBOR ICE SWAP Rate + 3.1400%, 2.8750%<sup>‡,µ</sup> | 5300000 | EUR | 5069864 |
| Block Communications Inc, 4.8750%, 3/1/28 (144A) | 7120000 |  | 6212200 |
| Charter Communications Operating LLC / Charter Communications Operating Capital, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.4000%, 4/1/33 | 3025000 |  | 2588369 |
| LCPR Senior Secured Financing DAC, 5.1250%, 7/15/29 (144A) | 8412000 |  | 6968569 |
| Liberty Interactive LLC, 8.5000%, 7/15/29 | 6763000 |  | 3318638 |
| Magallanes Inc, 4.2790%, 3/15/32 (144A) | 5251000 |  | 4325589 |
| Netflix Inc, 3.6250%, 6/15/30 | 8071000 | EUR | 7921383 |
| T-Mobile USA Inc, 3.3750%, 4/15/29 | 4899000 |  | 4314890 |
| Windstream Escrow LLC, 7.7500%, 8/15/28 (144A) | 4728000 |  | 3852494 |
|  |  |  | 50063706 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Consumer Cyclical – 3.6% | Consumer Cyclical – 3.6% | Consumer Cyclical – 3.6% |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.0000%, 6/1/29 (144A) | $4949000 |  | $3591784 |
| Arches Buyer Inc, 4.2500%, 6/1/28 (144A) | 13357000 |  | 10446528 |
| Carnival Corp, 7.6250%, 3/1/26 (144A)<sup>#</sup> | 3563000 |  | 2824015 |
| Carnival Holdings Bermuda Ltd, 10.3750%, 5/1/28 (144A) | 3600000 |  | 3695796 |
| Ford Motor Credit Co LLC, 7.3500%, 11/4/27 | 9000000 |  | 9222300 |
| Full House Resorts Inc, 8.2500%, 2/15/28 (144A)<sup>#</sup> | 10378000 |  | 9187747 |
| GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/31 | 3218000 |  | 2760400 |
| IHO Verwaltungs GmbH, 3.8750% (3.88% Cash or 4.63% PIK), 5/15/27 (144A)<sup>Ø</sup> | 8638149 | EUR | 7777681 |
| Kohl's Corp, 3.6250%, 5/1/31 | 7649000 |  | 5361643 |
| Lithia Motors Inc, 4.3750%, 1/15/31 (144A) | 6689000 |  | 5442206 |
| PulteGroup Inc, 7.8750%, 6/15/32 | 6213000 |  | 6904515 |
| Royal Caribbean Cruises Ltd, 11.6250%, 8/15/27 (144A) | 7272000 |  | 7302761 |
| Stellantis Finance US Inc, 6.3750%, 9/12/32 (144A) | 5579000 |  | 5507481 |
| VICI Properties LP, 4.9500%, 2/15/30 | 4993000 |  | 4752923 |
| VICI Properties LP, 5.1250%, 5/15/32 | 1932000 |  | 1788935 |
| Victoria's Secret & Co, 4.6250%, 7/15/29 (144A) | 5339000 |  | 4191649 |
| Wendy's International LLC, 7.0000%, 12/15/25 | 5708000 |  | 5858177 |
|  |  |  | 96616541 |
| Consumer Non-Cyclical – 3.1% | Consumer Non-Cyclical – 3.1% | Consumer Non-Cyclical – 3.1% |  |
| BellRing Brands Inc, 7.0000%, 3/15/30 (144A) | 8455000 |  | 8135824 |
| Catalent Pharma Solutions Inc, 2.3750%, 3/1/28 | 6980000 | EUR | 6040503 |
| GE Healthcare Holding LLC, 5.8570%, 3/15/30 (144A) | 9379000 |  | 9598110 |
| Hadrian Merger Sub Inc, 8.5000%, 5/1/26 (144A) | 9876000 |  | 8690880 |
| HLF Financing Sarl LLC / Herbalife International Inc, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.8750%, 6/1/29 (144A) | 7721000 |  | 5317993 |
| Illumina Inc, 5.7500%, 12/13/27 | 6508000 |  | 6589060 |
| IQVIA Inc, 2.2500%, 3/15/29 | 4650000 | EUR | 4192625 |
| ModivCare Escrow Issuer Inc, 5.0000%, 10/1/29 (144A) | 3673000 |  | 3097441 |
| Newell Brands Inc, 6.6250%, 9/15/29<sup>#</sup> | 6293000 |  | 6219749 |
| Nomad Foods BondCo PLC, 2.5000%, 6/24/28 | 641000 | EUR | 577663 |
| Pilgrim's Pride Corp, 5.8750%, 9/30/27 (144A) | 6772000 |  | 6568680 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26 | 6856000 |  | 5995572 |
| Teva Pharmaceutical Industries Ltd, 4.7500%, 5/9/27 | 8753000 |  | 7911834 |
| Universal Health Services Inc, 2.6500%, 1/15/32 (144A) | 5105000 |  | 3898537 |
|  |  |  | 82834471 |
| Electric – 1.2% | Electric – 1.2% | Electric – 1.2% |  |
| Algonquin Power & Utilities Corp, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.2490%, 4.7500%, 1/18/82<sup>‡</sup> | 8480000 |  | 6868800 |
| American Electric Power Co Inc, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 2.6750%, 3.8750%, 2/15/62<sup>‡</sup> | 5517000 |  | 4298329 |
| CMS Energy Corp, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 4.1160%, 4.7500%, 6/1/50<sup>‡</sup> | 3354000 |  | 2901073 |
| Duquesne Light Holdings Inc, 2.5320%, 10/1/30 (144A) | 3072000 |  | 2433759 |
| IPALCO Enterprises Inc, 4.2500%, 5/1/30 | 4008000 |  | 3560600 |
| NRG Energy Inc, 3.3750%, 2/15/29 (144A) | 3054000 |  | 2463417 |
| Southern California Edison Co, 5.8500%, 11/1/27 | 3916000 |  | 4030688 |
| Xcel Energy Inc, 4.6000%, 6/1/32 | 4725000 |  | 4512537 |
|  |  |  | 31069203 |
| Energy – 3.2% | Energy – 3.2% | Energy – 3.2% |  |
| DT Midstream Inc, 4.1250%, 6/15/29 (144A) | 7432000 |  | 6384906 |
| Enerflex Ltd, 9.0000%, 10/15/27 (144A) | 4645000 |  | 4632203 |
| EnLink Midstream LLC, 5.6250%, 1/15/28 (144A) | 6693000 |  | 6375071 |
| EnLink Midstream Partners LP, ICE LIBOR USD 3 Month + 4.1100%, 8.8790%<sup>‡,µ</sup> | 7858000 |  | 6484210 |
| FTAI Infra Escrow Holdings LLC, 10.5000%, 6/1/27 (144A) | 11252000 |  | 11305334 |
| Hess Midstream Operations LP, 4.2500%, 2/15/30 (144A) | 5561000 |  | 4754216 |
| Howard Midstream Energy Partners LLC, 6.7500%, 1/15/27 (144A) | 10438000 |  | 10005304 |
| NGL Energy Partners LP / NGL Energy Finance Corp, 7.5000%, 2/1/26 (144A) | 6471000 |  | 5761722 |
| Occidental Petroleum Corp, 7.8750%, 9/15/31 | 4784000 |  | 5281536 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* |  | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Energy– (continued) | Energy– (continued) | Energy– (continued) |  |
| Rockies Express Pipeline LLC, 4.9500%, 7/15/29 (144A) | $1462000 |  | $1311926 |
| SM Energy Co, 5.6250%, 6/1/25 | 2131000 |  | 2045740 |
| Sunoco LP / Sunoco Finance Corp, 4.5000%, 5/15/29 | 9445000 |  | 8261542 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.5000%, 1/15/28 (144A) | 5739000 |  | 5089575 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.0000%, 9/1/31 (144A) | 1155000 |  | 993050 |
| Viper Energy Partners LP, 5.3750%, 11/1/27 (144A) | 8166000 |  | 7753703 |
|  |  |  | 86440038 |
| Finance Companies – 1.3% | Finance Companies – 1.3% | Finance Companies – 1.3% |  |
| FirstCash Inc, 4.6250%, 9/1/28 (144A) | 5509000 |  | 4836686 |
| FirstCash Inc, 5.6250%, 1/1/30 (144A) | 5664000 |  | 5041328 |
| Fortress Transportation and Infrastructure Investors LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.5000%, 10/1/25 (144A) | 2318000 |  | 2179393 |
| Fortress Transportation and Infrastructure Investors LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.7500%, 8/1/27 (144A) | 3509000 |  | 3517773 |
| Navient Corp, 5.0000%, 3/15/27 | 6337000 |  | 5547492 |
| OWL Rock Core Income Corp, 4.7000%, 2/8/27 | 5466000 |  | 4928739 |
| Quicken Loans LLC, 3.8750%, 3/1/31 (144A) | 12378000 |  | 9447823 |
|  |  |  | 35499234 |
| Financial Institutions – 0.4% | Financial Institutions – 0.4% | Financial Institutions – 0.4% |  |
| Burford Capital Global Finance LLC, 6.2500%, 4/15/28 (144A) | 4962000 |  | 4409280 |
| Burford Capital Global Finance LLC, 6.8750%, 4/15/30 (144A) | 4025000 |  | 3581633 |
| CPI Property Group SA, EUR SWAP ANNUAL 5 YR + 4.9440%, 4.8750%<sup>‡,µ</sup> | 5589000 | EUR | 2974196 |
|  |  |  | 10965109 |
| Industrial – 0.1% | Industrial – 0.1% | Industrial – 0.1% |  |
| AT Securities BV, USD SWAP SEMI 30/360 5YR + 3.5460%, 5.2500%<sup>‡,µ</sup> | 5000000 |  | 2300400 |
| Industrial Conglomerates – 0.2% | Industrial Conglomerates – 0.2% | Industrial Conglomerates – 0.2% |  |
| General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 8.0990%<sup>‡,µ</sup> | 6854000 |  | 6733661 |
| Insurance – 1.1% | Insurance – 1.1% | Insurance – 1.1% |  |
| Aon Corp / Aon Global Holdings PLC, 5.0000%, 9/12/32 | 4624000 |  | 4572494 |
| Athene Holding Ltd, 3.5000%, 1/15/31 | 4159000 |  | 3414933 |
| Brown & Brown Inc, 2.3750%, 3/15/31 | 3613000 |  | 2748892 |
| Brown & Brown Inc, 4.9500%, 3/17/52 | 3218000 |  | 2612128 |
| Centene Corp, 3.3750%, 2/15/30 | 10622000 |  | 8979520 |
| Corebridge Financial Inc, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.8460%, 6.8750%, 12/15/52 (144A)<sup>‡</sup> | 7503000 |  | 6933032 |
| Prudential Financial Inc, |  |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.0350%, 3.7000%, 10/1/50<sup>‡</sup> | 2045000 |  | 1725755 |
|  |  |  | 30986754 |
| Real Estate Investment Trusts (REITs) – 0.6% | Real Estate Investment Trusts (REITs) – 0.6% | Real Estate Investment Trusts (REITs) – 0.6% |  |
| Broadstone Net Lease LLC, 2.6000%, 9/15/31 | 2870000 |  | 2150663 |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.7500%, 12/15/27 (144A) | 8400000 |  | 6946104 |
| Lexington Realty Trust, 2.7000%, 9/15/30 | 3324000 |  | 2647736 |
| Safehold Operating Partnership LP, 2.8000%, 6/15/31 | 5556000 |  | 4263986 |
|  |  |  | 16008489 |
| Technology – 1.4% | Technology – 1.4% | Technology – 1.4% |  |
| Austin BidCo Inc, 7.1250%, 12/15/28 (144A) | 8552000 |  | 6493859 |
| CA Magnum Holdings, 5.3750%, 10/31/26 (144A) | 6237000 |  | 5683329 |
| Iron Mountain Inc, 4.8750%, 9/15/29 (144A) | 9546000 |  | 8326021 |
| Micron Technology Inc, 6.7500%, 11/1/29 | 6427000 |  | 6528398 |
| Seagate HDD Cayman, 9.6250%, 12/1/32 (144A) | 9250380 |  | 10145817 |
|  |  |  | 37177424 |
| Transportation – 0.6% | Transportation – 0.6% | Transportation – 0.6% |  |
| Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd, 8.0000%, 9/20/25 (144A) | 6471977 |  | 6505178 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Transportation– (continued) | Transportation– (continued) |  |
| Watco Cos LLC / Watco Finance Corp, 6.5000%, 6/15/27 (144A) | $9065000 | $8611750 |
|  |  | 15116928 |
| Total Corporate Bonds (cost $791,671,770) | Total Corporate Bonds (cost $791,671,770) | 703337629 |
| Mortgage-Backed Securities– 27.4% | Mortgage-Backed Securities– 27.4% |  |
| Fannie Mae: | Fannie Mae: |  |
| 3.0000%, TBA, 15 Year Maturity | 16732212 | 15670453 |
| 3.5000%, TBA, 15 Year Maturity | 15731117 | 15058329 |
| 4.0000%, TBA, 15 Year Maturity | 24687000 | 24068048 |
| 3.0000%, TBA, 30 Year Maturity | 20122976 | 17644751 |
| 3.5000%, TBA, 30 Year Maturity | 121753696 | 110522039 |
| 4.0000%, TBA, 30 Year Maturity | 137365572 | 128763190 |
| 4.5000%, TBA, 30 Year Maturity | 159264388 | 153300574 |
| 5.0000%, TBA, 30 Year Maturity | 84787412 | 83522638 |
| 5.5000%, TBA, 30 Year Maturity | 15198589 | 15239169 |
|  |  | 563789191 |
| Fannie Mae Pool: | Fannie Mae Pool: |  |
| 3.0000%, 10/1/34 | 150737 | 142094 |
| 6.0000%, 2/1/37 | 668 | 699 |
| 3.0000%, 9/1/42 | 1036710 | 939015 |
| 3.0000%, 1/1/43 | 1371552 | 1242303 |
| 3.0000%, 2/1/43 | 4133856 | 3744302 |
| 3.0000%, 2/1/43 | 544117 | 492842 |
| 3.0000%, 2/1/43 | 35228 | 31903 |
| 3.0000%, 3/1/43 | 1737777 | 1573722 |
| 3.0000%, 3/1/43 | 488133 | 442051 |
| 3.0000%, 5/1/43 | 398352 | 360745 |
| 3.0000%, 5/1/43 | 1968 | 1782 |
| 5.0000%, 7/1/44 | 5614 | 5680 |
| 4.5000%, 10/1/44 | 3720 | 3711 |
| 4.5000%, 3/1/45 | 5693 | 5680 |
| 3.0000%, 7/1/45 | 2204090 | 1996013 |
| 3.5000%, 12/1/45 | 267802 | 248026 |
| 4.5000%, 2/1/46 | 8194 | 8110 |
| 3.5000%, 7/1/46 | 13368 | 12502 |
| 3.0000%, 9/1/46 | 991822 | 898357 |
| 3.0000%, 11/1/46 | 312245 | 280248 |
| 3.0000%, 1/1/47 | 53405 | 47933 |
| 3.5000%, 3/1/47 | 235209 | 217840 |
| 4.0000%, 5/1/47 | 879659 | 851534 |
| 3.5000%, 7/1/47 | 208287 | 192906 |
| 3.5000%, 8/1/47 | 2587 | 2392 |
| 3.5000%, 1/1/48 | 3344 | 3121 |
| 4.0000%, 1/1/48 | 12173 | 11798 |
| 3.5000%, 3/1/48 | 3283752 | 3034211 |
| 4.0000%, 3/1/48 | 3675 | 3554 |
| 3.5000%, 7/1/48 | 5312213 | 4912550 |
| 4.5000%, 12/1/48 | 601752 | 589450 |
| 3.0000%, 9/1/49 | 374417 | 338036 |
| 5.5000%, 10/1/52 | 13507445 | 13629521 |
| 5.5000%, 10/1/52 | 9978606 | 10160608 |
| 3.0000%, 2/1/57 | 5322698 | 4740998 |
| 3.0000%, 6/1/57 | 23132 | 20603 |
|  |  | 51186840 |
| Freddie Mac Gold Pool: | Freddie Mac Gold Pool: |  |
| 3.5000%, 1/1/47 | 164227 | 153800 |
| Freddie Mac Pool: | Freddie Mac Pool: |  |
| 3.0000%, 5/1/31 | 1433452 | 1358069 |
| 3.0000%, 9/1/32 | 210106 | 198951 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Mortgage-Backed Securities– (continued) | Mortgage-Backed Securities– (continued) |  |
| Freddie Mac Pool– (continued) | Freddie Mac Pool– (continued) |  |
| 3.0000%, 1/1/33 | $123874 | $117297 |
| 3.0000%, 10/1/34 | 355729 | 335318 |
| 3.0000%, 10/1/34 | 162957 | 153607 |
| 6.0000%, 4/1/40 | 14442 | 15138 |
| 3.0000%, 2/1/43 | 4171 | 3777 |
| 3.5000%, 2/1/43 | 3430 | 3207 |
| 3.0000%, 3/1/43 | 88986 | 80585 |
| 3.0000%, 6/1/43 | 135286 | 120886 |
| 3.0000%, 11/1/43 | 4400568 | 4000635 |
| 3.5000%, 2/1/44 | 11345 | 10609 |
| 4.5000%, 5/1/44 | 2736 | 2706 |
| 3.5000%, 12/1/44 | 208666 | 195128 |
| 3.0000%, 1/1/45 | 2527 | 2284 |
| 3.5000%, 7/1/46 | 2501 | 2336 |
| 4.0000%, 3/1/47 | 6803 | 6558 |
| 3.5000%, 9/1/47 | 4292 | 3969 |
| 3.5000%, 12/1/47 | 42205 | 39456 |
| 3.5000%, 2/1/48 | 2578 | 2402 |
| 4.0000%, 4/1/48 | 1469 | 1414 |
| 4.5000%, 4/1/49 | 1113775 | 1089407 |
| 4.0000%, 5/1/49 | 4605673 | 4381541 |
| 3.5000%, 8/1/49 | 2167239 | 1999769 |
| 3.0000%, 12/1/49 | 621360 | 551707 |
| 3.0000%, 12/1/49 | 350435 | 311152 |
|  |  | 14987908 |
| Ginnie Mae: | Ginnie Mae: |  |
| 3.5000%, TBA, 30 Year Maturity | 98660539 | 90473786 |
| 4.0000%, TBA, 30 Year Maturity | 16054402 | 15175456 |
|  |  | 105649242 |
| Ginnie Mae I Pool: | Ginnie Mae I Pool: |  |
| 4.5000%, 8/15/46 | 10929 | 10725 |
| 4.0000%, 7/15/47 | 3260 | 3133 |
| 4.0000%, 8/15/47 | 349 | 335 |
| 4.0000%, 11/15/47 | 683 | 657 |
| 4.0000%, 12/15/47 | 1940 | 1865 |
|  |  | 16715 |
| Ginnie Mae II Pool: | Ginnie Mae II Pool: |  |
| 4.5000%, 2/20/48 | 107554 | 105554 |
| 4.5000%, 5/20/48 | 2519 | 2473 |
| 4.5000%, 5/20/48 | 947 | 930 |
|  |  | 108957 |
| Total Mortgage-Backed Securities (cost $752,810,167) | Total Mortgage-Backed Securities (cost $752,810,167) | 735892653 |
| Common Stocks– 0% | Common Stocks– 0% |  |
| Professional Services – 0% | Professional Services – 0% |  |
| Clarivate Analytics PLC\*((cost $102,410) | 4217 | 35170 |
| Preferred Stocks– 0.2% | Preferred Stocks– 0.2% |  |
| Consumer Cyclical – 0% | Consumer Cyclical – 0% |  |
| Quiksilver Inc<sup>¢</sup> | 12688 | 10785 |
| Finance Companies – 0% | Finance Companies – 0% |  |
| Castlelake Aircraft Securitization Trust 2018-1, 6/15/43 (144A)<sup>‡</sup> | 1000000 | 130000 |
| Upstart Securitization Trust 2019-3, 1/21/30 (144A) | 8250 | 371250 |
|  |  | 501250 |
| Industrial – 0% | Industrial – 0% |  |
| Project Silver, 3/15/44 (144A)<sup>‡</sup> | 1500000 | 225000 |
| START Ireland, 3/15/44 (144A)<sup>‡</sup> | 1500000 | 300000 |
| Thunderbolt II Aircraft Lease Ltd, 9/15/38 (144A) | 10 | 64535 |
| Thunderbolt III Aircraft Lease Ltd, 11/15/39 (144A)<sup>‡</sup> | 5000000 | 300000 |
|  |  | 889535 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Preferred Stocks– (continued) | Preferred Stocks– (continued) |  |
| Student Loan – 0.2% | Student Loan – 0.2% |  |
| SoFi Professional Loan Program 2017-E LLC, 11/26/40 (144A) | 25000 | $264138 |
| SoFi Professional Loan Program 2017-F LLC, 1/25/41 (144A) | 35000 | 453453 |
| SoFi Professional Loan Program 2018-C Trust, 1/25/48 (144A) | 58000 | 717367 |
| SoFi Professional Loan Program 2018-D Trust, 2/25/48 (144A) | 76000 | 540003 |
| SoFi Professional Loan Program 2019-B LLC, 8/17/48 (144A) | 70900 | 735120 |
| SoFi Professional Loan Program 2020-A Trust, 5/15/46 (144A) | 34000 | 994231 |
|  |  | 3704312 |
| Total Preferred Stocks (cost $29,010,353) | Total Preferred Stocks (cost $29,010,353) | 5105882 |
| Convertible Preferred Stocks– 0.4% | Convertible Preferred Stocks– 0.4% |  |
| Health Care Equipment & Supplies – 0.1% | Health Care Equipment & Supplies – 0.1% |  |
| Becton Dickinson and Co, 6.0000%, 6/1/23 | 59700 | 2990970 |
| Machinery – 0.3% | Machinery – 0.3% |  |
| Chart Industries Inc, 6.7500%, 12/15/25 | 154237 | 7804392 |
| Total Convertible Preferred Stocks (cost $10,711,732) | Total Convertible Preferred Stocks (cost $10,711,732) | 10795362 |
| Investment Companies– 2.5% | Investment Companies– 2.5% |  |
| Money Markets – 2.5% | Money Markets – 2.5% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº,£</sup>((cost $66,171,196) | 66164580 | 66177813 |
| Investments Purchased with Cash Collateral from Securities Lending– 0.3% | Investments Purchased with Cash Collateral from Securities Lending– 0.3% |  |
| Investment Companies – 0.2% | Investment Companies – 0.2% |  |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº,£</sup> | 6393630 | 6393630 |
| Time Deposits – 0.1% | Time Deposits – 0.1% |  |
| Royal Bank of Canada, 4.3100%, 1/3/23 | $1678388 | 1678388 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $8,072,018) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $8,072,018) | 8072018 |
| Total Investments (total cost $3,672,394,982) – 125.4% | Total Investments (total cost $3,672,394,982) – 125.4% | 3367003271 |
| Liabilities, net of Cash, Receivables and Other Assets – (25.4)% | Liabilities, net of Cash, Receivables and Other Assets – (25.4)% | (682349162) |
| Net Assets – 100% | Net Assets – 100% | $2684654109 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $3176743852 | 94.4% |
| Luxembourg | 27608078 | 0.8 |
| Cayman Islands | 26366847 | 0.8 |
| Canada | 24335652 | 0.7 |
| Australia | 14375085 | 0.4 |
| Israel | 13907406 | 0.4 |
| Germany | 12786201 | 0.4 |
| Peru | 12583804 | 0.4 |
| Panama | 10439960 | 0.3 |
| Ireland | 9348114 | 0.3 |
| Switzerland | 7698457 | 0.2 |
| Burkina Faso | 6539958 | 0.2 |
| India | 5683329 | 0.2 |
| Zambia | 4841394 | 0.1 |
| France | 3704173 | 0.1 |
| Mexico | 3577786 | 0.1 |
| United Kingdom | 3188979 | 0.1 |
| Czech Republic | 2974196 | 0.1 |
| Bermuda | 300000 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $3367003271 | 100.0 | % |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% |
| Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | $882428 | $6340 | $3825 | $66177813 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% |
| Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 49201<sup>∆</sup> | - | - | 6393630 |
| Total Affiliated Investments - 2.7% | $931629 | $6340 | $3825 | $72571443 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% |
| Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 27922135 | 672007018 | (633761505) | 66177813 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% |
| Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 14134115 | 53750852 | (61491337) | 6393630 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
***Schedule of Forward Foreign Currency Exchange Contracts***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty/*<br>*Foreign Currency* | *Settlement*<br>*Date* | *Foreign Currency*<br>*Amount (Sold)/*<br>*Purchased* | *USD Currency*<br>*Amount (Sold)/*<br>*Purchased* | *Market Value and*<br>*Unrealized*<br>*Appreciation/*<br>(Depreciation) |
| HSBC Securities (USA), Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Dollar | 1/18/23 | (4998106) | $3634603 | $(57673) |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | 3023331 | (3156772) | 82806 |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | (43356170) | 42846544 | (3610720) |
|  |  |  |  | (3585587) |
| JPMorgan Chase Bank, National Association: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | (3904595) | 3984026 | (199850) |
| Morgan Stanley & Co: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro | 1/18/23 | (1791000) | 1871835 | (47269) |
| Total |  |  |  | $(3832706) |

---

#### Schedule of Futures

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br>*Contracts* | *Expiration*<br>*Date* | *Notional*<br>*Amount* | *Value and*<br>*Unrealized*<br>*Appreciation/(Depreciation)* |
| *Futures Long:* |  |  |  |  |
| 10 Year US Treasury Note | 3767 | 3/31/23 | $423022328 | $(3999377) |
| 2 Year US Treasury Note | 12272 | 4/5/23 | 2516718762 | (8539628) |
| Total - Futures Long |  |  |  | (12539005) |
| *Futures Short:* |  |  |  |  |
| 5 Year US Treasury Note | 2416 | 4/5/23 | (260758126) | 773896 |
| Ultra 10-Year Treasury Note | 3628 | 3/31/23 | (429124375) | 9515535 |
| Ultra Long Term US Treasury Bond | 75 | 3/31/23 | (10073438) | 488750 |
| US Treasury Long Bond | 64 | 3/31/23 | (8022000) | 139000 |
| Total - Futures Short |  |  |  | 10917181 |
| Total |  |  |  | $(1621824) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** | ***Schedule of Centrally Cleared Credit Default Swaps - Buy Protection*** |
| *Reference*<br>*Asset* | *Maturity*<br>*Date* | *Notional*<br>*Amount* |  | *Premiums*<br>*Paid/(Received)* | *Unrealized*<br>*Appreciation/*<br>(Depreciation) | *Value* |
| CDX.NA.HY.S39, Fixed Rate of 5.00%, Paid Quarterly | 12/20/27 | (166250000) | USD | $8313250 | $(9581669) | $(1268419) |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** |
|  | *Credit* <br>*Contracts* | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| *Asset Derivatives:* |  |  |  |  |
| Forward foreign currency exchange contracts | $-  | $82806  | $-  | $82806  |
| \*Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10917181  | $10917181  |
| Total Asset Derivatives | $-  | $82806  | $10917181  | $10999987  |
| *Liability Derivatives:* |  |  |  |  |
| Forward foreign currency exchange contracts | $-  | $3915512  | $-  | $3915512  |
| \*Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12539005  | $12539005  |
| \*Swaps - centrally cleared | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9581669  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | $9581669  |
| Total Liability Derivatives | $9581669  | $3915512  | $12539005  | $26036186  |
| \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts* | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts | $-  | $-  | $(45245044) | $(45245044) |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3431492  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $3431492  |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6612239  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $6612239  |
| Total | $6612239  | $3431492  | $(45245044) | $(35201313) |
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts* | *Currency* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts | $-  | $-  | $1724559  | $1724559  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4093898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $(4093898) |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; (19626780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $(19626780) |
| Total | $(19626780) | $(4093898) | $1724559  | $(21996119) |

---

Please see the "Net Realized Gain/(Loss) on Investments" "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** |
| Credit default swaps:  |  |
| Average notional amount - buy protection | $167404071  |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8067737  |
| Average amounts sold - in USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53982396  |
| Futures contracts: |  |
| Average notional amount of contracts - long | &nbsp;&nbsp;&nbsp;&nbsp; 989038451  |
| Average notional amount of contracts - short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376617081  |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | $82806 | $(82806) | $— | $— |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | 7687407 |  | (7687407) |  |
| Total | Total | $7770213 | $(82806) | $(7687407) | $— |
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Liabilities* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | $3668393 | $(82806) | $— | $3585587 |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | 199850 |  |  | 199850 |
| Morgan Stanley & Co | Morgan Stanley & Co | 47269 |  |  | 47269 |
| Total | Total | $3915512 | $(82806) | $— | $3832706 |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 23 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> Bloomberg U.S. Aggregate Bond Index Bloomberg U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.

---

| | |
|:---|:---|
| EURIBOR | Euro Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PIK | Pay-in-kind (PIK) bonds give the issuer an option to make the interest payment in cash or additional securities. |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| TBA | (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when specific mortgage pools are assigned. |

---

---

| | |
|:---|:---|
| 144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2022 is $2,036,823,636, which represents 75.9% of net assets. |

---

<br> \* Non-income producing security.

<br> ƒ All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.

‡ Variable
or floating rate security. Rate shown is the current rate as of December 31, 2022. Certain variable rate
securities are not based on a published reference rate and spread; they are determined by the issuer
or agent and current market conditions. Reference rate is as of reset date and may vary by security,
which may not indicate a reference rate and/or spread in their description.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

<br> # Loaned security; a portion of the security is on loan at December 31, 2022.

<br> µ Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

<br> Ç Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.

◊ Zero
coupon bond.

---

| | |
|:---|:---|
| ¤ | Interest only security. An interest only security represents the interest only portion of a pool of underlying mortgages or mortgage-backed securities which are separated and sold individually from the principal portion of the securities. Principal amount shown represents the par value on which interest payments are based. |

---

<br> Ø Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

---

| | |
|:---|:---|
| ¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended December 31, 2022 is $12,306, which represents 0.0% of net assets. |

---

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as 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>

<br> 24 DECEMBER 31, 2022

------

### Janus Henderson Multi-Sector Income Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> under common ownership or control.

∆ 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  |  | ***Level 2 -*** | ***Level 3 -*** |
|  |  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  |  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** | **Assets** |  |  |  |
| **Investments In Securities:** | **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | $1647217266 | $- |
| *Bank Loans and Mezzanine Loans* | *Bank Loans and Mezzanine Loans* | - | 190367957 | 1521 |
| *Corporate Bonds* | *Corporate Bonds* | - | 703337629 | - |
| *Mortgage-Backed Securities* | *Mortgage-Backed Securities* | - | 735892653 | - |
| *Common Stocks* | *Common Stocks* | 35170 | - | - |
| *Preferred Stocks* | *Preferred Stocks* | - | 5095097 | 10785 |
| *Convertible Preferred Stocks* | *Convertible Preferred Stocks* | - | 10795362 | - |
| *Investment Companies* | *Investment Companies* | - | 66177813 | - |
| *Investments Purchased with Cash Collateral from Securities Lending* | *Investments Purchased with Cash Collateral from Securities Lending* | - | 8072018 | - |
| Total Investments in Securities | Total Investments in Securities | $35170 | $3366955795 | $12306 |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | *Forward Foreign Currency Exchange Contracts* | - | 82806 | - |
| *Futures Contracts* | *Futures Contracts* | 10917181 | - | - |
| **Total Assets** | **Total Assets** | $10952351 | $3367038601 | $12306 |
| **Liabilities** | **Liabilities** |  |  |  |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | *Forward Foreign Currency Exchange Contracts* | $- | $3915512 | $- |
| *Futures Contracts* | *Futures Contracts* | 12539005 | - | - |
| *Centrally Cleared Swaps* | *Centrally Cleared Swaps* | - | 9581669 | - |
| **Total Liabilities** | **Total Liabilities** | $12539005 | $13497181 | $- |
| (a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |

---

<br> Janus Investment Fund 25

------

### Janus Henderson Multi-Sector Income Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $3,599,830,156)<sup>(1)</sup> | $3294431828 |
| Affiliated investments, at value (cost $72,564,826) | 72571443 |
| Deposits with brokers for futures | 16222700 |
| Deposits with brokers for OTC derivatives | 11651539 |
| Forward foreign currency exchange contracts | 82806 |
| Cash denominated in foreign currency (cost $56,961) | 56961 |
| Variation margin receivable on futures contracts | 441959 |
| Variation margin receivable on centrally cleared swaps | 48753 |
| Trustees' deferred compensation | 86854 |
| Receivables: |  |
| Interest | 20597985 |
| Fund shares sold | 3249779 |
| Investments sold | 2994003 |
| Dividends from affiliates | 331494 |
| Other assets | 18798 |
| Total Assets  | 3422786902 |
| Liabilities:  |  |
| Due to custodian | 591271 |
| Due to broker | 471692 |
| Collateral for securities loaned (Note 3) | 8072018 |
| Forward foreign currency exchange contracts | 3915512 |
| Variation margin payable on futures contracts | 2447234 |
| Payables: |  |
| TBA investments purchased | 681530599 |
| Investments purchased  | 28452411 |
| Fund shares repurchased | 9980832 |
| Advisory fees | 1365864 |
| Dividends | 351502 |
| Transfer agent fees and expenses | 324293 |
| Trustees' deferred compensation fees | 86854 |
| 12b-1 Distribution and shareholder servicing fees | 61594 |
| Professional fees | 48384 |
| Affiliated fund administration fees payable | 6128 |
| Trustees' fees and expenses | 3409 |
| Custodian fees | 124 |
| Accrued expenses and other payables | 423072 |
| Total Liabilities  | 738132793 |
| Net Assets  | $2684654109 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 26 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $3248977777 |
| Total distributable earnings (loss) | (564323668) |
| Total Net Assets  | $2684654109 |
| Net Assets - Class A Shares  | $40440992 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4853414 |
| Net Asset Value Per Share<sup>(2)</sup>  | $8.33 |
| Maximum Offering Price Per Share<sup>(3)</sup>  | $8.75 |
| Net Assets - Class C Shares | $56505922 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 6779440 |
| Net Asset Value Per Share<sup>(2)</sup> | $8.33 |
| Net Assets - Class D Shares | $83206554 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9982844 |
| Net Asset Value Per Share | $8.33 |
| Net Assets - Class I Shares | $2317070927 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 278054059 |
| Net Asset Value Per Share | $8.33 |
| Net Assets - Class N Shares | $72583698 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8708665 |
| Net Asset Value Per Share | $8.33 |
| Net Assets - Class S Shares | $1294621 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 156245 |
| Net Asset Value Per Share | $8.29 |
| Net Assets - Class T Shares | $113551395 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 13640379 |
| Net Asset Value Per Share | $8.32 |

---

<br>(1) Includes $7,687,407 of securities on loan. See Note 3 in Notes to Financial Statements.<br>(2) Redemption price per share may be reduced for any applicable contingent deferred sales charge.<br>(3) Maximum offering price is computed at 100/95.25 of net asset value.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 27 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Interest | $83895773 |
| Dividends | 1256163 |
| Dividends from affiliates | 882428 |
| Affiliated securities lending income, net | 49201 |
| Unaffiliated securities lending income, net | 13653 |
| Other income | 245819 |
| Total Investment Income  | 86343037 |
| Expenses:  |  |
| Advisory fees | 7952012 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 58887 |
| Class C Shares | 280959 |
| Class S Shares | 1543 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 52928 |
| Class S Shares | 1543 |
| Class T Shares | 175587 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 12478 |
| Class C Shares | 23365 |
| Class I Shares | 1150275 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 1556 |
| Class C Shares | 1349 |
| Class D Shares | 7474 |
| Class I Shares | 62500 |
| Class N Shares | 1582 |
| Class S Shares | 25 |
| Class T Shares | 923 |
| Registration fees | 168661 |
| Professional fees | 145550 |
| Custodian fees | 141044 |
| Shareholder reports expense | 93704 |
| Trustees' fees and expenses | 44551 |
| Affiliated fund administration fees | 35681 |
| Other expenses | 149978 |
| Total Expenses  | 10564155 |
| Less: Excess Expense Reimbursement and Waivers | (6675) |
| Net Expenses  | 10557480 |
| Net Investment Income/(Loss)  | 75785557 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 28 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments and foreign currency transactions | $(121154221) |
| Investments in affiliates | 6340 |
| Forward foreign currency exchange contracts | 3431492 |
| Futures contracts | (45245044) |
| Swap contracts | 6612239 |
| Total Net Realized Gain/(Loss) on Investments  | (156349194) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 48819226 |
| Investments in affiliates | 3825 |
| Forward foreign currency exchange contracts | (4093898) |
| Futures contracts | 1724559 |
| Swap contracts | (19626780) |
| Total Change in Unrealized Net Appreciation/Depreciation  | 26826932 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $(53736705) |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 29 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $75785557 | $121994343 |
| Net realized gain/(loss) on investments | (156349194) | (93415323) |
| Change in unrealized net appreciation/depreciation | 26826932 | (375719935) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (53736705) | (347140915) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1240872) | (2535097) |
| Class C Shares | (1387067) | (2360641) |
| Class D Shares | (2440733) | (4349450) |
| Class I Shares | (67193339) | (117851696) |
| Class N Shares | (1939152) | (4378152) |
| Class S Shares | (31444) | (33689) |
| Class T Shares | (3725076) | (8153049) |
| Total Dividends and Distributions to Shareholders | (77957683) | (139661774) |
| Return of Capital on Dividends and Distributions |  |  |
| Class A Shares |  | (31545) |
| Class C Shares |  | (35270) |
| Class D Shares |  | (50890) |
| Class I Shares |  | (1333778) |
| Class N Shares |  | (52643) |
| Class S Shares |  | (379) |
| Class T Shares |  | (100119) |
| Total Return of Capital Dividends and Distributions |  | (1604624) |
| Net Decrease from Dividends and Distributions to Shareholders | (77957683) | (141266398) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (6878134) | (8643788) |
| Class C Shares | (3213729) | 2009650 |
| Class D Shares | (3873653) | (2175198) |
| Class I Shares | (93692621) | 366961875 |
| Class N Shares | 7568645 | (41998008) |
| Class S Shares | 150407 | 605584 |
| Class T Shares | (38353948) | (43085492) |
| Net Increase/(Decrease) from Capital Share Transactions | (138293033) | 273674623 |
| Net Increase/(Decrease) in Net Assets | (269987421) | (214732690) |
| Net Assets: |  |  |
| Beginning of period | 2954641530 | 3169374220 |
| End of period | $2684654109 | $2954641530 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 30 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.73  | $10.12  | $9.47  | $9.89  | $9.66  | $9.83  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.22  | 0.33  | 0.39  | 0.40  | 0.42  | 0.40  |
| Net realized and unrealized gain/(loss) | (0.39)  | (1.33)  | 0.67  | (0.34)  | 0.25  | (0.08)  |
| Total from Investment Operations | (0.17)  | (1.00)  | 1.06  | 0.06  | 0.67  | 0.32  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.23)  | (0.36)  | (0.41)  | (0.40)  | (0.44)  | (0.43)  |
| Distributions (from capital gains) | —  | (0.03)  | —  | (0.05)  | —  | (0.06)  |
| Return of capital | —  | —<sup>(2)</sup>  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.23)  | (0.39)  | (0.41)  | (0.48)  | (0.44)  | (0.49)  |
| Net Asset Value, End of Period | $8.33  | $8.73  | $10.12  | $9.47  | $9.89  | $9.66  |
| Total Return\* | (1.96)% | (10.18)% | 11.38%<sup>(3)</sup> | 0.61% | 7.11% | 3.20% |
| Net Assets, End of Period (in thousands) | $40441  | $49566  | $67032  | $49168  | $20276  | $15697  |
| Average Net Assets for the Period (in thousands) | $46335  | $63735  | $57669  | $40103  | $14907  | $13616  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.93% | 0.90% | 0.91% | 0.92% | 1.05% | 1.11% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.93% | 0.90% | 0.91% | 0.92% | 1.00% | 0.99% |
| Ratio of Net Investment Income/(Loss) | 5.15% | 3.43% | 3.91% | 4.19% | 4.35% | 4.16% |
| Portfolio Turnover Rate<sup>(4)</sup> | 26% | 75% | 119% | 188% | 142% | 194% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) 0.01% of the Fund's total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.33%. <br>(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 31 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.74  | $10.12  | $9.47  | $9.89  | $9.67  | $9.84  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.19  | 0.26  | 0.32  | 0.33  | 0.35  | 0.33  |
| Net realized and unrealized gain/(loss) | (0.40)  | (1.33)  | 0.67  | (0.35)  | 0.23  | (0.09)  |
| Total from Investment Operations | (0.21)  | (1.07)  | 0.99  | (0.02)  | 0.58  | 0.24  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20)  | (0.28)  | (0.34)  | (0.33)  | (0.36)  | (0.35)  |
| Distributions (from capital gains) | —  | (0.03)  | —  | (0.05)  | —  | (0.06)  |
| Return of capital | —  | —<sup>(2)</sup>  | —  | (0.02)  | —  | —  |
| Total Dividends and Distributions | (0.20)  | (0.31)  | (0.34)  | (0.40)  | (0.36)  | (0.41)  |
| Net Asset Value, End of Period | $8.33  | $8.74  | $10.12  | $9.47  | $9.89  | $9.67  |
| Total Return\* | (2.42)% | (10.75)% | 10.58%<sup>(3)</sup> | (0.18)% | 6.20% | 2.40% |
| Net Assets, End of Period (in thousands) | $56506  | $62504  | $71133  | $63574  | $30350  | $18101  |
| Average Net Assets for the Period (in thousands) | $59466  | $73171  | $67010  | $50662  | $20980  | $12273  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.64% | 1.66% | 1.64% | 1.71% | 1.79% | 1.90% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.64% | 1.66% | 1.64% | 1.71% | 1.76% | 1.79% |
| Ratio of Net Investment Income/(Loss) | 4.47% | 2.70% | 3.19% | 3.43% | 3.60% | 3.40% |
| Portfolio Turnover Rate<sup>(4)</sup> | 26% | 75% | 119% | 188% | 142% | 194% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) 0.01% of the Fund's total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 10.53%. <br>(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 32 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.74  | $10.12  | $9.47  | $9.89  | $9.67  | $9.84  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.23  | 0.35  | 0.40  | 0.42  | 0.44  | 0.43  |
| Net realized and unrealized gain/(loss) | (0.40)  | (1.33)  | 0.68  | (0.35)  | 0.23  | (0.10)  |
| Total from Investment Operations | (0.17)  | (0.98)  | 1.08  | 0.07  | 0.67  | 0.33  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.24)  | (0.37)  | (0.43)  | (0.41)  | (0.45)  | (0.44)  |
| Distributions (from capital gains) | —  | (0.03)  | —  | (0.05)  | —  | (0.06)  |
| Return of capital | —  | —<sup>(2)</sup>  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.24)  | (0.40)  | (0.43)  | (0.49)  | (0.45)  | (0.50)  |
| Net Asset Value, End of Period | $8.33  | $8.74  | $10.12  | $9.47  | $9.89  | $9.67  |
| Total Return\* | (1.99)% | (9.93)% | 11.57%<sup>(3)</sup> | 0.77% | 7.18% | 3.36% |
| Net Assets, End of Period (in thousands) | $83207  | $91299  | $108418  | $78091  | $57522  | $31328  |
| Average Net Assets for the Period (in thousands) | $88098  | $104991  | $91918  | $79433  | $42770  | $28932  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.77% | 0.73% | 0.74% | 0.76% | 0.88% | 0.98% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.77% | 0.73% | 0.74% | 0.76% | 0.84% | 0.84% |
| Ratio of Net Investment Income/(Loss) | 5.34% | 3.61% | 4.07% | 4.30% | 4.54% | 4.36% |
| Portfolio Turnover Rate<sup>(4)</sup> | 26% | 75% | 119% | 188% | 142% | 194% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) 0.01% of the Fund's total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.52%. <br>(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 33 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.73  | $10.12  | $9.47  | $9.88  | $9.66  | $9.83  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.23  | 0.36  | 0.41  | 0.43  | 0.44  | 0.43  |
| Net realized and unrealized gain/(loss) | (0.39)  | (1.34)  | 0.67  | (0.34)  | 0.24  | (0.09)  |
| Total from Investment Operations | (0.16)  | (0.98)  | 1.08  | 0.09  | 0.68  | 0.34  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.24)  | (0.38)  | (0.43)  | (0.42)  | (0.46)  | (0.45)  |
| Distributions (from capital gains) | —  | (0.03)  | —  | (0.05)  | —  | (0.06)  |
| Return of capital | —  | —<sup>(2)</sup>  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.24)  | (0.41)  | (0.43)  | (0.50)  | (0.46)  | (0.51)  |
| Net Asset Value, End of Period | $8.33  | $8.73  | $10.12  | $9.47  | $9.88  | $9.66  |
| Total Return\* | (1.85)% | (9.99)% | 11.63%<sup>(3)</sup> | 0.93% | 7.25% | 3.46% |
| Net Assets, End of Period (in thousands) | $2317071  | $2522907  | $2570289  | $1805985  | $909014  | $196433  |
| Average Net Assets for the Period (in thousands) | $2400581  | $2803141  | $2061334  | $1542112  | $476391  | $110623  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.72% | 0.69% | 0.69% | 0.70% | 0.80% | 0.87% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.72% | 0.69% | 0.69% | 0.70% | 0.78% | 0.76% |
| Ratio of Net Investment Income/(Loss) | 5.41% | 3.68% | 4.13% | 4.42% | 4.59% | 4.45% |
| Portfolio Turnover Rate<sup>(4)</sup> | 26% | 75% | 119% | 188% | 142% | 194% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) 0.01% of the Fund's total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.58%. <br>(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 34 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.74  | $10.12  | $9.47  | $9.89  | $9.67  | $9.84  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.24  | 0.37  | 0.42  | 0.44  | 0.45  | 0.44  |
| Net realized and unrealized gain/(loss) | (0.41)  | (1.33)  | 0.67  | (0.36)  | 0.24  | (0.09)  |
| Total from Investment Operations | (0.17)  | (0.96)  | 1.09  | 0.08  | 0.69  | 0.35  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.24)  | (0.39)  | (0.44)  | (0.42)  | (0.47)  | (0.46)  |
| Distributions (from capital gains) | —  | (0.03)  | —  | (0.05)  | —  | (0.06)  |
| Return of capital | —  | —<sup>(2)</sup>  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.24)  | (0.42)  | (0.44)  | (0.50)  | (0.47)  | (0.52)  |
| Net Asset Value, End of Period | $8.33  | $8.74  | $10.12  | $9.47  | $9.89  | $9.67  |
| Total Return\* | (1.92)% | (9.80)% | 11.73%<sup>(3)</sup> | 0.90% | 7.32% | 3.51% |
| Net Assets, End of Period (in thousands) | $72584  | $68120  | $121983  | $88092  | $6763  | $2696  |
| Average Net Assets for the Period (in thousands) | $67807  | $101875  | $104964  | $20729  | $3933  | $2017  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.63% | 0.59% | 0.60% | 0.63% | 0.80% | 0.84% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.63% | 0.59% | 0.60% | 0.63% | 0.71% | 0.69% |
| Ratio of Net Investment Income/(Loss) | 5.50% | 3.73%  | 4.21% | 4.68% | 4.67% | 4.50% |
| Portfolio Turnover Rate<sup>(4)</sup> | 26% | 75% | 119% | 188% | 142% | 194% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) 0.01% of the Fund's total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.68%. <br>(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 35 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.73  | $10.11  | $9.46  | $9.91  | $9.67  | $9.84  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.17  | 0.32  | 0.39  | 0.39  | 0.43  | 0.40  |
| Net realized and unrealized gain/(loss) | (0.39)  | (1.34)  | 0.67  | (0.37)  | 0.27  | (0.09)  |
| Total from Investment Operations | (0.22)  | (1.02)  | 1.06  | 0.02  | 0.70  | 0.31  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.22)  | (0.33)  | (0.41)  | (0.39)  | (0.46)  | (0.42)  |
| Distributions (from capital gains) | —  | (0.03)  | —  | (0.05)  | —  | (0.06)  |
| Return of capital | —  | —<sup>(2)</sup>  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.22)  | (0.36)  | (0.41)  | (0.47)  | (0.46)  | (0.48)  |
| Net Asset Value, End of Period | $8.29  | $8.73  | $10.11  | $9.46  | $9.91  | $9.67  |
| Total Return\* | (2.54)% | (10.30)% | 11.32%<sup>(3)</sup> | 0.19% | 7.51% | 3.12% |
| Net Assets, End of Period (in thousands) | $1295  | $1202  | $745  | $987  | $652  | $1228  |
| Average Net Assets for the Period (in thousands) | $1209  | $890  | $898  | $775  | $908  | $1181  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.38% | 1.45% | 1.33% | 1.43% | 1.36% | 1.37% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.15% | 1.15% | 0.98% | 1.03% | 0.89% | 1.07% |
| Ratio of Net Investment Income/(Loss) | 3.92% | 3.33% | 3.88% | 4.05% | 4.47% | 4.13% |
| Portfolio Turnover Rate<sup>(4)</sup> | 26% | 75% | 119% | 188% | 142% | 194% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) 0.01% of the Fund's total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.27%. <br>(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 36 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $8.73  | $10.12  | $9.47  | $9.89  | $9.66  | $9.83  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.22  | 0.34  | 0.40  | 0.41  | 0.42  | 0.41  |
| Net realized and unrealized gain/(loss) | (0.40)  | (1.34)  | 0.67  | (0.35)  | 0.25  | (0.09)  |
| Total from Investment Operations | (0.18)  | (1.00)  | 1.07  | 0.06  | 0.67  | 0.32  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.23)  | (0.36)  | (0.42)  | (0.40)  | (0.44)  | (0.43)  |
| Distributions (from capital gains) | —  | (0.03)  | —  | (0.05)  | —  | (0.06)  |
| Return of capital | —  | —<sup>(2)</sup>  | —  | (0.03)  | —  | —  |
| Total Dividends and Distributions | (0.23)  | (0.39)  | (0.42)  | (0.48)  | (0.44)  | (0.49)  |
| Net Asset Value, End of Period | $8.32  | $8.73  | $10.12  | $9.47  | $9.89  | $9.66  |
| Total Return\* | (2.04)% | (10.12)% | 11.47%<sup>(3)</sup> | 0.67% | 7.17% | 3.26% |
| Net Assets, End of Period (in thousands) | $113551  | $159043  | $229774  | $285912  | $149662  | $75614  |
| Average Net Assets for the Period (in thousands) | $138618  | $202714  | $291205  | $250371  | $105637  | $47107  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.87% | 0.84% | 0.85% | 0.86% | 0.98% | 1.06% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | 0.83% | 0.83% | 0.86% | 0.95% | 0.94% |
| Ratio of Net Investment Income/(Loss) | 5.04% | 3.50% | 4.01% | 4.27% | 4.42% | 4.26% |
| Portfolio Turnover Rate<sup>(4)</sup> | 26% | 75% | 119% | 188% | 142% | 194% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>(3) 0.01% of the Fund's total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.42%. <br>(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 37 |

---

------

### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Multi-Sector Income Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks high current income with a secondary focus on capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> 38 DECEMBER 31, 2022

------

### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of December 31, 2022.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

<br> 40 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)

#### Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

#### Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended December 31, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;· **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;· **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;· **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

#### Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract ("forward currency contract") is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

#### Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or "ASET" price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund's futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

#### Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty ("CCP"). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the "Executing Dealer") and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission ("CFTC"). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund's exposure to the counterparty.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would

<br> 44 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
be required to pay the par value (the "notional value") (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.

During the period, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.

3. Other Investments and Strategies

#### Additional Investment Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### LIBOR Replacement Risk
**The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate ("LIBOR") or other interbank offered rates as a reference rate for various rate calculations. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit rates for many LIBOR settings after December 31, 2021, and for certain other commonly used U.S. dollar LIBOR settings after June 30, 2023. The elimination of LIBOR or other reference rates and the transition process away from LIBOR could adversely impact (i) volatility and liquidity in markets that are tied to those reference rates, (ii) the market for, or value of, specific securities or payments linked to those reference rates, (iii) availability or terms of borrowing or refinancing, or (iv) the effectiveness of hedging strategies. For these and other reasons, the elimination of LIBOR or changes to other reference rates may adversely affect the Fund's performance and/or net asset value. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR") that is intended to replace the U.S. dollar LIBOR. The effect of the discontinuation of, LIBOR or other reference rates will depend on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR or other reference rates on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.**

#### Loans
The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession ("DIP") loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 50% of the Fund's total assets. Below are descriptions of the types of loans held by the Fund as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Bank Loans -** Bank loans are obligations of companies or other entities 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Floating Rate Loans –** Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate ("LIBOR"). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (''borrowers'') in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower's capital structure. The senior position in the borrower's capital structure generally gives holders of senior loans a claim on certain of the borrower's assets that is senior to subordinated debt and

<br> 46 DECEMBER 31, 2022

------

### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
preferred and common stock in the case of a borrower's default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund's return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Mezzanine Loans -** Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer's capital structure.

#### Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities' mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### TBA Commitments
The Fund may enter into "to be announced" or "TBA" commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon

<br> Janus Investment Fund 47

------

### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although the particular TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. To facilitate TBA commitments, the Fund will segregate or otherwise earmark liquid assets marked to market daily in an amount at least equal to such TBA commitments. Proposed rules of the Financial Industry Regulatory Authority ("FINRA") include mandatory margin requirements for TBA commitments which, in some circumstances, will require the Fund to also post collateral. These collateral requirements may increase costs associated with the Fund's participation in the TBA market.

#### When-Issued, Delayed Delivery and Forward Commitment Transactions
The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund's other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments'

<br> 48 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. 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. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of December 31, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $7,687,407. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2022 is $8,072,018, resulting in the net amount due to the counterparty of $384,611.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by

<br> Janus Investment Fund 49

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the "Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022" table located in the Fund's Schedule of Investments.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to these contracts. Certain securities may be segregated at the Fund's custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund's corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| *Average Daily Net* <br>*Assets of the Fund* | *Contractual Investment* <br>*Advisory Fee (%)* |
| First $200 Million | 0.60 |
| Next $500 Million | 0.57 |
| Over $700 Million | 0.55 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.56% of average annual net assets before any applicable waivers.

The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.64% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

<br> 50 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $2,689.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

<br> Janus Investment Fund 51

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $4,030.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended December 31, 2022, the Fund engaged in cross trades amounting to $2,388,811 in purchases and $25,406,781 in sales, resulting in a net realized loss of $3,378,163

. The net realized loss is included within the "Net Realized Gain/(Loss) on Investments" section of the Fund's Statement of Operations.

<br> 52 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
5. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2022, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |
| *For the year ended June 30, 2022* | *For the year ended June 30, 2022* | *For the year ended June 30, 2022* |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | *Accumulated* <br> *Capital Losses* |
| $(85870537) | $(11164114) | $(97034651) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary difference between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and investments in passive foreign investment companies.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $3663898151  | $7596748  | $(304491628) | $(296894880) |

---

<br> Janus Investment Fund 53

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
6. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997452  | $8563543  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512155  | $34685238  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142061  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203381  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259890  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514847  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1961636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16645058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4721195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45843873) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(822123) | $(6878134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(949150) | $(8643788) |
| Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436316  | $3699434  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219963  | $21892520  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162607  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376528  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246899  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2381260  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(974904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8289691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2339517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22264130) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375981) | $(3213729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127345  | $2009650  |
| Class D Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632888  | $5439958  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410009  | $33432311  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266879  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260440  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426998  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125281  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1368642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11574051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4096910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39732790) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468875) | $(3873653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259903) | $(2175198) |
| Class I Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;76753654  | $651036702  | &nbsp;&nbsp;&nbsp;&nbsp;149981113  | $1463410864  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7726672  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65402398  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11822831  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113937965  |
| Shares repurchased | (95323796) | &nbsp;&nbsp;&nbsp;&nbsp;(810131721) | (126898055) | &nbsp;&nbsp;&nbsp;&nbsp;(1210386954) |
| Net Increase/(Decrease) | (10843470) | $(93692621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34905889  | $366961875  |
| Class N Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917934  | $16158577  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4626991  | $44871422  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197353  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668734  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393069  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3835550  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1204063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10258666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9276670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90704980) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911224  | $7568645  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4256610) | $(41998008) |
| Class S Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62265  | $531053  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79987  | $756904  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3710  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31361  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34068  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185388) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18551  | $150407  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63990  | $605584  |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621075  | $13924900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7538261  | $73701449  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437700  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712661  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847371  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8196736  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6634411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55991509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12885155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124983677) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4575636) | $(38353948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4499523) | $(43085492) |

---

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $695129152  | $927487459  | $-  | $-  |

---

8. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") in March 2020. The new guidance in the ASU

<br> 54 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Notes to Financial Statements (unaudited)
provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR or other interbank-offered based reference rates as of the end of 2021. For new and existing contracts, Funds may elect to apply the guidance as of March 12, 2020 through December 31, 2022. FASB has deferred the sunset date to December 31, 2024. Management is currently evaluating the impact, if any, of the ASU's adoption to the Fund's financial statements.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> Janus Investment Fund 55

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### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> 56 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> Janus Investment Fund 57

------

### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> 58 DECEMBER 31, 2022

------

### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> Janus Investment Fund 59

------

### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> 60 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> Janus Investment Fund 61

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### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> 62 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> Janus Investment Fund 63

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### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> 64 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

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### Janus Henderson Multi-Sector Income Fund

#### Report of Independent Registered Public Accounting Firm
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> 66 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Liquidity Risk Management Program (unaudited)

#### Liquidity Risk Management Program
**Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the "LRMP") that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors' interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund's illiquid investments; (v) redemptions in-kind; and (vi) board oversight.** 

The Trustees of the Fund (the "Trustees") have designated Janus Henderson Investors US LLC, the Fund's investment adviser (the "Adviser"), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser's business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the "Liquidity Risk Working Group"). In assessing each Fund's liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund's portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund's investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund's strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund's use of borrowing for investment purposes; and (v) a Fund's use of derivatives.

The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the "Program Administrator Report"). At a meeting held on March 16, 2022, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2021 through December 31, 2021 (the "Reporting Period").

The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. It noted that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund's liquidity risk, considering the Fund's particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.

There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund's prospectus for more information regarding the risks to which an investment in the Fund may be subject.

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### Janus Henderson Multi-Sector Income Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 68 DECEMBER 31, 2022

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### Janus Henderson Multi-Sector Income Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 69

------

### Janus Henderson Multi-Sector Income Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 70 DECEMBER 31, 2022

------

### Janus Henderson Multi-Sector Income Fund

#### Notes

#### NotesPage1
<br> Janus Investment Fund 71

------

### Janus Henderson Multi-Sector Income Fund

#### Notes

#### NotesPage2
<br> 72 DECEMBER 31, 2022

------

### Janus Henderson Multi-Sector Income Fund

#### Notes

#### NotesPage3
<br> Janus Investment Fund 73

------

---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93028 03-23 |

---

------

---

| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Responsible International Dividend Fund (Formerly Janus Henderson Dividend & Income Builder Fund)** | **Janus Henderson Responsible International Dividend Fund (Formerly Janus Henderson Dividend & Income Builder Fund)** |
| Janus Investment Fund | Janus Investment Fund |

---

**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Responsible International Dividend Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_17) | [1](#1_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_17) | [9](#2_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_17) | [10](#3_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_17) | [12](#4_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_17) | [14](#5_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_17) | [15](#6_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_17) | [22](#7_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_17) | [33](#8_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_17) | [44](#9_17) |

---

<br> Ben Lofthouseco-portfolio manager Faizan Baigco-portfolio manager <br>    

------

### Janus Henderson Responsible International Dividend Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **5 Top Contributors - Equity Sleeve Holdings** | **5 Top Contributors - Equity Sleeve Holdings** | **5 Top Contributors - Equity Sleeve Holdings** | **5 Top Detractors - Equity Sleeve Holdings** | **5 Top Detractors - Equity Sleeve Holdings** | **5 Top Detractors - Equity Sleeve Holdings** |
|  | **Average <br>Weight** | **Relative <br>Contribution** |  | **Average <br>Weight** | **Relative <br>Contribution** |
| Cie Financiere Richemont SA (REG) | 1.85% | 0.55% | Tele2 AB | 1.50% | -0.50% |
| Merck & Co Inc | 2.06% | 0.46% | GSK PLC | 2.21% | -0.47% |
| AIA Group Ltd | 1.71% | 0.45% | Tencent Holdings Ltd | 0.61% | -0.46% |
| Honeywell International Inc | 1.17% | 0.41% | TELUS Corp | 1.58% | -0.42% |
| Air Products and Chemicals Inc | 1.73% | 0.36% | Microsoft Corp | 3.97% | -0.36% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **5 Top Contributors - Equity Sleeve Sectors**\* |  |  |  |
|  |  | **Relative** | **Equity Sleeve** | **MSCI World ex-USA Index** |
|  |  | **Contribution** | **Average Weight** | **Average Weight** |
|  | Financials | 0.77% | 11.59% | 19.88% |
|  | Energy | 0.64% | 3.89% | 6.53% |
|  | Consumer Staples | 0.43% | 11.35% | 10.13% |
|  | Industrials | 0.37% | 11.68% | 14.83% |
|  | Consumer Discretionary | 0.33% | 6.12% | 10.46% |
|  | **5 Top Detractors - Equity Sleeve Sectors**\* |  |  |  |
|  |  | **Relative** | **Equity Sleeve** | **MSCI World ex-USA Index** |
|  |  | **Contribution** | **Average Weight** | **Average Weight** |
|  | Communication Services | -1.26% | 6.93% | 4.51% |
|  | Information Technology | -0.83% | 17.03% | 7.83% |
|  | Other\*\* | -0.14% | 1.75% | 0.00% |
|  | Health Care | -0.09% | 18.98% | 11.97% |
|  | Real Estate | -0.05% | 1.15% | 2.50% |
|  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  |
| \* | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| \*\* | Not a GICS classified sector. | Not a GICS classified sector. | Not a GICS classified sector. | Not a GICS classified sector. |

---

<br> Janus Investment Fund 1

------

### Janus Henderson Responsible International Dividend Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | |
|:---|:---|
| 5 Largest Equity Holdings - (% of Net Assets) | 5 Largest Equity Holdings - (% of Net Assets) |
| Nestle SA (REG) |  |
| &nbsp;&nbsp;&nbsp;Food Products | 4.4% |
| Unilever PLC |  |
| &nbsp;&nbsp;&nbsp;Personal Products | 3.9% |
| RELX PLC |  |
| &nbsp;&nbsp;&nbsp;Professional Services | 3.7% |
| AstraZeneca PLC |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 3.3% |
| Cie Financiere Richemont SA (REG) |  |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 3.2% |
|  | 18.5% |

---

---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Common Stocks | 94.0% | 94.0% |
| Investment Companies | 3.4% | 3.4% |
| Preferred Stocks | 2.0% | 2.0% |
| Other | Other | 0.6% |
|  |  | 100.0% |

---

#### Emerging markets comprised 7.4% of total net assets.

---

| | |
|:---|:---|
| Top Country Allocations - Long Positions - (% of Investment Securities) | Top Country Allocations - Long Positions - (% of Investment Securities) |
| **As of December 31, 2022**<br>![](img_7b60cd67e45f4f17.jpg) | **As of June 30, 2022**<br>![](img_27f02189b7784f17.jpg) |

---

<br> 2 DECEMBER 31, 2022

------

#### Janus Henderson Responsible International Dividend Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | 5.45% | -8.83% | 2.80% | 5.66% | 6.11% | 1.27% | 1.16% |
| Class A Shares at MOP | -0.59% | -14.09% | 1.58% | 5.12% | 5.58% |  |  |
| Class C Shares at NAV | 5.04% | -9.48% | 2.01% | 4.85% | 5.30% | 2.04% | 1.92% |
| Class C Shares at CDSC | 4.04% | -10.36% | 2.01% | 4.85% | 5.30% |  |  |
| Class D Shares | 5.54% | -8.64% | 2.96% | 5.81% | 6.26% | 1.14% | 0.99% |
| Class I Shares | 5.46% | -8.67% | 3.01% | 5.89% | 6.34% | 1.04% | 0.93% |
| Class N Shares | 5.52% | -8.62% | 3.09% | 5.88% | 6.33% | 1.08% | 0.84% |
| Class S Shares | 5.49% | -8.66% | 2.92% | 5.61% | 6.05% | 6.12% | 1.35% |
| Class T Shares | 5.45% | -8.77% | 2.86% | 5.70% | 6.15% | 1.21% | 1.09% |
| MSCI World ex-USA Index | 5.50%  | -14.29% | 1.79% | 4.59% | 5.57% |  |  |
| MSCI World Index | 2.97% | -18.14% | 6.14% | 8.85% | 9.31% |  |  |
| Morningstar Quartile - Class I Shares | - | 2nd | 2nd | 1st | 1st |  |  |
| Morningstar Ranking - based on total returns for Foreign Large Value | - | 128/421 | 139/405 | 51/340 | 37/340 |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

<br> Janus Investment Fund 3

------

#### Janus Henderson Responsible International Dividend Fund (unaudited)

#### Performance
*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson Dividend & Income Builder Fund (the "Predecessor Fund"), which merged into the Fund after the close of business on June 2, 2017. 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. 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 reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. 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 D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class A Shares shown 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, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class C Shares shown for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund, 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.

Performance of Class I Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, 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.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, 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 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.

Performance of Class S Shares shown 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.

Performance of Class T Shares shown 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.

Performance of Class D Shares shown 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 D Shares, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Predecessor Fund's inception date – August 1, 2012

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> 4 DECEMBER 31, 2022

------

#### Janus Henderson Responsible International Dividend Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $1054.50  | $6.06  | $1000.00  | $1019.31  | $5.96  | 1.17% |
| Class C Shares | Class C Shares | $1000.00  | $1050.40  | $9.97  | $1000.00  | $1015.48  | $9.80  | 1.93% |
| Class D Shares | Class D Shares | $1000.00  | $1055.40  | $5.18  | $1000.00  | $1020.16  | $5.09  | 1.00% |
| Class I Shares | Class I Shares | $1000.00  | $1054.60  | $4.87  | $1000.00  | $1020.47  | $4.79  | 0.94% |
| Class N Shares | Class N Shares | $1000.00  | $1055.20  | $4.45  | $1000.00  | $1020.87  | $4.38  | 0.86% |
| Class S Shares | Class S Shares | $1000.00  | $1054.90  | $5.13  | $1000.00  | $1020.21  | $5.04  | 0.99% |
| Class T Shares | Class T Shares | $1000.00  | $1054.50  | $5.64  | $1000.00  | $1019.71  | $5.55  | 1.09% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

---

<br> Janus Investment Fund 5

------

### Janus Henderson Responsible International Dividend Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *<br>*Shares* | *<br>*Shares* | *Value* |
| Common Stocks– 94.0% | Common Stocks– 94.0% |  |
| Automobiles – 1.9% | Automobiles – 1.9% |  |
| Stellantis NV\* | 142984 | $2025071 |
| Banks – 4.2% | Banks – 4.2% |  |
| BAWAG Group AG (144A)\* | 39902 | 2121315 |
| ING Groep NV | 195814 | 2388671 |
|  |  | 4509986 |
| Beverages – 1.8% | Beverages – 1.8% |  |
| Coca-Cola Co | 29548 | 1879548 |
| Capital Markets – 1.0% | Capital Markets – 1.0% |  |
| CME Group Inc | 6059 | 1018881 |
| Chemicals – 1.2% | Chemicals – 1.2% |  |
| Air Products & Chemicals Inc | 4205 | 1296233 |
| Communications Equipment – 1.0% | Communications Equipment – 1.0% |  |
| Cisco Systems Inc | 21452 | 1021973 |
| Diversified Telecommunication Services – 4.8% | Diversified Telecommunication Services – 4.8% |  |
| Deutsche Telekom AG | 154461 | 3080513 |
| TELUS Corp | 106172 | 2049250 |
|  |  | 5129763 |
| Electrical Equipment – 3.9% | Electrical Equipment – 3.9% |  |
| nVent Electric PLC | 26699 | 1027111 |
| Schneider Electric SE | 22419 | 3152547 |
|  |  | 4179658 |
| Electronic Equipment, Instruments & Components – 0.9% | Electronic Equipment, Instruments & Components – 0.9% |  |
| Corning Inc | 29766 | 950726 |
| Entertainment – 1.0% | Entertainment – 1.0% |  |
| Nintendo Co Ltd | 25100 | 1051238 |
| Equity Real Estate Investment Trusts (REITs) – 1.5% | Equity Real Estate Investment Trusts (REITs) – 1.5% |  |
| Crown Castle International Corp | 11530 | 1563929 |
| Food Products – 4.4% | Food Products – 4.4% |  |
| Nestle SA (REG) | 40253 | 4649894 |
| Health Care Equipment & Supplies – 0.8% | Health Care Equipment & Supplies – 0.8% |  |
| Medtronic PLC | 11194 | 869998 |
| Information Technology Services – 1.5% | Information Technology Services – 1.5% |  |
| Fidelity National Information Services Inc | 23110 | 1568014 |
| Insurance – 9.7% | Insurance – 9.7% |  |
| AIA Group Ltd | 290200 | 3197319 |
| AXA SA | 110903 | 3090508 |
| Direct Line Insurance Group PLC | 416156 | 1115535 |
| Zurich Insurance Group AG | 6112 | 2921564 |
|  |  | 10324926 |
| Machinery – 5.2% | Machinery – 5.2% |  |
| Sandvik AB | 157105 | 2838130 |
| Volvo AB | 152124 | 2755976 |
|  |  | 5594106 |
| Multi-Utilities – 1.9% | Multi-Utilities – 1.9% |  |
| National Grid PLC | 172911 | 2076458 |
| Paper & Forest Products – 1.9% | Paper & Forest Products – 1.9% |  |
| UPM-Kymmene Oyj | 55039 | 2062896 |
| Personal Products – 3.9% | Personal Products – 3.9% |  |
| Unilever PLC | 81955 | 4112031 |
| Pharmaceuticals – 17.8% | Pharmaceuticals – 17.8% |  |
| AstraZeneca PLC | 25661 | 3481851 |
| Bristol-Myers Squibb Co | 15344 | 1104001 |
| GSK PLC | 150476 | 2616192 |
| Merck & Co Inc | 9426 | 1045815 |
| Novartis AG | 31213 | 2828079 |
| Novo Nordisk A/S | 23793 | 3222128 |
| Roche Holding AG | 7826 | 2460078 |
| Sanofi | 22404 | 2167516 |
|  |  | 18925660 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *<br>*Shares* | *<br>*Shares* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Professional Services – 5.8% | Professional Services – 5.8% |  |
| RELX PLC | 143215 | $3948599 |
| SGS SA | 964 | 2232572 |
|  |  | 6181171 |
| Semiconductor & Semiconductor Equipment – 7.7% | Semiconductor & Semiconductor Equipment – 7.7% |  |
| MediaTek Inc | 136000 | 2762757 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 39745 | 2960605 |
| Tokyo Electron Ltd | 8400 | 2495713 |
|  |  | 8219075 |
| Software – 4.7% | Software – 4.7% |  |
| Microsoft Corp | 10298 | 2469666 |
| SAP SE | 24864 | 2565585 |
|  |  | 5035251 |
| Textiles, Apparel & Luxury Goods – 3.2% | Textiles, Apparel & Luxury Goods – 3.2% |  |
| Cie Financiere Richemont SA (REG) | 26405 | 3417880 |
| Wireless Telecommunication Services – 2.3% | Wireless Telecommunication Services – 2.3% |  |
| Tele2 AB | 306761 | 2500902 |
| Total Common Stocks (cost $88,196,329) | Total Common Stocks (cost $88,196,329) | 100165268 |
| Preferred Stocks– 2.0% | Preferred Stocks– 2.0% |  |
| Technology Hardware, Storage & Peripherals – 2.0% | Technology Hardware, Storage & Peripherals – 2.0% |  |
| Samsung Electronics Co Ltd((cost $1,899,474) | 53155 | 2139012 |
| Investment Companies– 3.4% | Investment Companies– 3.4% |  |
| Money Markets – 3.4% | Money Markets – 3.4% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº,£</sup>((cost $3,617,980) | 3617256 | 3617980 |
| Total Investments (total cost $93,713,783) – 99.4% | Total Investments (total cost $93,713,783) – 99.4% | 105922260 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.6% | Cash, Receivables and Other Assets, net of Liabilities – 0.6% | 687670 |
| Net Assets – 100% | Net Assets – 100% | $106609930 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $22050067 | 20.8% |
| Switzerland | 18510067 | 17.5 |
| Netherlands | 10449301 | 9.9 |
| France | 8410571 | 7.9 |
| Sweden | 8095008 | 7.7 |
| United Kingdom | 6673844 | 6.3 |
| Taiwan | 5723362 | 5.4 |
| Germany | 5646098 | 5.3 |
| Japan | 3546951 | 3.4 |
| Denmark | 3222128 | 3.0 |
| Hong Kong | 3197319 | 3.0 |
| South Korea | 2139012 | 2.0 |
| Austria | 2121315 | 2.0 |
| Finland | 2062896 | 2.0 |
| Canada | 2049250 | 1.9 |
| Italy | 2025071 | 1.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $105922260 | 100.0 | % |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 3.4% | Investment Companies - 3.4% | Investment Companies - 3.4% | Investment Companies - 3.4% | Investment Companies - 3.4% |
| Money Markets - 3.4% | Money Markets - 3.4% | Money Markets - 3.4% | Money Markets - 3.4% | Money Markets - 3.4% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | $28752 | $339 | $(385) | $3617980 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 3.4% | Investment Companies - 3.4% | Investment Companies - 3.4% | Investment Companies - 3.4% | Investment Companies - 3.4% |
| Money Markets - 3.4% | Money Markets - 3.4% | Money Markets - 3.4% | Money Markets - 3.4% | Money Markets - 3.4% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 4362647 | 28568848 | (29313469) | 3617980 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> MSCI World ex-USA Index<sup>SM</sup> Need definition <br> MSCI World Index<sup>SM</sup> MSCI World Index<sup>SM</sup> reflects the equity market performance of global developed markets.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |
| REG | Registered |

---

---

| | |
|:---|:---|
| 144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2022 is $2,121,315, which represents 2.0% of net assets. |

---

<br> \* Non-income producing security.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

---

| | | | |
|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Beverages | $1879548 | $- | $- |
| Capital Markets | 1018881 | - | - |
| Chemicals | 1296233 | - | - |
| Communications Equipment | 1021973 | - | - |
| Diversified Telecommunication Services | 2049250 | 3080513 | - |
| Electrical Equipment | 1027111 | 3152547 | - |
| Electronic Equipment, Instruments & Components | 950726 | - | - |
| Equity Real Estate Investment Trusts (REITs) | 1563929 | - | - |
| Health Care Equipment & Supplies | 869998 | - | - |
| Information Technology Services | 1568014 | - | - |
| Pharmaceuticals | 2149816 | 16775844 | - |
| Semiconductor & Semiconductor Equipment | 2960605 | 5258470 | - |
| Software | 2469666 | 2565585 | - |
| All Other | - | 48506559 | - |
| *Preferred Stocks* | - | 2139012 | - |
| *Investment Companies* | - | 3617980 | - |
| **Total Assets** | $20825750 | $85096510 | $- |

---

<br> Janus Investment Fund 9

------

### Janus Henderson Responsible International Dividend Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $90,095,803) | $102304280 |
| Affiliated investments, at value (cost $3,617,980) | 3617980 |
| Cash denominated in foreign currency (cost $161) | 161 |
| Trustees' deferred compensation | 3463 |
| Receivables: |  |
| Foreign tax reclaims | 783357 |
| Dividends  | 179432 |
| Fund shares sold | 59680 |
| Dividends from affiliates | 1875 |
| Total Assets  | 106950228 |
| Liabilities:  |  |
| Payables: |  |
| Fund shares repurchased | 177782 |
| Advisory fees | 55611 |
| Professional fees | 31434 |
| 12b-1 Distribution and shareholder servicing fees | 15136 |
| Transfer agent fees and expenses | 7809 |
| Trustees' deferred compensation fees | 3463 |
| Affiliated fund administration fees payable | 241 |
| Trustees' fees and expenses | 223 |
| Custodian fees | 184 |
| Accrued expenses and other payables | 48415 |
| Total Liabilities  | 340298 |
| Net Assets  | $106609930 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $96952599 |
| Total distributable earnings (loss) | 9657331 |
| Total Net Assets  | $106609930 |
| Net Assets - Class A Shares  | $30009057 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2310060 |
| Net Asset Value Per Share<sup>(1)</sup>  | $12.99 |
| Maximum Offering Price Per Share<sup>(2)</sup>  | $13.78 |
| Net Assets - Class C Shares | $8931456 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 707225 |
| Net Asset Value Per Share<sup>(1)</sup> | $12.63 |
| Net Assets - Class D Shares | $15137086 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1163813 |
| Net Asset Value Per Share | $13.01 |
| Net Assets - Class I Shares | $39150245 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3003684 |
| Net Asset Value Per Share | $13.03 |
| Net Assets - Class N Shares | $8630559 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 663256 |
| Net Asset Value Per Share | $13.01 |
| Net Assets - Class S Shares | $61128 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4726 |
| Net Asset Value Per Share | $12.93 |
| Net Assets - Class T Shares | $4690399 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 361484 |
| Net Asset Value Per Share | $12.98 |

---

<br> (1) Redemption price per share may be reduced for any applicable contingent deferred sales charge.(2) Maximum offering price is computed at 100/94.25 of net asset value.

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Dividends | $2036947 |
| Interest | 220841 |
| Dividends from affiliates | 28752 |
| Other income | 96458 |
| Foreign tax withheld | (45929) |
| Total Investment Income  | 2337069 |
| Expenses:  |  |
| Advisory fees | 483619 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 37844 |
| Class C Shares | 48000 |
| Class S Shares | 2 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 8727 |
| Class S Shares | 74 |
| Class T Shares | 16122 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 9176 |
| Class C Shares | 3731 |
| Class I Shares | 22894 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 1074 |
| Class C Shares | 248 |
| Class D Shares | 2276 |
| Class I Shares | 1504 |
| Class N Shares | 142 |
| Class S Shares | 2 |
| Class T Shares | 161 |
| Registration fees | 41653 |
| Professional fees | 33034 |
| Custodian fees | 11010 |
| Shareholder reports expense | 9888 |
| Trustees' fees and expenses | 1962 |
| Affiliated fund administration fees | 1612 |
| Other expenses | 34937 |
| Total Expenses  | 769692 |
| Less: Excess Expense Reimbursement and Waivers | (76146) |
| Net Expenses  | 693546 |
| Net Investment Income/(Loss)  | 1643523 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments and foreign currency transactions | $(2379798) |
| Investments in affiliates | 339 |
| Total Net Realized Gain/(Loss) on Investments  | (2379459) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 7377715 |
| Investments in affiliates | (385) |
| Total Change in Unrealized Net Appreciation/Depreciation  | 7377330 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $6641394 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $1643523 | $5015746 |
| Net realized gain/(loss) on investments | (2379459) | 1711019 |
| Change in unrealized net appreciation/depreciation | 7377330 | (23141230) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 6641394 | (16414465) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (748963) | (1595453) |
| Class C Shares | (208269) | (625376) |
| Class D Shares | (388282) | (661488) |
| Class I Shares | (1262511) | (3107265) |
| Class N Shares | (154763) | (209921) |
| Class S Shares | (1666) | (3069) |
| Class T Shares | (351957) | (1102718) |
| Net Decrease from Dividends and Distributions to Shareholders | (3116411) | (7305290) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (2505665) | 3752398 |
| Class C Shares | (1955936) | (5004143) |
| Class D Shares | 138286 | 5086472 |
| Class I Shares | (19513219) | (3327373) |
| Class N Shares | 2084542 | 6696382 |
| Class S Shares | 1666 | 3069 |
| Class T Shares | (14411772) | (4754543) |
| Net Increase/(Decrease) from Capital Share Transactions | (36162098) | 2452262 |
| Net Increase/(Decrease) in Net Assets | (32637115) | (21267493) |
| Net Assets: |  |  |
| Beginning of period | 139247045 | 160514538 |
| End of period | $106609930 | $139247045 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $12.66  | $14.83  | $12.31  | $13.09  | $13.18  | $12.94  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.15  | 0.45  | 0.56  | 0.36  | 0.42  | 0.36  |
| Net realized and unrealized gain/(loss) | 0.51  | (1.95)  | 2.40  | (0.72)  | (0.03)  | 0.24  |
| Total from Investment Operations | 0.66  | (1.50)  | 2.96  | (0.36)  | 0.39  | 0.60  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.33)  | (0.48)  | (0.44)  | (0.42)  | (0.37)  | (0.36)  |
| Distributions (from capital gains) | —  | (0.19)  | —  | —  | (0.11)  | —  |
| Total Dividends and Distributions | (0.33)  | (0.67)  | (0.44)  | (0.42)  | (0.48)  | (0.36)  |
| Net Asset Value, End of Period | $12.99  | $12.66  | $14.83  | $12.31  | $13.09  | $13.18  |
| Total Return\* | 5.45% | (10.49)% | 24.38% | (2.79)% | 3.14% | 4.63% |
| Net Assets, End of Period (in thousands) | $30009  | $31754  | $33270  | $25517  | $32262  | $29294  |
| Average Net Assets for the Period (in thousands) | $29699  | $34299  | $28797  | $30893  | $30675  | $27827  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.28% | 1.27% | 1.24% | 1.25% | 1.32% | 1.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.17% | 1.18% | 1.15% | 1.16% | 1.17% | 1.14% |
| Ratio of Net Investment Income/(Loss) | 2.42% | 3.14% | 4.06% | 2.83% | 3.23% | 2.71% |
| Portfolio Turnover Rate | 47% | 34% | 52% | 59% | 44% | 36% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $12.32  | $14.49  | $12.07  | $12.89  | $13.01  | $12.81  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.10  | 0.32  | 0.44  | 0.27  | 0.31  | 0.25  |
| Net realized and unrealized gain/(loss) | 0.49  | (1.88)  | 2.36  | (0.74)  | (0.01)  | 0.24  |
| Total from Investment Operations | 0.59  | (1.56)  | 2.80  | (0.47)  | 0.30  | 0.49  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.28)  | (0.42)  | (0.38)  | (0.35)  | (0.31)  | (0.29)  |
| Distributions (from capital gains) | —  | (0.19)  | —  | —  | (0.11)  | —  |
| Total Dividends and Distributions | (0.28)  | (0.61)  | (0.38)  | (0.35)  | (0.42)  | (0.29)  |
| Net Asset Value, End of Period | $12.63  | $12.32  | $14.49  | $12.07  | $12.89  | $13.01  |
| Total Return\* | 5.04% | (11.11)% | 23.48% | (3.68)% | 2.41% | 3.85% |
| Net Assets, End of Period (in thousands) | $8931  | $10653  | $17760  | $21018  | $30356  | $29203  |
| Average Net Assets for the Period (in thousands) | $9509  | $15068  | $19671  | $25897  | $30095  | $31115  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 2.06% | 2.01% | 1.96% | 1.98% | 2.06% | 1.91% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.93% | 1.91% | 1.87% | 1.89% | 1.91% | 1.91% |
| Ratio of Net Investment Income/(Loss) | 1.69% | 2.27% | 3.24% | 2.15% | 2.48% | 1.85% |
| Portfolio Turnover Rate | 47% | 34% | 52% | 59% | 44% | 36% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $12.68  | $14.84  | $12.31  | $13.09  | $13.17  | $12.93  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.16  | 0.49  | 0.60  | 0.41  | 0.42  | 0.46  |
| Net realized and unrealized gain/(loss) | 0.51  | (1.97)  | 2.38  | (0.75)  | —<sup>(2)</sup>  | 0.16  |
| Total from Investment Operations | 0.67  | (1.48)  | 2.98  | (0.34)  | 0.42  | 0.62  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.34)  | (0.49)  | (0.45)  | (0.44)  | (0.39)  | (0.38)  |
| Distributions (from capital gains) | —  | (0.19)  | —  | —  | (0.11)  | —  |
| Total Dividends and Distributions | (0.34)  | (0.68)  | (0.45)  | (0.44)  | (0.50)  | (0.38)  |
| Net Asset Value, End of Period | $13.01  | $12.68  | $14.84  | $12.31  | $13.09  | $13.17  |
| Total Return\* | 5.54% | (10.33)% | 24.58% | (2.66)% | 3.34% | 4.77% |
| Net Assets, End of Period (in thousands) | $15137  | $14580  | $11877  | $6861  | $6889  | $8072  |
| Average Net Assets for the Period (in thousands) | $14505  | $13972  | $8639  | $7041  | $7362  | $4665  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.18% | 1.14% | 1.12% | 1.20% | 1.31% | 1.02% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.00% | 1.01% | 0.98% | 0.99% | 1.01% | 0.99% |
| Ratio of Net Investment Income/(Loss) | 2.52% | 3.43% | 4.29% | 3.20% | 3.26% | 3.47% |
| Portfolio Turnover Rate | 47% | 34% | 52% | 59% | 44% | 36% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $12.71  | $14.86  | $12.32  | $13.11  | $13.19  | $12.94  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.17  | 0.48  | 0.59  | 0.41  | 0.43  | 0.40  |
| Net realized and unrealized gain/(loss) | 0.49  | (1.94)  | 2.40  | (0.76)  | —<sup>(2)</sup>  | 0.23  |
| Total from Investment Operations | 0.66  | (1.46)  | 2.99  | (0.35)  | 0.43  | 0.63  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.34)  | (0.50)  | (0.45)  | (0.44)  | (0.40)  | (0.38)  |
| Distributions (from capital gains) | —  | (0.19)  | —  | —  | (0.11)  | —  |
| Total Dividends and Distributions | (0.34)  | (0.69)  | (0.45)  | (0.44)  | (0.51)  | (0.38)  |
| Net Asset Value, End of Period | $13.03  | $12.71  | $14.86  | $12.32  | $13.11  | $13.19  |
| Total Return\* | 5.46% | (10.23)% | 24.68% | (2.68)% | 3.41% | 4.86% |
| Net Assets, End of Period (in thousands) | $39150  | $55559  | $68416  | $74386  | $88458  | $100825  |
| Average Net Assets for the Period (in thousands) | $54297  | $66229  | $78344  | $81753  | $97766  | $92797  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.04% | 1.04% | 0.99% | 1.00% | 1.06% | 0.91% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.94% | 0.95% | 0.91% | 0.91% | 0.92% | 0.91% |
| Ratio of Net Investment Income/(Loss) | 2.62% | 3.30% | 4.27% | 3.19% | 3.35% | 2.94% |
| Portfolio Turnover Rate | 47% | 34% | 52% | 59% | 44% | 36% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $12.69  | $14.83  | $12.30  | $13.08  | $13.16  | $12.91  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.17  | 0.60  | 0.61  | 0.41  | 0.42  | 0.45  |
| Net realized and unrealized gain/(loss) | 0.50  | (2.05)  | 2.38  | (0.74)  | 0.01  | 0.19  |
| Total from Investment Operations | 0.67  | (1.45)  | 2.99  | (0.33)  | 0.43  | 0.64  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.35)  | (0.50)  | (0.46)  | (0.45)  | (0.40)  | (0.39)  |
| Distributions (from capital gains) | —  | (0.19)  | —  | —  | (0.11)  | —  |
| Total Dividends and Distributions | (0.35)  | (0.69)  | (0.46)  | (0.45)  | (0.51)  | (0.39)  |
| Net Asset Value, End of Period | $13.01  | $12.69  | $14.83  | $12.30  | $13.08  | $13.16  |
| Total Return\* | 5.52% | (10.14)% | 24.71% | (2.56)% | 3.48% | 4.94% |
| Net Assets, End of Period (in thousands) | $8631  | $6384  | $688  | $477  | $590  | $857  |
| Average Net Assets for the Period (in thousands) | $5936  | $3798  | $582  | $518  | $723  | $557  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.01% | 1.08% | 1.44% | 1.51% | 1.39% | 0.99% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | 0.88% | 0.84% | 0.85% | 0.85% | 0.86% |
| Ratio of Net Investment Income/(Loss) | 2.76% | 4.30%  | 4.41% | 3.22% | 3.28% | 3.40% |
| Portfolio Turnover Rate | 47% | 34% | 52% | 59% | 44% | 36% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $12.63  | $14.78  | $12.27  | $13.06  | $13.17  | $12.93  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.16  | 0.48  | 0.59  | 0.39  | 0.43  | 0.34  |
| Net realized and unrealized gain/(loss) | 0.50  | (1.94)  | 2.39  | (0.75)  | (0.02)  | 0.25  |
| Total from Investment Operations | 0.66  | (1.46)  | 2.98  | (0.36)  | 0.41  | 0.59  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.36)  | (0.50)  | (0.47)  | (0.43)  | (0.41)  | (0.35)  |
| Distributions (from capital gains) | —  | (0.19)  | —  | —  | (0.11)  | —  |
| Total Dividends and Distributions | (0.36)  | (0.69)  | (0.47)  | (0.43)  | (0.52)  | (0.35)  |
| Net Asset Value, End of Period | $12.93  | $12.63  | $14.78  | $12.27  | $13.06  | $13.17  |
| Total Return\* | 5.49% | (10.27)% | 24.68% | (2.80)% | 3.28% | 4.52% |
| Net Assets, End of Period (in thousands) | $61  | $58  | $65  | $52  | $53  | $52  |
| Average Net Assets for the Period (in thousands) | $58  | $64  | $59  | $53  | $51  | $52  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 6.44% | 5.83% | 6.21% | 6.96% | 7.11% | 2.77% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.99% | 0.95% | 0.91% | 1.08% | 1.04% | 1.21% |
| Ratio of Net Investment Income/(Loss) | 2.52% | 3.36% | 4.27% | 3.04% | 3.32% | 2.56% |
| Portfolio Turnover Rate | 47% | 34% | 52% | 59% | 44% | 36% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $12.65  | $14.81  | $12.29  | $13.08  | $13.16  | $12.93  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.22  | 0.46  | 0.56  | 0.41  | 0.43  | 0.49  |
| Net realized and unrealized gain/(loss) | 0.44  | (1.95)  | 2.40  | (0.77)  | (0.02)  | 0.11  |
| Total from Investment Operations | 0.66  | (1.49)  | 2.96  | (0.36)  | 0.41  | 0.60  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.33)  | (0.48)  | (0.44)  | (0.43)  | (0.38)  | (0.37)  |
| Distributions (from capital gains) | —  | (0.19)  | —  | —  | (0.11)  | —  |
| Total Dividends and Distributions | (0.33)  | (0.67)  | (0.44)  | (0.43)  | (0.49)  | (0.37)  |
| Net Asset Value, End of Period | $12.98  | $12.65  | $14.81  | $12.29  | $13.08  | $13.16  |
| Total Return\* | 5.45% | (10.41)% | 24.45% | (2.80)% | 3.29% | 4.66% |
| Net Assets, End of Period (in thousands) | $4690  | $20258  | $28439  | $26296  | $15553  | $9755  |
| Average Net Assets for the Period (in thousands) | $12741  | $24255  | $26581  | $19478  | $11844  | $3644  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.20% | 1.21% | 1.18% | 1.21% | 1.28% | 1.13% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.09% | 1.11% | 1.09% | 1.09% | 1.10% | 1.11% |
| Ratio of Net Investment Income/(Loss) | 3.38% | 3.16% | 4.06% | 3.29% | 3.36% | 3.75% |
| Portfolio Turnover Rate | 47% | 34% | 52% | 59% | 44% | 36% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Responsible International Dividend Fund (formerly named Janus Henderson Dividend & Income Builder Fund)(the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks income with the potential for capital growth over the long-term. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> 22 DECEMBER 31, 2022

------

### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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

<br> Janus Investment Fund 23

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### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

<br> 24 DECEMBER 31, 2022

------

### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)

#### Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

#### Dividends and Distributions
Dividends are declared and distributed quarterly for the fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Other Investments and Strategies

#### Additional Investment Risk
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one

<br> Janus Investment Fund 25

------

### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)
region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Emerging Market Investing
Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more "developing countries" or "emerging market countries." Such countries include but are not limited to countries included in the MSCI Emerging Markets Index<sup>SM</sup>. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. 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 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 the Fund's investments. To the extent that the Fund invests a significant portion of its assets in the securities of 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. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country's lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

<br> 26 DECEMBER 31, 2022

------

### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| *Average Daily Net* <br>*Assets of the Portfolio* | *Contractual Investment* <br>*Advisory Fee (%)* |
| First $1 Billion | 0.75 |
| Next $1 Billion | 0.65 |
| Above $2 Billion | 0.55 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets before any applicable waivers.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, "HGIL"), pursuant to which HGIL and certain employees of HGIL serve as "associated persons" of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.84% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on

<br> Janus Investment Fund 27

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### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)
behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares' average daily net assets, of up to 1.00% of the Class C Shares' average daily net assets and of up to 0.25% of the Class S Shares' average daily net assets. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $198.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00%

<br> 28 DECEMBER 31, 2022

------

### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)
of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $137.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

As of December 31, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

---

| | | | |
|:---|:---|:---|:---|
| *Class* | *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class A Shares | Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - % |
| Class C Shares | Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| Class D Shares | Class D Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| Class I Shares | Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| Class N Shares | Class N Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1  | &nbsp;&nbsp;&nbsp;&nbsp; 0\*  |
| Class S Shares | Class S Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100  | &nbsp;&nbsp;&nbsp;&nbsp; 0\*  |
| Class T Shares | Class T Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| \*  | Less than 0.50% |  |  |

---

<br> Janus Investment Fund 29

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### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)
4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary difference between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $95154751  | $13869589  | $(3102080) | $10767509  |

---

<br> 30 DECEMBER 31, 2022

------

### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)
5. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231215  | $2949288  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459828  | $6635416  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60940  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722808  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109704  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1542992  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6177761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4426010) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197236) | $(2505665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264012  | $3752398  |
| Class C Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45659  | $558085  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113623  | $1630546  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17856  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204113  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44603  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615637  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2718134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7250326) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157340) | $(1955936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360889) | $(5004143) |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97135  | $1206973  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607184  | $8834472  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31816  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378252  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45858  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643416  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1446939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4391416) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14007  | $138286  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349325  | $5086472  |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1412541  | $16581444  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704857  | $10313050  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106147  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251409  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218121  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3084835  |
| Shares repurchased | (2886685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37346072) | (1153891) | &nbsp;&nbsp;&nbsp;&nbsp;(16725258) |
| Net Increase/(Decrease) | (1367997) | $(19513219) | &nbsp;&nbsp;&nbsp;&nbsp; (230913) | $(3327373) |
| Class N Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249949  | $3233213  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489624  | $7162912  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13048  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154763  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15140  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209921  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1303434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(676451) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159983  | $2084542  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456885  | $6696382  |
| Class S Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | $-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | $-  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1666  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140  | $1666  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219  | $3069  |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42649  | $532701  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256794  | $3735444  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30664  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350379  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77887  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1096439  |
| Shares repurchased | (1313147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15294852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(653416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9586426) |
| Net Increase/(Decrease) | (1239834) | $(14411772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318735) | $(4754543) |

---

6. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $56135131  | $92955178  | $-  | $-  |

---

<br> Janus Investment Fund 31

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### Janus Henderson Responsible International Dividend Fund

#### Notes to Financial Statements (unaudited)
7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 32 DECEMBER 31, 2022

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### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 33

------

### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 34 DECEMBER 31, 2022

------

### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 35

------

### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 36 DECEMBER 31, 2022

------

### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 37

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### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 38 DECEMBER 31, 2022

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### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 39

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### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 40 DECEMBER 31, 2022

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### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 41

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### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 42 DECEMBER 31, 2022

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### Janus Henderson Responsible International Dividend Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 43

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### Janus Henderson Responsible International Dividend Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 44 DECEMBER 31, 2022

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### Janus Henderson Responsible International Dividend Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 45

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### Janus Henderson Responsible International Dividend Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 46 DECEMBER 31, 2022

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### Janus Henderson Responsible International Dividend Fund

#### Notes

#### NotesPage1
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### Janus Henderson Responsible International Dividend Fund

#### Notes

#### NotesPage2
<br> 48 DECEMBER 31, 2022

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### Janus Henderson Responsible International Dividend Fund

#### Notes

#### NotesPage3
<br> Janus Investment Fund 49

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|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93075 03-23 |

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Short Duration Flexible Bond Fund** | **Janus Henderson Short Duration Flexible Bond Fund** |
| Janus Investment Fund | Janus Investment Fund |

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**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

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### **Table of Contents**

#### Janus Henderson Short Duration Flexible Bond Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_18) | [1](#1_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_18) | [16](#2_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_18) | [18](#3_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_18) | [20](#4_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_18) | [22](#5_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_18) | [23](#6_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_18) | [30](#7_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_18) | [47](#8_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_18) | [58](#9_18) |

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<br> Greg Wilenskyco-portfolio manager Michael Keoughco-portfolio manager <br>     

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### Janus Henderson Short Duration Flexible Bond Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| Fund Profile |  |  |
| **30-day SEC Yield\*** | **Without <br>Reimbursement** | **With <br>Reimbursement** |
| Class A Shares NAV | 2.99% | 3.11% |
| Class A Shares MOP | 2.92% | 3.04% |
| Class C Shares\*\* | 2.17% | 2.30% |
| Class D Shares | 3.14% | 3.28% |
| Class I Shares | 3.22% | 3.34% |
| Class N Shares | 3.28% | 3.42% |
| Class S Shares | 1.94% | 2.89% |
| Class T Shares | 3.08% | 3.16% |
| **Weighted Average Maturity** | **Weighted Average Maturity** | 2.9 Years |
| **Average Effective Duration\*\*\*** | **Average Effective Duration\*\*\*** | 1.7 Years |
| \* Yield will fluctuate. |  |  |
| \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. | \*\* Does not include the 1.00% contingent deferred sales charge. |
| \*\*\* A theoretical measure of price volatility. | \*\*\* A theoretical measure of price volatility. |  |

---

---

| | |
|:---|:---|
| Ratings<sup>†</sup> Summary - (% of Total Investments) |  |
| AAA | 27.1% |
| AA | 24.9% |
| A | 3.9% |
| BBB | 8.3% |
| BB | 4.0% |
| B | 0.6% |
| Not Rated | 30.1% |
| Other | 1.1% |
| † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. | † Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments. |

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Significant Areas of Investment - (% of Net Assets)

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| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| United States Treasury Notes/Bonds | 40.7% | 40.7% |
| Asset-Backed/Commercial Mortgage-Backed Securities | 39.3% | 39.3% |
| Corporate Bonds | 12.9% | 12.9% |
| Mortgage-Backed Securities | 5.0% | 5.0% |
| Investment Companies | 1.7% | 1.7% |
| Bank Loans and Mezzanine Loans | 0.4% | 0.4% |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2% | 0.2% |
| Other | Other | (0.2)% |
|  |  | 100.0% |

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<br> Janus Investment Fund 1

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#### Janus Henderson Short Duration Flexible Bond Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | 0.12% | -5.80% | 0.59% | 0.75% | 3.05% | 0.79% | 0.70% |
| Class A Shares at MOP | -2.28% | -8.20% | 0.07% | 0.49% | 2.89% |  |  |
| Class C Shares at NAV | 0.17% | -6.09% | -0.03% | 0.03% | 2.36% | 1.57% | 1.45% |
| Class C Shares at CDSC | -0.83% | -7.02% | -0.03% | 0.03% | 2.36% |  |  |
| Class D Shares | 0.55% | -5.31% | 0.83% | 0.94% | 3.38% | 0.63% | 0.53% |
| Class I Shares | 0.23% | -5.57% | 0.80% | 0.97% | 3.28% | 0.61% | 0.45% |
| Class N Shares | 0.26% | -5.54% | 0.82% | 1.01% | 3.39% | 0.50% | 0.39% |
| Class S Shares | 0.02% | -5.67% | 0.47% | 0.61% | 2.88% | 1.46% | 0.90% |
| Class T Shares | 0.50% | -5.41% | 0.72% | 0.83% | 3.33% | 0.73% | 0.64% |
| Bloomberg 1-3 Year U.S. Government/Credit Index | -0.60% | -3.69% | 0.92% | 0.88% | 3.37%<sup>\*\*</sup> |  |  |
| Morningstar Quartile - Class T Shares | - | 3rd | 3rd | 3rd | 2nd |  |  |
| Morningstar Ranking - based on total returns for Short-Term Bond Funds | - | 365/594 | 328/529 | 275/450 | 68/154 |  |  |

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*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 2.50%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

<br> 2 DECEMBER 31, 2022

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#### Janus Henderson Short Duration Flexible Bond Fund (unaudited)

#### Performance
*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund's Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund's Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – September 1, 1992

\*\* The Bloomberg 1-3 Year U.S. Government/Credit Index's since inception returns are calculated from August 31, 1992.

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

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#### Janus Henderson Short Duration Flexible Bond Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $1001.20  | $3.53  | $1000.00  | $1021.68  | $3.57  | 0.70% |
| Class C Shares | Class C Shares | $1000.00  | $1001.70  | $6.56  | $1000.00  | $1018.65  | $6.61  | 1.30% |
| Class D Shares | Class D Shares | $1000.00  | $1005.50  | $2.68  | $1000.00  | $1022.53  | $2.70  | 0.53% |
| Class I Shares | Class I Shares | $1000.00  | $1002.30  | $2.32  | $1000.00  | $1022.89  | $2.35  | 0.46% |
| Class N Shares | Class N Shares | $1000.00  | $1002.60  | $1.97  | $1000.00  | $1023.24  | $1.99  | 0.39% |
| Class S Shares | Class S Shares | $1000.00  | $1000.20  | $4.49  | $1000.00  | $1020.72  | $4.53  | 0.89% |
| Class T Shares | Class T Shares | $1000.00  | $1005.00  | $3.23  | $1000.00  | $1021.98  | $3.26  | 0.64% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

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<br> 4 DECEMBER 31, 2022

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### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– 39.3% | Asset-Backed/Commercial Mortgage-Backed Securities– 39.3% |  |
| 208 Park Avenue Mortgage Trust 2017-280P, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.8800%, 5.1170%, 9/15/34 (144A)<sup>‡</sup> | $2890000 | $2819342 |
| ACC Auto Trust 2021-A A, 1.0800%, 4/15/27 (144A) | 274021 | 270855 |
| ACC Auto Trust 2022-A A, 4.5800%, 7/15/26 (144A) | 1742040 | 1709599 |
| ACM Auto Trust 2022-1A A, 3.2300%, 4/20/29 (144A) | 637867 | 634736 |
| Affirm Asset Securitization Trust 2021-B A, 1.0300%, 8/17/26 (144A) | 1402000 | 1329139 |
| Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49 (144A)<sup>‡</sup> | 172341 | 165294 |
| Angel Oak Mortgage Trust I LLC 2019-6, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 12 Month + 0.9500%, 2.6200%, 11/25/59 (144A)<sup>‡</sup> | 148851 | 141052 |
| Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46 (144A) | 685228 | 615354 |
| ARES CLO Ltd 2021-60A A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.1200%, 3.8603%, 7/18/34 (144A)<sup>‡</sup> | 491000 | 477595 |
| Arivo Acceptance Auto Loan Receivables 2022-1A A, 3.9300%, 5/15/28 (144A) | 2285717 | 2218473 |
| Atalaya Equipment Leasing Fund I LP 2021-1A A2, 1.2300%, 5/15/26 (144A) | 857694 | 832545 |
| Avis Budget Rental Car Funding AESOP LLC 2017-2A D, 4.5600%, 3/20/24 (144A) | 1617000 | 1611633 |
| Barclays Commercial Mortgage Securities LLC 2017-DELC, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.9750%, 5.2929%, 8/15/36 (144A)<sup>‡</sup> | 430000 | 422177 |
| BPR Trust 2022-OANA A, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.8980%, 6.2336%, 4/15/37 (144A)<sup>‡</sup> | 3717000 | 3660171 |
| BX Commercial Mortgage Trust 2019-XL, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.0345%, 5.3701%, 10/15/36 (144A)<sup>‡</sup> | 3732437 | 3686366 |
| BX Commercial Mortgage Trust 2019-XL, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.1945%, 5.5301%, 10/15/36 (144A)<sup>‡</sup> | 850000 | 834364 |
| BX Commercial Mortgage Trust 2021-21M A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.7300%, 5.0480%, 10/15/36 (144A)<sup>‡</sup> | 1868489 | 1795520 |
| BX Commercial Mortgage Trust 2021-LBA AJV, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.8000%, 5.1180%, 2/15/36 (144A)<sup>‡</sup> | 1598000 | 1519468 |
| BX Commercial Mortgage Trust 2021-LBA AV, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.8000%, 5.1180%, 2/15/36 (144A)<sup>‡</sup> | 1817000 | 1730824 |
| BX Commercial Mortgage Trust 2021-VOLT F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.4000%, 6.7179%, 9/15/36 (144A)<sup>‡</sup> | 3235000 | 2981733 |
| BX Commercial Mortgage Trust 2022-FOX2 A2, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 0.7492%, 5.0848%, 4/15/39 (144A)<sup>‡</sup> | 2005000 | 1846273 |
| Carvana Auto Receivables Trust 2021-P4 A2, 0.8200%, 4/10/25 | 615577 | 607664 |
| CBAM CLO Management 2019-11RA A2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.5000%, 5.7426%, 1/20/35 (144A)<sup>‡</sup> | 4325000 | 4061664 |
| CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61 (144A) | 2191812 | 1890662 |
| CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61 (144A) | 804204 | 660107 |
| CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62 (144A) | 12430022 | 12038222 |
| Chase Auto Credit Linked Notes 2020-1 B, 0.9910%, 1/25/28 (144A) | 740758 | 727691 |
| Chase Auto Credit Linked Notes 2020-2 B, 0.8400%, 2/25/28 (144A) | 469634 | 456768 |
| Chase Auto Credit Linked Notes 2021-1 B, 0.8750%, 9/25/28 (144A) | 1063684 | 1020993 |
| Chase Auto Credit Linked Notes 2021-2 B, 0.8890%, 12/26/28 (144A) | 828431 | 791608 |
| Chesapeake Funding II LLC 2019-2A, 2.7100%, 9/15/31 (144A) | 2858000 | 2845156 |
| CIFC Funding Ltd 2016-1A BRR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.7000%, 5.9776%, 10/21/31 (144A)<sup>‡</sup> | 1278000 | 1226131 |
| CIFC Funding Ltd 2021-7A B, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.6000%, 5.9246%, 1/23/35 (144A)<sup>‡</sup> | 1432000 | 1367341 |
| CIM Trust 2021-NR1 A1, 2.5690%, 7/25/55 (144A)<sup>Ç</sup> | 1174882 | 1106253 |
| Cold Storage Trust 2020-ICE5 A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.9000%, 5.2179%, 11/15/37 (144A)<sup>‡</sup> | 3282205 | 3196288 |
| Cold Storage Trust 2020-ICE5 B, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.3000%, 5.6179%, 11/15/37 (144A)<sup>‡</sup> | 1683863 | 1630225 |
| Cold Storage Trust 2020-ICE5 C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.6500%, 5.9679%, 11/15/37 (144A)<sup>‡</sup> | 1690744 | 1635344 |
| COLEM Mortgage Trust 2022-HLNE A, 2.4610%, 4/12/42 (144A)<sup>‡</sup> | 4914000 | 4123400 |
| Conn Funding II LP 2021-A A, 1.0500%, 5/15/26 (144A) | 1242 | 1240 |
| Conn Funding II LP 2022-A A, 5.8700%, 12/15/26 (144A) | 1228526 | 1226561 |
| Connecticut Avenue Securities Trust 2015-C01 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.3000%, 8.6887%, 2/25/25<sup>‡</sup> | 386668 | 394170 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| Connecticut Avenue Securities Trust 2018-R07, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.4000%, 6.7887%, 4/25/31 (144A)<sup>‡</sup> | $56254 | $56088 |
| Connecticut Avenue Securities Trust 2019-R02, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.3000%, 6.6887%, 8/25/31 (144A)<sup>‡</sup> | 20728 | 20689 |
| Connecticut Avenue Securities Trust 2019-R03, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.1500%, 6.5387%, 9/25/31 (144A)<sup>‡</sup> | 351741 | 350749 |
| Connecticut Avenue Securities Trust 2019-R06, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.1000%, 6.4887%, 9/25/39 (144A)<sup>‡</sup> | 81311 | 81212 |
| Connecticut Avenue Securities Trust 2019-R07, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.1000%, 6.4887%, 10/25/39 (144A)<sup>‡</sup> | 4130 | 4119 |
| Connecticut Avenue Securities Trust 2021-R02 2M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.9000%, 4.8277%, 11/25/41 (144A)<sup>‡</sup> | 2013788 | 1958766 |
| Connecticut Avenue Securities Trust 2021-R02 2M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.0000%, 5.9277%, 11/25/41 (144A)<sup>‡</sup> | 2548000 | 2371295 |
| Connecticut Avenue Securities Trust 2021-R03 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 1.6500%, 5.5777%, 12/25/41 (144A)<sup>‡</sup> | 951000 | 883096 |
| Connecticut Avenue Securities Trust 2022-R01 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 3.1500%, 7.0777%, 12/25/41 (144A)<sup>‡</sup> | 1759000 | 1651000 |
| Connecticut Avenue Securities Trust 2022-R01 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 1.9000%, 5.8277%, 12/25/41 (144A)<sup>‡</sup> | 1997000 | 1867422 |
| Connecticut Avenue Securities Trust 2022-R03 1M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.1000%, 6.0277%, 3/25/42 (144A)<sup>‡</sup> | 1936442 | 1925587 |
| Connecticut Avenue Securities Trust 2022-R04 1M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.0000%, 5.9277%, 3/25/42 (144A)<sup>‡</sup> | 873269 | 871166 |
| Connecticut Avenue Securities Trust 2022-R06 1M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.7500%, 6.6777%, 5/25/42 (144A)<sup>‡</sup> | 766234 | 773226 |
| Connecticut Avenue Securities Trust 2022-R08 1M1, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.5500%, 6.4777%, 7/25/42 (144A)<sup>‡</sup> | 931068 | 933720 |
| Consumer Loan Underlying Bond Credit Trust 2019-P2 C, |  |  |
| &nbsp;&nbsp;&nbsp;4.4100%, 10/15/26 (144A) | 315929 | 313992 |
| CP EF Asset Securitization I LLC 2002-1A A, 5.9600%, 4/15/30 (144A) | 2934292 | 2886401 |
| Credit Suisse Commercial Mortgage Trust 2019-ICE4, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.9800%, 5.2980%, 5/15/36 (144A)<sup>‡</sup> | 3703000 | 3660465 |
| Credit Suisse Commercial Mortgage Trust 2019-ICE4 C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.4300%, 5.7480%, 5/15/36 (144A)<sup>‡</sup> | 4106000 | 4016615 |
| Credit Suisse Commercial Mortgage Trust 2021-WEHO A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.9693%, 8.2873%, 4/15/23 (144A)<sup>‡</sup> | 1528094 | 1483841 |
| DB Master Finance LLC 2017-1A A2II, 4.0300%, 11/20/47 (144A) | 4880610 | 4412209 |
| DBCCRE Mortgage Trust 2014-ARCP E, 4.9345%, 1/10/34 (144A)<sup>‡</sup> | 4240000 | 3793928 |
| Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49 (144A) | 2114000 | 1731549 |
| Diamond Resorts Owner Trust 2021-1A A, 1.5100%, 11/21/33 (144A) | 700629 | 637732 |
| Donlen Fleet Lease Funding 2021-2 B, 0.9800%, 12/11/34 (144A) | 1572000 | 1472892 |
| Donlen Fleet Lease Funding 2021-2 C, 1.2000%, 12/11/34 (144A) | 1471000 | 1366387 |
| Drive Auto Receivables Trust 2020-1, 2.7000%, 5/17/27 | 2511000 | 2463469 |
| DROP Mortgage Trust 2021-FILE A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.1500%, 5.4700%, 10/15/43 (144A)<sup>‡</sup> | 3929000 | 3749321 |
| Elmwood CLO VIII Ltd 2019-2A AR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.1500%, 3.8599%, 4/20/34 (144A)<sup>‡</sup> | 740000 | 722495 |
| Exeter Automobile Receivables Trust 2019-1, 5.2000%, 1/15/26 (144A) | 2895000 | 2867875 |
| Exeter Automobile Receivables Trust 2020-2A E, 7.1900%, 9/15/27 (144A) | 2687000 | 2703817 |
| Exeter Automobile Receivables Trust 2021-1A D, 1.0800%, 11/16/26 | 1081000 | 1007354 |
| Extended Stay America Trust 2021-ESH B, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.3800%, 5.6980%, 7/15/38 (144A)<sup>‡</sup> | 704811 | 675205 |
| Extended Stay America Trust 2021-ESH E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.8500%, 7.1680%, 7/15/38 (144A)<sup>‡</sup> | 3306363 | 3147529 |
| Fannie Mae Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 5.0000%, 9.3887%, 7/25/25<sup>‡</sup> | 158802 | 164700 |
| First Investors Auto Owner Trust 2022-1A A, 2.0300%, 1/15/27 (144A) | 2703493 | 2620299 |
| Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51 (144A)<sup>‡</sup> | 5598845 | 4672640 |
| Foursight Capital Auto Receivables Trust 2021-1 B, 0.8700%, 1/15/26 (144A) | 2960000 | 2884987 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA4 M2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.9500%, 6.3387%, 10/25/49 (144A)<sup>‡</sup> | $202344 | $202212 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA6 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.0000%, 5.9277%, 12/25/50 (144A)<sup>‡</sup> | 1135713 | 1126739 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA2 M2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.1000%, 7.4887%, 3/25/50 (144A)<sup>‡</sup> | 1923102 | 1938074 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.6000%, 6.5277%, 11/25/50 (144A)<sup>‡</sup> | 1252471 | 1237241 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.3000%, 6.2277%, 8/25/33 (144A)<sup>‡</sup> | 622000 | 615099 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA1 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.2500%, 6.1777%, 8/25/33 (144A)<sup>‡</sup> | 681000 | 627315 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA2 M2, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.0500%, 5.9777%, 12/25/33 (144A)<sup>‡</sup> | 2592000 | 2273106 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA5 M1A, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.9500%, 6.8777%, 6/25/42 (144A)<sup>‡</sup> | 1278669 | 1290303 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.1000%, 6.0277%, 3/25/42 (144A)<sup>‡</sup> | 909465 | 901116 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA3 M1A, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 2.3000%, 6.2277%, 8/25/42 (144A)<sup>‡</sup> | 785097 | 781876 |
| FREED ABS Trust 2019-2 C, 4.8600%, 11/18/26 (144A) | 211528 | 211303 |
| FREED ABS Trust 2021-3FP B, 1.0100%, 11/20/28 (144A) | 2189782 | 2167777 |
| FREED ABS Trust 2022-2CP B, 4.4900%, 5/18/29 (144A) | 6317000 | 6179488 |
| FREED ABS Trust 2022-3FP A, 4.5000%, 8/20/29 (144A) | 1576549 | 1570556 |
| GCAT 2022-INV1 A1, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 4870109 | 4011232 |
| Great Wolf Trust, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.0340%, 5.3520%, 12/15/36 (144A)<sup>‡</sup> | 5929000 | 5753697 |
| Hewlett-Packard Financial Services Company Trust 2020-1A C, |  |  |
| &nbsp;&nbsp;&nbsp;2.0300%, 2/20/30 (144A) | 322899 | 321715 |
| Hewlett-Packard Financial Services Company Trust 2020-1A D, |  |  |
| &nbsp;&nbsp;&nbsp;2.2600%, 2/20/30 (144A) | 800000 | 791226 |
| Hilton Grand Vacations Trust 2020-AA, 2.7400%, 2/25/39 (144A) | 1838591 | 1725574 |
| JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE A, |  |  |
| &nbsp;&nbsp;&nbsp;3.2865%, 1/10/37 (144A) | 991000 | 911169 |
| JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE B, |  |  |
| &nbsp;&nbsp;&nbsp;3.6401%, 1/10/37 (144A) | 2560000 | 2347193 |
| JP Morgan Mortgage Trust 2019-LTV2, 3.5000%, 12/25/49 (144A)<sup>‡</sup> | 41179 | 40640 |
| KNDL Mortgage Trust 2019-KNSQ A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.8000%, 5.1180%, 5/15/36 (144A)<sup>‡</sup> | 3838000 | 3799583 |
| LAD Auto Receivables Trust 2021-1A A, 1.3000%, 8/17/26 (144A) | 702548 | 681811 |
| LAD Auto Receivables Trust 2022-1A A, 5.2100%, 6/15/27 (144A) | 3407336 | 3351259 |
| Lendbuzz Securitization Trust 2021-1A A, 1.4600%, 6/15/26 (144A) | 2977062 | 2841824 |
| Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27 (144A)<sup>‡</sup> | 2448422 | 2352092 |
| LendingPoint Asset Securitization Trust 2021-B A, 1.1100%, 2/15/29 (144A) | 542278 | 538168 |
| LendingPoint Asset Securitization Trust 2022-A A, 1.6800%, 6/15/29 (144A) | 1187183 | 1175600 |
| Life Financial Services Trust 2021-BMR A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.7000%, 5.0180%, 3/15/38 (144A)<sup>‡</sup> | 3554420 | 3441766 |
| Life Financial Services Trust 2021-BMR C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.1000%, 5.4180%, 3/15/38 (144A)<sup>‡</sup> | 1980685 | 1882570 |
| Life Financial Services Trust 2022-BMR2 A1, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.2952%, 5.6309%, 5/15/39 (144A)<sup>‡</sup> | 2823000 | 2753077 |
| Life Financial Services Trust 2022-BMR2 B, |  |  |
| &nbsp;&nbsp;&nbsp;CME Term SOFR 1 Month + 1.7939%, 6.1295%, 5/15/39 (144A)<sup>‡</sup> | 1059000 | 1022335 |
| Marlette Funding Trust 2021-3A A, 0.6500%, 12/15/31 (144A) | 986133 | 975115 |
| MED Trust 2021-MDLN C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.8000%, 6.1180%, 11/15/38 (144A)<sup>‡</sup> | 587000 | 556652 |
| MED Trust 2021-MDLN D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 2.0000%, 6.3180%, 11/15/38 (144A)<sup>‡</sup> | 596000 | 564202 |
| MED Trust 2021-MDLN E, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 3.1500%, 7.4680%, 11/15/38 (144A)<sup>‡</sup> | 2647000 | 2456969 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| MED Trust 2021-MDLN F, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 4.0000%, 8.3180%, 11/15/38 (144A)<sup>‡</sup> | $1665000 | $1533331 |
| Mello Mortgage Capital Acceptance Trust 2021-INV3 A11, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.9500%, 4.4708%, 10/25/51 (144A)<sup>‡</sup> | 1760254 | 1589231 |
| Mello Mortgage Capital Acceptance Trust 2021-INV4 A3, |  |  |
| &nbsp;&nbsp;&nbsp;2.5000%, 12/25/51 (144A)<sup>‡</sup> | 1854910 | 1481400 |
| Mello Mortgage Capital Acceptance Trust 2022-INV1 A2, |  |  |
| &nbsp;&nbsp;&nbsp;3.0000%, 3/25/52 (144A)<sup>‡</sup> | 3347818 | 2745361 |
| Mercury Financial Credit Card Master Trust 2021-1A A, |  |  |
| &nbsp;&nbsp;&nbsp;1.5400%, 3/20/26 (144A) | 1890000 | 1809319 |
| MHC Commercial Mortgage Trust 2021-MHC A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.8010%, 5.1190%, 4/15/38 (144A)<sup>‡</sup> | 3182956 | 3087697 |
| MHC Commercial Mortgage Trust 2021-MHC C, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.3510%, 5.6690%, 4/15/38 (144A)<sup>‡</sup> | 1797068 | 1712797 |
| Neuberger Berman CLO Ltd 2019-33A BR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.6000%, 5.1591%, 10/16/33 (144A)<sup>‡</sup> | 3800000 | 3669094 |
| NMEF Funding LLC 2022-A A2, 2.5800%, 10/16/28 (144A) | 3487030 | 3377384 |
| NRZ Excess Spread Collateralized Notes 2020-PLS1 A, |  |  |
| &nbsp;&nbsp;&nbsp;3.8440%, 12/25/25 (144A) | 398953 | 363595 |
| NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26 (144A) | 869539 | 754929 |
| Oak Street Investment Grade Net Lease Fund 2020-1A A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.8500%, 11/20/50 (144A) | 1067745 | 949271 |
| Oasis Securitization 2021-2A A, 2.1430%, 10/15/33 (144A) | 1318067 | 1285376 |
| Oasis Securitization 2022-1A A, 4.7500%, 5/15/34 (144A) | 1769631 | 1736024 |
| Oasis Securitization 2022-2A A, 6.8500%, 10/15/34 (144A) | 2446464 | 2432810 |
| Oceanview Mortgage Trust 2021-4 A11, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.8500%, 4.3708%, 10/25/51 (144A)<sup>‡</sup> | 1935358 | 1733855 |
| Oceanview Mortgage Trust 2021-5 AF, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.8500%, 4.3708%, 11/25/51 (144A)<sup>‡</sup> | 1892985 | 1700105 |
| Oceanview Mortgage Trust 2022-1 A1, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 1970414 | 1644451 |
| Oceanview Mortgage Trust 2022-2 A1, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 3904326 | 3258445 |
| OCP CLO Ltd 2015-10A BR2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.6500%, 5.9769%, 1/26/34 (144A)<sup>‡</sup> | 2686000 | 2564222 |
| Octagon Investment Partners 48 Ltd 2020-3A BR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.6000%, 5.8426%, 10/20/34 (144A)<sup>‡</sup> | 527000 | 505846 |
| Ondeck Asset Securitization Trust LLC 2021-1A A, 1.5900%, 5/17/27 (144A) | 1807000 | 1650811 |
| Onslow Bay Financial LLC 2021-INV3 A3, 2.5000%, 10/25/51 (144A)<sup>‡</sup> | 2885448 | 2306836 |
| Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 3933096 | 3283146 |
| Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51 (144A)<sup>‡</sup> | 1668108 | 1320215 |
| Oscar US Funding Trust 2021-1A A3, 0.7000%, 4/10/25 (144A) | 2188000 | 2121160 |
| Pagaya AI Debt Selection Trust 2022-1 A, 2.0300%, 10/15/29 (144A) | 960065 | 915481 |
| Palmer Square Loan Funding 2020-1A A2, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.3500%, 6.0254%, 2/20/28 (144A)<sup>‡</sup> | 3093334 | 3040382 |
| Pawnee Equipment Receivables 2021-1 A2, 1.1000%, 7/15/27 (144A) | 2978572 | 2840077 |
| Pear LLC 2022-1 A1, 6.5000%, 10/15/34 (144A) | 2285646 | 2281576 |
| Preston Ridge Partners Mortgage Trust 2021-10 A1, 2.4870%, 10/25/26 (144A)<sup>Ç</sup> | 1908180 | 1715813 |
| Preston Ridge Partners Mortgage Trust 2021-9 A1, 2.3630%, 10/25/26 (144A)<sup>Ç</sup> | 1920029 | 1739133 |
| Preston Ridge Partners Mortgage Trust 2022-2 A1, 5.0000%, 3/25/27 (144A)<sup>Ç</sup> | 2501161 | 2337168 |
| Provident Funding Mortgage Trust 2021-INV1 A1, 2.5000%, 8/25/51 (144A)<sup>‡</sup> | 1622425 | 1295173 |
| Reach Financial LLC 2022-2A A, 6.6300%, 5/15/30 (144A) | 1962906 | 1958861 |
| Santander Bank Auto Credit-Linked Notes 2021-1A C, 3.2680%, 12/15/31 (144A) | 788694 | 759941 |
| Santander Bank Auto Credit-Linked Notes 2022-A B, 5.2810%, 5/15/32 (144A) | 1899751 | 1839455 |
| Santander Drive Auto Receivables Trust 2021-1 D, 1.1300%, 11/16/26 | 4581000 | 4326629 |
| Sierra Receivables Funding Co LLC 2021-1A A, 0.9900%, 11/20/37 (144A) | 1134708 | 1064010 |
| SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 5.3360%, 1/15/39 (144A)<sup>‡</sup> | 2805000 | 2707810 |
| SoFi Consumer Loan Program Trust 2022-1S A, 6.2100%, 4/15/31 (144A) | 3829000 | 3822934 |
| SoFi Professional Loan Program 2020-C Trust, 1.9500%, 2/15/46 (144A) | 1757318 | 1590344 |
| Sound Point CLO Ltd 2019-1A AR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.0800%, 3.7899%, 1/20/32 (144A)<sup>‡</sup> | 2136000 | 2090473 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities– (continued) | Asset-Backed/Commercial Mortgage-Backed Securities– (continued) |  |
| SREIT Trust 2021-FLWR D, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.3750%, 5.6930%, 7/15/36 (144A)<sup>‡</sup> | $2543000 | $2413039 |
| SREIT Trust 2021-MFP A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.7308%, 5.0487%, 11/15/38 (144A)<sup>‡</sup> | 3236000 | 3111858 |
| Tesla Auto Lease Trust 2020-A, 4.6400%, 8/20/24 (144A) | 2650000 | 2629767 |
| Tesla Auto Lease Trust 2021-B A3, 0.6000%, 9/22/25 (144A) | 1050000 | 988738 |
| Tesla Auto Lease Trust 2021-B B, 0.9100%, 9/22/25 (144A) | 538000 | 497083 |
| Theorem Funding Trust 2021-1A A, 1.2100%, 12/15/27 (144A) | 2770977 | 2719940 |
| Theorem Funding Trust 2022-3A A, 7.6000%, 4/15/29 (144A) | 3266688 | 3266006 |
| THL Credit Wind River CLO Ltd 2014-1A ARR, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month + 1.0500%, 3.7903%, 7/18/31 (144A)<sup>‡</sup> | 5118934 | 5003083 |
| TPI Re-Remic Trust 2022-FRR1 AK33, 0%, 7/25/46 (144A)<sup>◊</sup> | 994000 | 955641 |
| TPI Re-Remic Trust 2022-FRR1 AK34, 0%, 7/25/46 (144A)<sup>◊</sup> | 819000 | 787394 |
| TPI Re-Remic Trust 2022-FRR1 AK35, 0%, 8/25/46 (144A)<sup>◊</sup> | 1109000 | 1059704 |
| Tricolor Auto Securitization Trust 2022-1A A, 3.3000%, 2/18/25 (144A) | 1573172 | 1559238 |
| TTAN 2021-MHC A, ICE LIBOR USD 1 Month + 0.8500%, 5.1680%, 3/15/38 (144A)<sup>‡</sup> | 1658861 | 1611245 |
| UNIFY Auto Receivables Trust 2021-1A A4, 0.9800%, 7/15/26 (144A) | 2930000 | 2798115 |
| United Wholesale Mortgage LLC 2021-INV4 A3, 2.5000%, 12/25/51 (144A)<sup>‡</sup> | 1432210 | 1155382 |
| Upstart Securitization Trust 2020-3 B, 3.0140%, 11/20/30 (144A) | 1692730 | 1680361 |
| Upstart Securitization Trust 2021-1 A, 0.8700%, 3/20/31 (144A) | 44714 | 44579 |
| Upstart Securitization Trust 2021-3 A, 0.8300%, 7/20/31 (144A) | 852716 | 833307 |
| Upstart Securitization Trust 2021-4 A, 0.8400%, 9/20/31 (144A) | 1361485 | 1317588 |
| Upstart Securitization Trust 2021-5 A, 1.3100%, 11/20/31 (144A) | 456174 | 439131 |
| Upstart Securitization Trust 2022-1 A, 3.1200%, 3/20/32 (144A) | 3342757 | 3208923 |
| Upstart Securitization Trust 2022-2 A, 4.3700%, 5/20/32 (144A) | 2692271 | 2620681 |
| USASF Receivables LLC 2021-1A C, 2.2000%, 5/15/26 (144A) | 3000000 | 2886866 |
| Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45 (144A) | 2652000 | 2334512 |
| VASA Trust 2021-VASA A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 0.9000%, 5.2180%, 7/15/39 (144A)<sup>‡</sup> | 1260000 | 1165987 |
| Verizon Owner Trust 2019-C, 2.0600%, 4/22/24 | 8417000 | 8383811 |
| Verus Securitization Trust 2020-1, 2.6420%, 1/25/60 (144A)<sup>Ç</sup> | 2872478 | 2705315 |
| VMC Finance LLC 2021-HT1 A, |  |  |
| &nbsp;&nbsp;&nbsp;ICE LIBOR USD 1 Month + 1.6500%, 5.9891%, 1/18/37 (144A)<sup>‡</sup> | 1233677 | 1190822 |
| Westgate Resorts 2022-1A A, 1.7880%, 8/20/36 (144A) | 648394 | 618164 |
| Woodward Capital Management 2021-3 A21, |  |  |
| &nbsp;&nbsp;&nbsp;US 30 Day Average SOFR + 0.8000%, 4.3208%, 7/25/51 (144A)<sup>‡</sup> | 1246602 | 1117099 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $372,308,082) | Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $372,308,082) | 352976862 |
| Bank Loans and Mezzanine Loans– 0.4% | Bank Loans and Mezzanine Loans– 0.4% |  |
| Capital Goods – 0.4% | Capital Goods – 0.4% |  |
| Zurn Holdings Inc, ICE LIBOR USD 1 Month + 2.0000%, 6.3836%, 10/4/28<sup>‡</sup>((cost $3,232,752) | 3239573 | 3235575 |
| Corporate Bonds– 12.9% | Corporate Bonds– 12.9% |  |
| Banking – 5.0% | Banking – 5.0% |  |
| Bank of America Corp, SOFR + 1.9900%, 6.2040%, 11/10/28<sup>‡</sup> | 2851000 | 2943577 |
| BNP Paribas SA, ICE LIBOR USD 3 Month + 2.2350%, 4.7050%, 1/10/25 (144A)<sup>‡</sup> | 3253000 | 3220482 |
| BNP Paribas SA, USD SWAP SEMI 30/360 5YR + 5.1500%, 7.3750% (144A)<sup>‡,µ</sup> | 5148000 | 5090226 |
| JPMorgan Chase & Co, SOFR + 1.3200%, 4.0800%, 4/26/26<sup>‡</sup> | 6763000 | 6566345 |
| Morgan Stanley, 4.1000%, 5/22/23 | 8673000 | 8641293 |
| Morgan Stanley, ICE LIBOR USD 3 Month + 0.8470%, 3.7370%, 4/24/24<sup>‡</sup> | 5133000 | 5105252 |
| SVB Financial Group, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.0740%, 4.2500%<sup>‡,µ</sup> | 6640000 | 4356163 |
| SVB Financial Group, |  |  |
| &nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate 5 Year + 3.2020%, 4.0000%<sup>‡,µ</sup> | 857000 | 565637 |
| UBS Group AG, USD SWAP SEMI 30/360 5YR + 4.3440%, 7.0000% (144A)<sup>‡,µ</sup> | 5447000 | 5358886 |
| Wells Fargo & Co, SOFR + 1.5100%, 3.5260%, 3/24/28<sup>‡</sup> | 3116000 | 2885419 |
|  |  | 44733280 |
| Communications – 0.3% | Communications – 0.3% |  |
| Sprint Corp, 7.8750%, 9/15/23 | 2254000 | 2285524 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Corporate Bonds– (continued) | Corporate Bonds– (continued) |  |
| Consumer Cyclical – 0.3% | Consumer Cyclical – 0.3% |  |
| Lowe's Cos Inc, 3.3500%, 4/1/27 | $916000 | $859908 |
| Wyndham Destinations Inc, 5.6500%, 4/1/24 | 1763000 | 1736469 |
|  |  | 2596377 |
| Consumer Non-Cyclical – 2.1% | Consumer Non-Cyclical – 2.1% |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.5000%, 2/15/23 (144A) | 5132000 | 5099831 |
| GE Healthcare Holding LLC, 5.6000%, 11/15/25 (144A) | 3053000 | 3071810 |
| HCA Inc, 5.3750%, 2/1/25 | 1308000 | 1306416 |
| HCA Inc, 5.8750%, 2/15/26 | 684000 | 688316 |
| Illumina Inc, 5.8000%, 12/12/25 | 2951000 | 2971052 |
| JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, |  |  |
| &nbsp;&nbsp;&nbsp;2.5000%, 1/15/27 (144A) | 4222000 | 3693068 |
| Providence Service Corp, 5.8750%, 11/15/25 (144A) | 1734000 | 1628792 |
| Tenet Healthcare Corp, 4.6250%, 7/15/24<sup>#</sup> | 712000 | 694383 |
|  |  | 19153668 |
| Electric – 0.4% | Electric – 0.4% |  |
| NextEra Energy Operating Partners LP, 4.2500%, 7/15/24 (144A) | 1229000 | 1192131 |
| Southern California Edison Co, 5.8500%, 11/1/27 | 2077000 | 2137829 |
|  |  | 3329960 |
| Energy – 0.4% | Energy – 0.4% |  |
| EQT Corp, 5.6780%, 10/1/25 | 2371000 | 2359476 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp, |  |  |
| &nbsp;&nbsp;&nbsp;6.5000%, 7/15/27 | 1643000 | 1653417 |
|  |  | 4012893 |
| Finance Companies – 2.4% | Finance Companies – 2.4% |  |
| Air Lease Corp, 0.8000%, 8/18/24 | 3072000 | 2828756 |
| Ares Capital Corp, 2.8750%, 6/15/27 | 4880000 | 4135909 |
| Avolon Holdings Funding Ltd, 4.2500%, 4/15/26 (144A) | 2351000 | 2131302 |
| Avolon Holdings Funding Ltd, 2.1250%, 2/21/26 (144A) | 3354000 | 2886706 |
| Castlelake Aviation Finance DAC, 5.0000%, 4/15/27 (144A)<sup>#</sup> | 2999000 | 2609621 |
| Owl Rock Capital Corp, 3.1250%, 4/13/27 | 4908000 | 4040229 |
| SLM Corp, 3.1250%, 11/2/26 | 3419000 | 2907688 |
|  |  | 21540211 |
| Government Sponsored – 0.3% | Government Sponsored – 0.3% |  |
| DAE Funding LLC, 1.5500%, 8/1/24 (144A) | 1642000 | 1525926 |
| NOVA Chemicals Corp, 4.8750%, 6/1/24 (144A) | 1707000 | 1651516 |
|  |  | 3177442 |
| Insurance – 1.7% | Insurance – 1.7% |  |
| Centene Corp, 4.2500%, 12/15/27 | 13752000 | 12897495 |
| Corebridge Financial Inc, 3.5000%, 4/4/25 (144A) | 2625000 | 2516521 |
|  |  | 15414016 |
| Total Corporate Bonds (cost $125,198,388) | Total Corporate Bonds (cost $125,198,388) | 116243371 |
| Mortgage-Backed Securities– 5.0% | Mortgage-Backed Securities– 5.0% |  |
| Fannie Mae: | Fannie Mae: |  |
| 3.5000%, TBA, 30 Year Maturity | 993344 | 901709 |
| 4.5000%, TBA, 30 Year Maturity | 2741764 | 2639096 |
| 5.0000%, TBA, 30 Year Maturity | 937576 | 923590 |
|  |  | 4464395 |
| Fannie Mae Pool: | Fannie Mae Pool: |  |
| 4.0000%, 10/1/47 | 423565 | 404106 |
| 4.5000%, 6/1/48 | 392446 | 384236 |
| 4.0000%, 7/1/48 | 521792 | 497388 |
| 4.0000%, 11/1/48 | 606351 | 577993 |
| 4.0000%, 12/1/48 | 96747 | 92222 |
| 4.0000%, 6/1/49 | 77895 | 74092 |
| 4.5000%, 6/1/49 | 36946 | 36137 |
| 4.5000%, 8/1/49 | 50656 | 49547 |
| 4.0000%, 11/1/49 | 1257071 | 1198278 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Mortgage-Backed Securities– (continued) | Mortgage-Backed Securities– (continued) |  |
| Fannie Mae Pool– (continued) | Fannie Mae Pool– (continued) |  |
| 4.5000%, 1/1/50 | $1021636 | $1000265 |
| 4.5000%, 1/1/50 | 70948 | 69395 |
| 4.0000%, 9/1/50 | 1937798 | 1843196 |
| 4.0000%, 3/1/51 | 5148106 | 4896777 |
| 4.0000%, 3/1/51 | 100036 | 95153 |
| 4.0000%, 3/1/51 | 48756 | 46475 |
| 4.0000%, 10/1/51 | 738460 | 702408 |
| 3.0000%, 3/1/52 | 1072843 | 949657 |
| 3.0000%, 4/1/52 | 897986 | 797121 |
| 3.0000%, 4/1/52 | 800336 | 708195 |
| 3.5000%, 4/1/52 | 799269 | 730911 |
| 3.5000%, 4/1/52 | 440450 | 402471 |
| 3.5000%, 4/1/52 | 261888 | 239489 |
| 3.5000%, 4/1/52 | 163980 | 149861 |
| 3.5000%, 4/1/52 | 122353 | 111803 |
| 4.0000%, 4/1/52 | 577511 | 548157 |
| 4.5000%, 4/1/52 | 147318 | 141926 |
| 4.5000%, 4/1/52 | 113378 | 109229 |
| 4.5000%, 4/1/52 | 65027 | 62647 |
| 4.5000%, 4/1/52 | 59014 | 56855 |
| 4.5000%, 4/1/52 | 51620 | 49730 |
| 4.5000%, 4/1/52 | 33238 | 31993 |
| 4.5000%, 5/1/52 | 179865 | 173282 |
| 4.0000%, 6/1/52 | 458530 | 430184 |
| 4.0000%, 6/1/52 | 116229 | 109044 |
| 3.5000%, 7/1/52 | 2960697 | 2719903 |
| 4.0000%, 7/1/52 | 208282 | 195407 |
| 4.5000%, 8/1/52 | 1974380 | 1903242 |
| 5.0000%, 10/1/52 | 572442 | 571294 |
| 5.0000%, 10/1/52 | 255894 | 255381 |
| 5.5000%, 10/1/52 | 4919179 | 5008901 |
| 4.5000%, 11/1/52 | 1968083 | 1923797 |
|  |  | 30348148 |
| Freddie Mac Pool: | Freddie Mac Pool: |  |
| 4.0000%, 11/1/48 | 54721 | 52162 |
| 4.5000%, 6/1/49 | 36901 | 36093 |
| 4.5000%, 7/1/49 | 327201 | 320042 |
| 4.5000%, 7/1/49 | 56161 | 54933 |
| 4.5000%, 8/1/49 | 286716 | 280443 |
| 4.5000%, 1/1/50 | 194946 | 190681 |
| 4.5000%, 1/1/50 | 55203 | 53996 |
| 4.0000%, 3/1/50 | 647185 | 616918 |
| 4.5000%, 9/1/50 | 1916399 | 1876309 |
| 4.0000%, 10/1/50 | 186170 | 177081 |
| 4.5000%, 3/1/52 | 27968 | 26945 |
| 3.5000%, 4/1/52 | 115469 | 105527 |
| 3.5000%, 4/1/52 | 97522 | 89113 |
| 3.5000%, 7/1/52 | 1150504 | 1056939 |
| 4.0000%, 7/1/52 | 457141 | 428890 |
| 4.0000%, 8/1/52 | 514603 | 483018 |
| 4.5000%, 10/1/52 | 1167814 | 1141546 |
| 5.0000%, 10/1/52 | 1759088 | 1755558 |
| 5.0000%, 10/1/52 | 1141496 | 1139205 |
| 5.0000%, 10/1/52 | 34552 | 34483 |
|  |  | 9919882 |
| Total Mortgage-Backed Securities (cost $45,848,611) | Total Mortgage-Backed Securities (cost $45,848,611) | 44732425 |
| United States Treasury Notes/Bonds– 40.7% | United States Treasury Notes/Bonds– 40.7% |  |
| 0.1250%, 5/31/23 | 24051000 | 23621652 |
| 0.1250%, 6/30/23 | 60346000 | 59007073 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| United States Treasury Notes/Bonds– (continued) | United States Treasury Notes/Bonds– (continued) |  |
| 0.1250%, 8/31/23 | $4619000 | $4479528 |
| 0.3750%, 10/31/23 | 44134000 | 42560002 |
| 0.8750%, 1/31/24 | 12392000 | 11890027 |
| 1.7500%, 6/30/24 | 4521000 | 4332390 |
| 3.0000%, 7/31/24 | 51147000 | 49888304 |
| 4.2500%, 9/30/24 | 22326000 | 22211754 |
| 0.7500%, 11/15/24 | 9849000 | 9192657 |
| 1.1250%, 1/15/25 | 760000 | 711223 |
| 1.5000%, 2/15/25 | 361000 | 339819 |
| 1.7500%, 3/15/25 | 1442000 | 1362577 |
| 3.0000%, 7/15/25 | 19964700 | 19337684 |
| 3.1250%, 8/15/25 | 12236000 | 11879435 |
| 3.5000%, 9/15/25 | 7113000 | 6970740 |
| 4.5000%, 11/15/25 | 10568000 | 10631573 |
| 4.1250%, 9/30/27 | 14758000 | 14813342 |
| 4.1250%, 10/31/27 | 49416100 | 49597550 |
| 3.8750%, 11/30/27 | 21784000 | 21664869 |
| 3.8750%, 11/30/29 | 1306000 | 1297225 |
| Total United States Treasury Notes/Bonds (cost $372,426,505) | Total United States Treasury Notes/Bonds (cost $372,426,505) | 365789424 |
| Investment Companies– 1.7% | Investment Companies– 1.7% |  |
| Money Markets – 1.7% | Money Markets – 1.7% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº,£</sup>((cost $15,655,122) | 15652821 | 15655952 |
| Investments Purchased with Cash Collateral from Securities Lending– 0.2% | Investments Purchased with Cash Collateral from Securities Lending– 0.2% |  |
| Investment Companies – 0.2% | Investment Companies – 0.2% |  |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº,£</sup> | 1428296 | 1428296 |
| Time Deposits – 0% | Time Deposits – 0% |  |
| Royal Bank of Canada, 4.3100%, 1/3/23 | $357074 | 357074 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $1,785,370) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $1,785,370) | 1785370 |
| Total Investments (total cost $936,454,830) – 100.2% | Total Investments (total cost $936,454,830) – 100.2% | 900418979 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.2)% | Liabilities, net of Cash, Receivables and Other Assets – (0.2)% | (1976272) |
| Net Assets – 100% | Net Assets – 100% | $898442707 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $873587619 | 97.0% |
| France | 8310708 | 0.9 |
| Switzerland | 5358886 | 0.6 |
| Ireland | 5018008 | 0.6 |
| Canada | 4496672 | 0.5 |
| Japan | 2121160 | 0.2 |
| United Arab Emirates | 1525926 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $900418979 | 100.0 | % |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% |
| Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | $554389 | $602 | $(732) | $15655952 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% |
| Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 15598<sup>∆</sup> | - | - | 1428296 |
| Total Affiliated Investments - 1.9% | $569987 | $602 | $(732) | $17084248 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% |
| Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 40688230 | 229333364 | (254365512) | 15655952 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% | Investments Purchased with Cash Collateral from Securities Lending - 0.2% |
| Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% |
| Janus Henderson Cash Collateral Fund LLC, 4.1397%<sup>ºº</sup> | 1022250 | 67368552 | (66962506) | 1428296 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

#### Schedule of Futures

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br>*Contracts* | *Expiration*<br>*Date* | *Notional*<br>*Amount* | *Value and*<br>*Unrealized*<br>*Appreciation/(Depreciation)* |
| *Futures Long:* |  |  |  |  |
| 2 Year US Treasury Note | 1199 | 4/5/23 | $245888673 | $140508 |
| Ultra 10-Year Treasury Note | 39 | 3/31/23 | 4612969 | (57891) |
| Ultra Long Term US Treasury Bond | 24 | 3/31/23 | 3223500 | (113997) |
| Total - Futures Long |  |  |  | (31380) |
| *Futures Short:* |  |  |  |  |
| 10 Year US Treasury Note | 112 | 3/31/23 | (12577250) | 117250 |
| 5 Year US Treasury Note | 1041 | 4/5/23 | (112354805) | 400250 |
| US Treasury Long Bond | 99 | 3/31/23 | (12409031) | 215016 |
| Total - Futures Short |  |  |  | 732516 |
| Total |  |  |  | $701136 |

---

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of December 31, 2022.

---

| | |
|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2022** |
|  | *Interest Rate* <br>*Contracts* |
| *Asset Derivatives:* |  |
| \*Futures contracts | $873024  |
| *Liability Derivatives:* |  |
| \*Futures contracts | $171888  |
| \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). | \*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022
The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2022** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts* | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts | $-  | $(4927813) | $(4927813) |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; (455914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | $(455914) |
| Total | $(455914) | $(4927813) | $(5383727) |
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* |  | *Interest Rate* <br>*Contracts* | *Total* |
| Futures contracts |  | $2099002  | $2099002  |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2022** |
| Credit default swaps:  |  |
| Average notional amount - buy protection | $2411357  |
| Futures contracts: |  |
| Average notional amount of contracts - long | 273786490  |
| Average notional amount of contracts - short | &nbsp;&nbsp;&nbsp;&nbsp;79387031  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | $1725808 | $— | $(1725808) | $— |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> Bloomberg 1-3 Year U.S. Government/Credit Index Bloomberg 1-3 Year U.S. Government/Credit Index measures Treasuries, government-related issues and corporates with maturity between 1-3 years.

---

| | |
|:---|:---|
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| SOFR | Secured Overnight Financing Rate |
| TBA | (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when specific mortgage pools are assigned. |

---

---

| | |
|:---|:---|
| 144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2022 is $377,305,883, which represents 42.0% of net assets. |

---

‡ Variable
or floating rate security. Rate shown is the current rate as of December 31, 2022. Certain variable rate
securities are not based on a published reference rate and spread; they are determined by the issuer
or agent and current market conditions. Reference rate is as of reset date and may vary by security,
which may not indicate a reference rate and/or spread in their description.

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

<br> # Loaned security; a portion of the security is on loan at December 31, 2022.

<br> µ Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

<br> Ç Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.

◊ Zero
coupon bond.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

∆ Net of income paid
to the securities lending agent and rebates paid to the borrowing counterparties.

<br> 16 DECEMBER 31, 2022

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  |  | ***Level 2 -*** | ***Level 3 -*** |
|  |  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  |  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** | **Assets** |  |  |  |
| **Investments In Securities:** | **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | $352976862 | $- |
| *Bank Loans and Mezzanine Loans* | *Bank Loans and Mezzanine Loans* | - | 3235575 | - |
| *Corporate Bonds* | *Corporate Bonds* | - | 116243371 | - |
| *Mortgage-Backed Securities* | *Mortgage-Backed Securities* | - | 44732425 | - |
| *United States Treasury Notes/Bonds* | *United States Treasury Notes/Bonds* | - | 365789424 | - |
| *Investment Companies* | *Investment Companies* | - | 15655952 | - |
| *Investments Purchased with Cash Collateral from Securities Lending* | *Investments Purchased with Cash Collateral from Securities Lending* | - | 1785370 | - |
| Total Investments in Securities | Total Investments in Securities | $- | $900418979 | $- |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Futures Contracts* | *Futures Contracts* | 873024 | - | - |
| **Total Assets** | **Total Assets** | $873024 | $900418979 | $- |
| **Liabilities** | **Liabilities** |  |  |  |
| **Other Financial Instruments<sup>(a)</sup>:** | **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |
| *Futures Contracts* | *Futures Contracts* | $171888 | $- | $- |
| (a) | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. | Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |

---

<br> Janus Investment Fund 17

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $919,371,412)<sup>(1)</sup> | $883334731 |
| Affiliated investments, at value (cost $17,083,418) | 17084248 |
| Deposits with brokers for futures | 2129000 |
| Variation margin receivable on futures contracts | 120684 |
| Trustees' deferred compensation | 29122 |
| Receivables: |  |
| Interest | 4647103 |
| Fund shares sold | 490582 |
| Dividends from affiliates | 48987 |
| Other assets | 10890 |
| Total Assets  | 907895347 |
| Liabilities:  |  |
| Due to custodian | 368790 |
| Collateral for securities loaned (Note 3) | 1785370 |
| Variation margin payable on futures contracts | 201781 |
| Payables: |  |
| Investments purchased  | 4543010 |
| Fund shares repurchased | 1861448 |
| Advisory fees | 249056 |
| Transfer agent fees and expenses | 149640 |
| Dividends | 91465 |
| Professional fees | 31543 |
| Trustees' deferred compensation fees | 29122 |
| 12b-1 Distribution and shareholder servicing fees | 27579 |
| Affiliated fund administration fees payable | 2055 |
| Trustees' fees and expenses | 1607 |
| Custodian fees | 535 |
| Accrued expenses and other payables | 109639 |
| Total Liabilities  | 9452640 |
| Net Assets  | $898442707 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $1001911325 |
| Total distributable earnings (loss) | (103468618) |
| Total Net Assets  | $898442707 |
| Net Assets - Class A Shares  | $59281643 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 20999917 |
| Net Asset Value Per Share<sup>(2)</sup>  | $2.82 |
| Maximum Offering Price Per Share<sup>(3)</sup>  | $2.89 |
| Net Assets - Class C Shares | $16399023 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5820306 |
| Net Asset Value Per Share<sup>(2)</sup> | $2.82 |
| Net Assets - Class D Shares | $155762163 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 55132191 |
| Net Asset Value Per Share | $2.83 |
| Net Assets - Class I Shares | $389984308 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 138209031 |
| Net Asset Value Per Share | $2.82 |
| Net Assets - Class N Shares | $15304591 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5452398 |
| Net Asset Value Per Share | $2.81 |
| Net Assets - Class S Shares | $383727 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 136103 |
| Net Asset Value Per Share | $2.82 |
| Net Assets - Class T Shares | $261327252 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 92475998 |
| Net Asset Value Per Share | $2.83 |

---

<br>(1) Includes $1,725,808 of securities on loan. See Note 3 in Notes to Financial Statements.<br>(2) Redemption price per share may be reduced for any applicable contingent deferred sales charge.<br>(3) Maximum offering price is computed at 100/97.5 of net asset value.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Interest | $13962127 |
| Dividends from affiliates | 554389 |
| Affiliated securities lending income, net | 15598 |
| Unaffiliated securities lending income, net | 2802 |
| Other income | 31208 |
| Total Investment Income  | 14566124 |
| Expenses:  |  |
| Advisory fees | 2198097 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 77439 |
| Class C Shares | 63690 |
| Class S Shares | 478 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 99183 |
| Class S Shares | 480 |
| Class T Shares | 357028 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 13710 |
| Class C Shares | 5044 |
| Class I Shares | 285282 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 2129 |
| Class C Shares | 369 |
| Class D Shares | 16669 |
| Class I Shares | 11988 |
| Class N Shares | 907 |
| Class S Shares | 17 |
| Class T Shares | 2239 |
| Registration fees | 79839 |
| Shareholder reports expense | 59576 |
| Professional fees | 33589 |
| Trustees' fees and expenses | 16145 |
| Affiliated fund administration fees | 12488 |
| Custodian fees | 6283 |
| Other expenses | 59817 |
| Total Expenses  | 3402486 |
| Less: Excess Expense Reimbursement and Waivers | (678946) |
| Net Expenses  | 2723540 |
| Net Investment Income/(Loss)  | 11842584 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments | $(21782617) |
| Investments in affiliates | 602 |
| Futures contracts | (4927813) |
| Swap contracts | (455914) |
| Total Net Realized Gain/(Loss) on Investments  | (27165742) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments and Trustees' deferred compensation | 15651799 |
| Investments in affiliates | (732) |
| Futures contracts | 2099002 |
| Total Change in Unrealized Net Appreciation/Depreciation  | 17750069 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $2426911 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $11842584 | $13833586 |
| Net realized gain/(loss) on investments | (27165742) | (23041341) |
| Change in unrealized net appreciation/depreciation | 17750069 | (62894052) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 2426911 | (72101807) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (710041) | (939007) |
| Class C Shares | (130527) | (110941) |
| Class D Shares | (2063426) | (2783229) |
| Class I Shares | (5390139) | (7234654) |
| Class N Shares | (497712) | (464174) |
| Class S Shares | (4065) | (6770) |
| Class T Shares | (3352604) | (4613466) |
| Net Decrease from Dividends and Distributions to Shareholders | (12148514) | (16152241) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (6380903) | (5724778) |
| Class C Shares | (437986) | (5185205) |
| Class D Shares | (15152297) | (20358158) |
| Class I Shares | (48852441) | 59461565 |
| Class N Shares | (29293966) | 31568304 |
| Class S Shares | 16246 | (240057) |
| Class T Shares | (30416381) | (83079366) |
| Net Increase/(Decrease) from Capital Share Transactions | (130517728) | (23557695) |
| Net Increase/(Decrease) in Net Assets | (140239331) | (111811743) |
| Net Assets: |  |  |
| Beginning of period | 1038682038 | 1150493781 |
| End of period | $898442707 | $1038682038 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $2.85  | $3.08  | $3.06  | $3.02  | $2.98  | $3.02  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.03  | 0.03  | 0.05  | 0.06  | 0.07  | 0.05  |
| Net realized and unrealized gain/(loss) | (0.03)  | (0.22)  | 0.02  | 0.05  | 0.04  | (0.04)  |
| Total from Investment Operations | —  | (0.19)  | 0.07  | 0.11  | 0.11  | 0.01  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.03)  | (0.04)  | (0.05)  | (0.07)  | (0.07)  | (0.05)  |
| Total Dividends and Distributions | (0.03)  | (0.04)  | (0.05)  | (0.07)  | (0.07)  | (0.05)  |
| Net Asset Value, End of Period | $2.82  | $2.85  | $3.08  | $3.06  | $3.02  | $2.98  |
| Total Return\* | 0.12% | (6.28)% | 2.30% | 3.57% | 3.64% | 0.41% |
| Net Assets, End of Period (in thousands) | $59282  | $66254  | $77673  | $65066  | $57815  | $52118  |
| Average Net Assets for the Period (in thousands) | $60831  | $74703  | $76534  | $56628  | $57158  | $61037  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.80% | 0.78% | 0.78% | 0.79% | 0.85% | 0.90% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.70% | 0.71% | 0.74% | 0.74% | 0.77% | 0.79% |
| Ratio of Net Investment Income/(Loss) | 2.25% | 1.06% | 1.51% | 2.10% | 2.25% | 1.69% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 94%<sup>(2)</sup> | 112%<sup>(2)</sup> | 121% | 79% | 78% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 23 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $2.84  | $3.08  | $3.05  | $3.01  | $2.97  | $3.02  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.02  | 0.01  | 0.03  | 0.04  | 0.05  | 0.03  |
| Net realized and unrealized gain/(loss) | (0.02)  | (0.23)  | 0.03  | 0.04  | 0.04  | (0.05)  |
| Total from Investment Operations | —  | (0.22)  | 0.06  | 0.08  | 0.09  | (0.02)  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.02)  | (0.02)  | (0.03)  | (0.04)  | (0.05)  | (0.03)  |
| Total Dividends and Distributions | (0.02)  | (0.02)  | (0.03)  | (0.04)  | (0.05)  | (0.03)  |
| Net Asset Value, End of Period | $2.82  | $2.84  | $3.08  | $3.05  | $3.01  | $2.97  |
| Total Return\* | 0.17% | (7.27)% | 2.04% | 2.84% | 2.90% | (0.69)% |
| Net Assets, End of Period (in thousands) | $16399  | $16947  | $23656  | $27296  | $29434  | $27253  |
| Average Net Assets for the Period (in thousands) | $14982  | $20412  | $28272  | $26387  | $30443  | $33426  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.43% | 1.51% | 1.37% | 1.53% | 1.58% | 1.67% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.30% | 1.42% | 1.32% | 1.47% | 1.49% | 1.56% |
| Ratio of Net Investment Income/(Loss) | 1.66% | 0.34% | 0.93% | 1.37% | 1.52% | 0.91% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 94%<sup>(2)</sup> | 112%<sup>(2)</sup> | 121% | 79% | 78% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 24 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $2.85  | $3.08  | $3.06  | $3.02  | $2.98  | $3.03  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.03  | 0.04  | 0.05  | 0.07  | 0.07  | 0.06  |
| Net realized and unrealized gain/(loss) | (0.01)  | (0.23)  | 0.03  | 0.04  | 0.04  | (0.05)  |
| Total from Investment Operations | 0.02  | (0.19)  | 0.08  | 0.11  | 0.11  | 0.01  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04)  | (0.04)  | (0.06)  | (0.07)  | (0.07)  | (0.06)  |
| Total Dividends and Distributions | (0.04)  | (0.04)  | (0.06)  | (0.07)  | (0.07)  | (0.06)  |
| Net Asset Value, End of Period | $2.83  | $2.85  | $3.08  | $3.06  | $3.02  | $2.98  |
| Total Return\* | 0.55% | (6.12)% | 2.47% | 3.74% | 3.81% | 0.24% |
| Net Assets, End of Period (in thousands) | $155762  | $172562  | $207596  | $191666  | $178483  | $167616  |
| Average Net Assets for the Period (in thousands) | $165146  | $195168  | $207465  | $182265  | $172435  | $173652  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.65% | 0.63% | 0.63% | 0.64% | 0.70% | 0.76% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.53% | 0.54% | 0.57% | 0.58% | 0.60% | 0.63% |
| Ratio of Net Investment Income/(Loss) | 2.42% | 1.23% | 1.68% | 2.25% | 2.40% | 1.87% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 94%<sup>(2)</sup> | 112%<sup>(2)</sup> | 121% | 79% | 78% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 25 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $2.85  | $3.08  | $3.05  | $3.02  | $2.97  | $3.02  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.04  | 0.04  | 0.05  | 0.07  | 0.07  | 0.06  |
| Net realized and unrealized gain/(loss) | (0.03)  | (0.23)  | 0.04  | 0.03  | 0.05  | (0.05)  |
| Total from Investment Operations | 0.01  | (0.19)  | 0.09  | 0.10  | 0.12  | 0.01  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04)  | (0.04)  | (0.06)  | (0.07)  | (0.07)  | (0.06)  |
| Total Dividends and Distributions | (0.04)  | (0.04)  | (0.06)  | (0.07)  | (0.07)  | (0.06)  |
| Net Asset Value, End of Period | $2.82  | $2.85  | $3.08  | $3.05  | $3.02  | $2.97  |
| Total Return\* | 0.23% | (6.08)% | 2.82% | 3.42% | 4.19% | 0.29% |
| Net Assets, End of Period (in thousands) | $389984  | $442881  | $421533  | $380901  | $392758  | $453776  |
| Average Net Assets for the Period (in thousands) | $420059  | $490490  | $412021  | $383912  | $414017  | $527072  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.64% | 0.61% | 0.60% | 0.61% | 0.65% | 0.68% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.46% | 0.49% | 0.56% | 0.56% | 0.57% | 0.57% |
| Ratio of Net Investment Income/(Loss) | 2.48% | 1.28% | 1.69% | 2.27% | 2.43% | 1.91% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 94%<sup>(2)</sup> | 112%<sup>(2)</sup> | 121% | 79% | 78% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 26 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $2.84  | $3.07  | $3.05  | $3.01  | $2.97  | $3.02  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.04  | 0.04  | 0.06  | 0.07  | 0.08  | 0.06  |
| Net realized and unrealized gain/(loss) | (0.03)  | (0.22)  | 0.02  | 0.05  | 0.04  | (0.05)  |
| Total from Investment Operations | 0.01  | (0.18)  | 0.08  | 0.12  | 0.12  | 0.01  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04)  | (0.05)  | (0.06)  | (0.08)  | (0.08)  | (0.06)  |
| Total Dividends and Distributions | (0.04)  | (0.05)  | (0.06)  | (0.08)  | (0.08)  | (0.06)  |
| Net Asset Value, End of Period | $2.81  | $2.84  | $3.07  | $3.05  | $3.01  | $2.97  |
| Total Return\* | 0.26% | (6.03)% | 2.61% | 3.89% | 3.95% | 0.37% |
| Net Assets, End of Period (in thousands) | $15305  | $45088  | $15816  | $17144  | $37464  | $61806  |
| Average Net Assets for the Period (in thousands) | $39067  | $29059  | $16326  | $41174  | $64559  | $43541  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.50% | 0.50% | 0.50% | 0.49% | 0.55% | 0.61% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.39% | 0.41% | 0.44% | 0.44% | 0.47% | 0.50% |
| Ratio of Net Investment Income/(Loss) | 2.49% | 1.39%  | 1.80% | 2.34% | 2.53% | 2.11% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 94%<sup>(2)</sup> | 112%<sup>(2)</sup> | 121% | 79% | 78% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 27 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $2.85  | $3.07  | $3.05  | $3.01  | $2.97  | $3.02  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.03  | 0.03  | 0.04  | 0.06  | 0.06  | 0.05  |
| Net realized and unrealized gain/(loss) | (0.03)  | (0.22)  | 0.02  | 0.04  | 0.04  | (0.05)  |
| Total from Investment Operations | —  | (0.19)  | 0.06  | 0.10  | 0.10  | —  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.03)  | (0.03)  | (0.04)  | (0.06)  | (0.06)  | (0.05)  |
| Total Dividends and Distributions | (0.03)  | (0.03)  | (0.04)  | (0.06)  | (0.06)  | (0.05)  |
| Net Asset Value, End of Period | $2.82  | $2.85  | $3.07  | $3.05  | $3.01  | $2.97  |
| Total Return\* | 0.02% | (6.16)% | 2.12% | 3.39% | 3.46% | (0.09)% |
| Net Assets, End of Period (in thousands) | $384  | $371  | $660  | $791  | $1162  | $1574  |
| Average Net Assets for the Period (in thousands) | $376  | $635  | $674  | $1085  | $1322  | $1778  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.81% | 1.46% | 1.43% | 1.26% | 1.27% | 1.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.89% | 0.90% | 0.92% | 0.93% | 0.95% | 0.96% |
| Ratio of Net Investment Income/(Loss) | 2.05% | 0.87% | 1.32% | 1.88% | 2.04% | 1.52% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 94%<sup>(2)</sup> | 112%<sup>(2)</sup> | 121% | 79% | 78% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 28 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $2.85  | $3.08  | $3.06  | $3.02  | $2.98  | $3.03  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.03  | 0.03  | 0.05  | 0.06  | 0.07  | 0.05  |
| Net realized and unrealized gain/(loss) | (0.02)  | (0.22)  | 0.02  | 0.05  | 0.04  | (0.05)  |
| Total from Investment Operations | 0.01  | (0.19)  | 0.07  | 0.11  | 0.11  | —  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.03)  | (0.04)  | (0.05)  | (0.07)  | (0.07)  | (0.05)  |
| Total Dividends and Distributions | (0.03)  | (0.04)  | (0.05)  | (0.07)  | (0.07)  | (0.05)  |
| Net Asset Value, End of Period | $2.83  | $2.85  | $3.08  | $3.06  | $3.02  | $2.98  |
| Total Return\* | 0.50% | (6.23)% | 2.36% | 3.63% | 3.70% | 0.13% |
| Net Assets, End of Period (in thousands) | $261327  | $294579  | $403560  | $427052  | $521348  | $770913  |
| Average Net Assets for the Period (in thousands) | $280747  | $353907  | $424193  | $473636  | $628515  | $986661  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.75% | 0.73% | 0.73% | 0.74% | 0.80% | 0.84% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.64% | 0.65% | 0.69% | 0.69% | 0.71% | 0.73% |
| Ratio of Net Investment Income/(Loss) | 2.30% | 1.10% | 1.56% | 2.14% | 2.27% | 1.74% |
| Portfolio Turnover Rate | 52%<sup>(2)</sup> | 94%<sup>(2)</sup> | 112%<sup>(2)</sup> | 121% | 79% | 78% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. <br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 29 |

---

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Short Duration Flexible Bond Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks as high a level of current income as is consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> 30 DECEMBER 31, 2022

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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

<br> Janus Investment Fund 31

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

<br> 32 DECEMBER 31, 2022

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)

#### Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended December 31, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;· **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

<br> Janus Investment Fund 33

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### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
&nbsp;&nbsp;&nbsp;&nbsp;· **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;· **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

#### Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or "ASET" price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used.

Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.

Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund's futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

<br> 34 DECEMBER 31, 2022

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### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

#### Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty ("CCP"). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the "Executing Dealer") and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission ("CFTC"). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.

The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund's exposure to the counterparty.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a

<br> Janus Investment Fund 35

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### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the "notional value") (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Fund may invest in single-name credit default swaps ("CDS") to buy or sell credit protection to hedge its credit exposure, gain issuer exposure without owning the underlying security, or increase the Fund's total return. Single-name CDS enable the Fund to buy or sell protection against a credit event of a specific issuer. When the Fund buys a single-name CDS, the Fund will receive a return on its investment only in the event of a credit event, such as default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). If a single-name CDS transaction is particularly large, or if the relevant market is illiquid, it may not be possible for the Fund to initiate a single-name CDS transaction or to liquidate its position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a single-name CDS in the event of the default or bankruptcy of the counterparty. The risks associated with cleared single-name CDS may be lower than that for uncleared single-name CDS because for cleared single-name CDS, the counterparty is a clearinghouse (to the extent such a trading market is available). However, there can be no assurance that a clearinghouse or its members will satisfy their obligations to the Fund.

The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.

During the period, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.

There were no credit default swaps held at December 31, 2022.

<br> 36 DECEMBER 31, 2022

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### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
3. Other Investments and Strategies

#### Additional Investment Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### LIBOR Replacement Risk
The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate ("LIBOR") or other interbank offered rates as a reference rate for various rate calculations. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit rates for many LIBOR settings after December 31, 2021, and for certain other commonly used U.S. dollar LIBOR settings after June 30, 2023. The elimination of LIBOR or other reference rates and the transition process away from LIBOR could adversely impact (i) volatility and liquidity in markets that are tied to those reference rates, (ii) the market for, or value of, specific securities or payments linked to those reference rates, (iii) availability or terms of borrowing or refinancing, or (iv) the effectiveness of hedging strategies. For these and other reasons, the elimination of LIBOR or changes to other

<br> Janus Investment Fund 37

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### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
**reference rates may adversely affect the Fund's performance and/or net asset value. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR") that is intended to replace the U.S. dollar LIBOR. The effect of the discontinuation of, LIBOR or other reference rates will depend on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR or other reference rates on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.**

#### Loans
The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession ("DIP") loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund's total assets. Below are descriptions of the types of loans held by the Fund as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Bank Loans -** Bank loans are obligations of companies or other entities 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Floating Rate Loans –** Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate ("LIBOR"). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (''borrowers'') in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower's capital structure. The senior position in the borrower's capital structure generally gives holders of senior loans a claim on certain of the borrower's assets that is senior to subordinated debt and preferred and common stock in the case of a borrower's default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund's return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Mezzanine Loans -** Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer's capital structure.

#### Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or other governmental or government-related entities. Ginnie Mae's guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S.

<br> 38 DECEMBER 31, 2022

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### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities' mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities ("sovereign debt"). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed 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, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor's policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund's holdings. 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. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

#### TBA Commitments
The Fund may enter into "to be announced" or "TBA" commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although the particular TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. To facilitate

<br> Janus Investment Fund 39

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### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
TBA commitments, the Fund will segregate or otherwise earmark liquid assets marked to market daily in an amount at least equal to such TBA commitments. Proposed rules of the Financial Industry Regulatory Authority ("FINRA") include mandatory margin requirements for TBA commitments which, in some circumstances, will require the Fund to also post collateral. These collateral requirements may increase costs associated with the Fund's participation in the TBA market.

#### When-Issued, Delayed Delivery and Forward Commitment Transactions
The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund's other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on

<br> 40 DECEMBER 31, 2022

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
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. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of December 31, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $1,725,808. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2022 is $1,785,370, resulting in the net amount due to the counterparty of $59,562.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's contractual investment advisory fee rate (expressed as an annual rate) is 0.44% of its average daily net assets.

The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.39% of the Fund's average daily net assets. The Adviser shall reimburse or waive networking/omnibus fees and out-of-pocket transfer agency costs payable by any share class so that such fees, in the aggregate, do not exceed 0.06% of a share class' average daily net assets. The Adviser has agreed to continue the waivers for at least one-year commencing October 28, 2022. If applicable,

<br> Janus Investment Fund 41

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such

<br> 42 DECEMBER 31, 2022

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 2.50% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $723.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $3,488.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that

<br> Janus Investment Fund 43

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended December 31, 2022, the Fund engaged in cross trades amounting to $19,068,769 in sales, resulting in a net realized loss of $469,720. The net realized loss is included within the "Net Realized Gain/(Loss) on Investments" section of the Fund's Statement of Operations.

As of December 31, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

---

| | | |
|:---|:---|:---|
| *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- % |
| Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class D Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class N Shares | 29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  |
| Class S Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Class T Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |

---

5. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2022, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |
| *For the year ended June 30, 2022* | *For the year ended June 30, 2022* | *For the year ended June 30, 2022* |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | *Accumulated* <br> *Capital Losses* |
| $(28068136) | $(11064743) | $(39132879) |

---

<br> 44 DECEMBER 31, 2022

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $939517895  | $446154  | $(39545070) | $(39098916) |

---

6. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485959  | $9865241  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103315  | $18445802  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214284  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606413  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274134  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819202  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(5945231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16852557) | &nbsp;&nbsp;&nbsp;&nbsp;(8342036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24989782) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(2244988) | $(6380903) | &nbsp;&nbsp;&nbsp;&nbsp;(1964587) | $(5724778) |
| Class C Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247054  | $6327240  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292448  | $12734788  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43667  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123379  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34482  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102292  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(2427325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6888605) | &nbsp;&nbsp;&nbsp;&nbsp;(6063009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18022285) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136604) | $(437986) | &nbsp;&nbsp;&nbsp;&nbsp;(1736079) | $(5185205) |
| Class D Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846850  | $8062364  | &nbsp;&nbsp;&nbsp;&nbsp;11917807  | $35906077  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704924  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997245  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905441  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2710465  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(8916213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25211906) | (19658291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58974700) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(5364439) | $(15152297) | &nbsp;&nbsp;&nbsp;&nbsp;(6835043) | $(20358158) |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;17631092  | $49872016  | &nbsp;&nbsp;&nbsp;&nbsp;73919598  | $224736454  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 1815786  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138089  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314486  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6911116  |
| Shares repurchased | (36698517) | &nbsp;&nbsp;&nbsp;&nbsp;(103862546) | (57678560) | &nbsp;&nbsp;&nbsp;&nbsp;(172186005) |
| Net Increase/(Decrease) | (17251639) | $(48852441) | &nbsp;&nbsp;&nbsp;&nbsp;18555524  | $59461565  |
| Class N Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223842  | $631912  | &nbsp;&nbsp;&nbsp;&nbsp;14278921  | $42161680  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176535  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497707  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156160  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462994  |
| Shares repurchased | (10822123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30423585) | &nbsp;&nbsp;&nbsp;&nbsp;(3713697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11056370) |
| Net Increase/(Decrease) | (10421746) | $(29293966) | &nbsp;&nbsp;&nbsp;&nbsp;10721384  | $31568304  |
| Class S Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661  | $15930  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311  | $25440  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4065  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272267) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5769  | $16246  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84415) | $(240057) |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240798  | $6360495  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6699468  | $20273024  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 1171877  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320078  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522835  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4560703  |
| Shares repurchased | (14180144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40096954) | (35879119) | &nbsp;&nbsp;&nbsp;&nbsp;(107913093) |
| Net Increase/(Decrease) | (10767469) | $(30416381) | (27656816) | $(83079366) |

---

<br> Janus Investment Fund 45

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### Janus Henderson Short Duration Flexible Bond Fund

#### Notes to Financial Statements (unaudited)
7. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $146538263  | $451961000  | $337270050  | $143482514  |

---

8. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") in March 2020. The new guidance in the ASU provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR or other interbank-offered based reference rates as of the end of 2021. For new and existing contracts, Funds may elect to apply the guidance as of March 12, 2020 through December 31, 2022. FASB has deferred the sunset date to December 31, 2024. Management is currently evaluating the impact, if any, of the ASU's adoption to the Fund's financial statements.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 46 DECEMBER 31, 2022

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### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 47

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### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 48 DECEMBER 31, 2022

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 49

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 50 DECEMBER 31, 2022

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 51

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 52 DECEMBER 31, 2022

------

### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 53

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### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 54 DECEMBER 31, 2022

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### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 55

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### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 56 DECEMBER 31, 2022

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### Janus Henderson Short Duration Flexible Bond Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 57

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### Janus Henderson Short Duration Flexible Bond Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 58 DECEMBER 31, 2022

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### Janus Henderson Short Duration Flexible Bond Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 59

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### Janus Henderson Short Duration Flexible Bond Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 60 DECEMBER 31, 2022

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### Janus Henderson Short Duration Flexible Bond Fund

#### Notes

#### NotesPage1
<br> Janus Investment Fund 61

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---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93030 03-23 |

---

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| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Small Cap Value Fund**  | **Janus Henderson Small Cap Value Fund**  |
| Janus Investment Fund | Janus Investment Fund |

---

**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Small Cap Value Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_19) | [1](#1_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_19) | [11](#2_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_19) | [12](#3_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_19) | [14](#4_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_19) | [16](#5_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_19) | [17](#6_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_19) | [26](#7_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_19) | [37](#8_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_19) | [48](#9_19) |

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<br> Craig Kemplerco-portfolio manager Justin Tugmanco-portfolio manager <br>     

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### Janus Henderson Small Cap Value Fund (unaudited)(closed to certain new investors)

#### Fund At A Glance

#### December 31, 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **5 Top Contributors - Holdings** | **5 Top Contributors - Holdings** | **5 Top Contributors - Holdings** | **5 Top Detractors - Holdings** | **5 Top Detractors - Holdings** | **5 Top Detractors - Holdings** |
|  | **Average <br>Weight** | **Relative <br>Contribution** |  | **Average <br>Weight** | **Relative <br>Contribution** |
| ChampionX Corp | 2.09% | 0.81% | ZimVie Inc | 0.44% | -0.32% |
| Commercial Metals Co | 2.25% | 0.70% | Nomad Foods Ltd | 1.29% | -0.30% |
| Boyd Group Services Inc | 1.88% | 0.64% | Envista Holdings Corp | 1.57% | -0.30% |
| Comfort Systems USA Inc | 1.97% | 0.64% | FormFactor Inc | 0.28% | -0.26% |
| Fabrinet | 1.43% | 0.64% | Ollie's Bargain Outlet Holdings Inc | 0.67% | -0.20% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **5 Top Contributors - Sectors**\* |  |  |  |
|  |  | **Relative** | **Fund** | **Russell 2000 Value Index** |
|  |  | **Contribution** | **Average Weight** | **Average Weight** |
|  | Industrials | 2.44% | 19.52% | 12.82% |
|  | Information Technology | 1.08% | 7.09% | 5.84% |
|  | Materials | 0.87% | 5.63% | 3.92% |
|  | Real Estate | 0.61% | 9.10% | 10.99% |
|  | Financials | 0.53% | 23.24% | 28.82% |
|  | **5 Top Detractors - Sectors**\* |  |  |  |
|  |  | **Relative** | **Fund** | **Russell 2000 Value Index** |
|  |  | **Contribution** | **Average Weight** | **Average Weight** |
|  | Consumer Discretionary | -0.32% | 6.97% | 9.95% |
|  | Utilities | -0.08% | 3.44% | 5.10% |
|  | Other\*\* | 0.00% | 2.93% | 0.00% |
|  | Consumer Staples | 0.05% | 3.98% | 2.71% |
|  | Health Care | 0.05% | 9.66% | 11.06% |
|  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  |
| \* | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| \*\* | Not a GICS classified sector. | Not a GICS classified sector. | Not a GICS classified sector. | Not a GICS classified sector. |

---

<br> Janus Investment Fund 1

------

### Janus Henderson Small Cap Value Fund (unaudited)(closed to certain new investors)

#### Fund At A Glance

#### December 31, 2022

---

| | |
|:---|:---|
| 5 Largest Equity Holdings - (% of Net Assets) | 5 Largest Equity Holdings - (% of Net Assets) |
| ChampionX Corp |  |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 2.6% |
| Ameris Bancorp |  |
| &nbsp;&nbsp;&nbsp;Banks | 2.6% |
| First Interstate BancSystem Inc - Class A |  |
| &nbsp;&nbsp;&nbsp;Banks | 2.4% |
| Commercial Metals Co |  |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 2.4% |
| Black Hills Corp |  |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 2.3% |
|  | 12.3% |

---

---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Common Stocks | 97.7% | 97.7% |
| Investment Companies | 1.5% | 1.5% |
| Repurchase Agreements | 1.1% | 1.1% |
| Other | Other | (0.3)% |
|  |  | 100.0% |

---

---

| | |
|:---|:---|
| Top Country Allocations - Long Positions - (% of Investment Securities) | Top Country Allocations - Long Positions - (% of Investment Securities) |
| **As of December 31, 2022**<br>![](img_22b613a5ec444f19.jpg) | **As of June 30, 2022**<br>![](img_bc392fefe37e4f19.jpg) |

---

<br> 2 DECEMBER 31, 2022

------

#### Janus Henderson Small Cap Value Fund (unaudited)(closed to certain new investors)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV<sup>(1)</sup> | 8.91% | -9.99% | 2.19% | 7.82% | 1.77% | 1.22% |
| Class A Shares at MOP<sup>(1)</sup> | 2.63% | -15.17% | 0.98% | 7.19% |  |  |
| Class C Shares at NAV<sup>(1)</sup> | 8.48% | -10.69% | 1.54% | 7.15% | 1.70% | 1.70% |
| Class C Shares at CDSC<sup>(1)</sup> | 7.48% | -11.54% | 1.54% | 7.15% |  |  |
| Class D Shares<sup>(2)</sup> | 8.99% | -9.83% | 2.48% | 8.14% | 0.75% | 0.75% |
| Class I Shares<sup>(1)</sup> | 8.98% | -9.84% | 2.50% | 8.17% | 0.74% | 0.74% |
| Class L Shares<sup>(2)</sup> | 9.05% | -9.70% | 2.62% | 8.29% | 0.81% | 0.81% |
| Class N Shares<sup>(1)</sup> | 9.08% | -9.69% | 2.65% | 8.31% | 0.60% | 0.60% |
| Class R Shares<sup>(1)</sup> | 8.65% | -10.39% | 1.87% | 7.50% | 1.36% | 1.36% |
| Class S Shares<sup>(1)</sup> | 8.78% | -10.13% | 2.13% | 7.77% | 1.11% | 1.11% |
| Class T Shares<sup>(1)</sup> | 8.94% | -9.90% | 2.40% | 8.05% | 0.85% | 0.85% |
| Russell 2000 Value Index | 3.42% | -14.48% | 4.13% | 8.48% |  |  |
| Morningstar Quartile - Class T Shares | - | 2nd | 4th | 3rd |  |  |
| Morningstar Ranking - based on total returns for Small Value Funds | - | 177/482 | 403/454 | 284/408 |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

*Class L Shares have a voluntarily agreed administrative fee waiver, which could be changed or terminated at any time.*

<br> Janus Investment Fund 3

------

#### Janus Henderson Small Cap Value Fund (unaudited)(closed to certain new investors)

#### Performance
This Fund has a performance-based management fee that may adjust up or down based on the Fund's performance.

*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class A Shares, Class C Shares, Class R Shares and Class S Shares commenced operations on July 6, 2009. Performance shown for each class reflects the performance of the Fund's Class J Shares (formerly named Investor Shares) for periods prior to July 6, 2009, calculated using the fees and expenses of the corresponding class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund's former Class J Shares (formerly named Investor Shares).

Class I Shares commenced operations on July 6, 2009. Performance shown reflects the performance of the Fund's Class J Shares (formerly named Investor Shares) for periods prior to July 6, 2009, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class N Shares of the Fund commenced operations on May 31, 2012. Performance shown for Class N Shares reflects the performance of the Fund's Class T Shares from July 6, 2009 to May 31, 2012, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers. For periods prior to July 6, 2009, the performance shown for Class N Shares reflects the performance of the Fund's Class J Shares (formerly named Investor Shares), calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class T Shares (formerly named Class J Shares) commenced operations with the Fund's inception. Performance shown for Class T Shares reflects the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

(1) Closed to certain new investors.

(2) Closed to new investors.

<br> 4 DECEMBER 31, 2022

------

#### Janus Henderson Small Cap Value Fund (unaudited)(closed to certain new investors)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $1089.10  | $4.53  | $1000.00  | $1020.87  | $4.38  | 0.86% |
| Class C Shares | Class C Shares | $1000.00  | $1084.80  | $8.78  | $1000.00  | $1016.79  | $8.49  | 1.67% |
| Class D Shares | Class D Shares | $1000.00  | $1089.90  | $3.85  | $1000.00  | $1021.53  | $3.72  | 0.73% |
| Class I Shares | Class I Shares | $1000.00  | $1089.80  | $3.85  | $1000.00  | $1021.53  | $3.72  | 0.73% |
| Class L Shares | Class L Shares | $1000.00  | $1090.50  | $3.06  | $1000.00  | $1022.28  | $2.96  | 0.58% |
| Class N Shares | Class N Shares | $1000.00  | $1090.80  | $3.00  | $1000.00  | $1022.33  | $2.91  | 0.57% |
| Class R Shares | Class R Shares | $1000.00  | $1086.50  | $6.99  | $1000.00  | $1018.50  | $6.77  | 1.33% |
| Class S Shares | Class S Shares | $1000.00  | $1087.80  | $5.74  | $1000.00  | $1019.71  | $5.55  | 1.09% |
| Class T Shares | Class T Shares | $1000.00  | $1089.40  | $4.32  | $1000.00  | $1021.07  | $4.18  | 0.82% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

---

<br> Janus Investment Fund 5

------

### Janus Henderson Small Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– 97.7% | Common Stocks– 97.7% |  |
| Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% |  |
| BWX Technologies Inc | 362192 | $21036111 |
| Spirit AeroSystems Holdings Inc | 709924 | 21013750 |
|  |  | 42049861 |
| Auto Components – 1.8% | Auto Components – 1.8% |  |
| Adient PLC\* | 802730 | 27846704 |
| Dorman Products Inc\* | 236657 | 19138452 |
|  |  | 46985156 |
| Banks – 17.8% | Banks – 17.8% |  |
| Ameris Bancorp | 1418081 | 66848338 |
| Atlantic Union Bankshares Corp | 1161273 | 40807133 |
| Enterprise Financial Services Corp | 361390 | 17693654 |
| FB Financial Corp | 816902 | 29522838 |
| First Busey Corp | 869592 | 21496314 |
| First Interstate BancSystem Inc - Class A | 1626876 | 62878757 |
| Fulton Financial Corp | 2125595 | 35773764 |
| Hancock Whitney Corp | 782995 | 37889128 |
| Heartland Financial USA Inc | 546282 | 25467667 |
| Horizon Bancorp Inc/IN | 1948540 | 29383983 |
| Sandy Spring Bancorp Inc | 537344 | 18930629 |
| United Bankshares Inc | 584973 | 23685557 |
| United Community Banks Inc/GA | 1449015 | 48976707 |
|  |  | 459354469 |
| Beverages – 1.4% | Beverages – 1.4% |  |
| Coca-Cola Consolidated Inc | 72279 | 37032868 |
| Biotechnology – 0.7% | Biotechnology – 0.7% |  |
| Anika Therapeutics Inc\* | 593680 | 17572928 |
| Building Products – 2.0% | Building Products – 2.0% |  |
| Armstrong World Industries Inc | 239780 | 16446510 |
| Gibraltar Industries Inc\* | 304943 | 13990785 |
| Masonite International Corp\* | 267489 | 21562288 |
|  |  | 51999583 |
| Capital Markets – 1.4% | Capital Markets – 1.4% |  |
| Artisan Partners Asset Management Inc | 486274 | 14442338 |
| Piper Jaffray Cos | 175422 | 22838190 |
|  |  | 37280528 |
| Chemicals – 2.2% | Chemicals – 2.2% |  |
| American Vanguard Corp | 789937 | 17149532 |
| Innospec Inc | 374808 | 38552751 |
|  |  | 55702283 |
| Commercial Services & Supplies – 3.3% | Commercial Services & Supplies – 3.3% |  |
| Boyd Group Services Inc | 317328 | 49026684 |
| UniFirst Corp/MA | 190839 | 36830019 |
|  |  | 85856703 |
| Construction & Engineering – 1.6% | Construction & Engineering – 1.6% |  |
| Comfort Systems USA Inc | 358328 | 41236386 |
| Construction Materials – 1.3% | Construction Materials – 1.3% |  |
| Eagle Materials Inc | 247319 | 32856329 |
| Electrical Equipment – 1.4% | Electrical Equipment – 1.4% |  |
| Encore Wire Corp | 253538 | 34876687 |
| Electronic Equipment, Instruments & Components – 3.6% | Electronic Equipment, Instruments & Components – 3.6% |  |
| Fabrinet\* | 308775 | 39591131 |
| Insight Enterprises Inc\* | 360402 | 36137509 |
| Rogers Corp\* | 133302 | 15908261 |
|  |  | 91636901 |
| Energy Equipment & Services – 2.9% | Energy Equipment & Services – 2.9% |  |
| ChampionX Corp | 2322785 | 67337537 |
| Weatherford International PLC\* | 136797 | 6965703 |
|  |  | 74303240 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Equity Real Estate Investment Trusts (REITs) – 7.6% | Equity Real Estate Investment Trusts (REITs) – 7.6% |  |
| Corporate Office Properties Trust | 945758 | $24532963 |
| Phillips Edison & Co Inc | 926914 | 29512942 |
| PotlatchDeltic Corp | 511727 | 22510871 |
| STAG Industrial Inc | 1782091 | 57579360 |
| Sunstone Hotel Investors Inc | 3651330 | 35271848 |
| UMH Properties Inc | 1663454 | 26781609 |
|  |  | 196189593 |
| Food & Staples Retailing – 1.3% | Food & Staples Retailing – 1.3% |  |
| Casey's General Stores Inc | 148674 | 33355012 |
| Food Products – 1.2% | Food Products – 1.2% |  |
| Nomad Foods Ltd\* | 1746271 | 30105712 |
| Gas Utilities – 0.7% | Gas Utilities – 0.7% |  |
| ONE Gas Inc | 243654 | 18449481 |
| Health Care Equipment & Supplies – 6.3% | Health Care Equipment & Supplies – 6.3% |  |
| Embecta Corp | 1238344 | 31317720 |
| Envista Holdings Corp\* | 1099897 | 37033532 |
| Globus Medical Inc\* | 417873 | 31035428 |
| NuVasive Inc\* | 541972 | 22350925 |
| Varex Imaging Corp\*<sup>,£</sup> | 1973834 | 40068830 |
|  |  | 161806435 |
| Health Care Providers & Services – 1.8% | Health Care Providers & Services – 1.8% |  |
| Enhabit Inc\* | 1274262 | 16769288 |
| Owens & Minor Inc\* | 1496946 | 29235355 |
|  |  | 46004643 |
| Health Care Technology – 0.4% | Health Care Technology – 0.4% |  |
| Certara Inc\* | 671487 | 10790796 |
| Hotels, Restaurants & Leisure – 1.4% | Hotels, Restaurants & Leisure – 1.4% |  |
| Century Casinos Inc\*<sup>,£</sup> | 2085544 | 14661374 |
| Portillo's Inc - Class A\* | 1357552 | 22155249 |
|  |  | 36816623 |
| Household Durables – 1.2% | Household Durables – 1.2% |  |
| Skyline Champion Corp\* | 606395 | 31235407 |
| Information Technology Services – 2.1% | Information Technology Services – 2.1% |  |
| EVERTEC Inc | 687516 | 22261768 |
| WNS Holdings Ltd (ADR)\* | 414569 | 33161374 |
|  |  | 55423142 |
| Insurance – 2.1% | Insurance – 2.1% |  |
| Hanover Insurance Group Inc | 287473 | 38846227 |
| Selective Insurance Group Inc | 167035 | 14800971 |
|  |  | 53647198 |
| Leisure Products – 0.5% | Leisure Products – 0.5% |  |
| YETI Holdings Inc\* | 284349 | 11746457 |
| Life Sciences Tools & Services – 0.4% | Life Sciences Tools & Services – 0.4% |  |
| Medpace Holdings Inc\* | 45399 | 9643202 |
| Machinery – 4.5% | Machinery – 4.5% |  |
| Hillenbrand Inc | 1162824 | 49617700 |
| Lincoln Electric Holdings Inc | 270960 | 39151010 |
| Shyft Group Inc/The | 193519 | 4810882 |
| Watts Water Technologies Inc - Class A | 150725 | 22040517 |
|  |  | 115620109 |
| Marine – 1.0% | Marine – 1.0% |  |
| Kirby Corp\* | 412467 | 26542251 |
| Metals & Mining – 2.4% | Metals & Mining – 2.4% |  |
| Commercial Metals Co | 1292893 | 62446732 |
| Multiline Retail – 0.9% | Multiline Retail – 0.9% |  |
| Ollie's Bargain Outlet Holdings Inc\* | 479911 | 22479031 |
| Multi-Utilities – 2.3% | Multi-Utilities – 2.3% |  |
| Black Hills Corp | 840073 | 59090735 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Small Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Oil, Gas & Consumable Fuels – 5.9% | Oil, Gas & Consumable Fuels – 5.9% |  |
| Denbury Inc\* | 60430 | $5258619 |
| Gulfport Energy Corp\* | 486331 | 35813415 |
| Magnolia Oil & Gas Corp | 2405268 | 56403535 |
| Oasis Petroleum Inc | 394408 | 53958959 |
|  |  | 151434528 |
| Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% |  |
| Harmony Biosciences Holdings Inc\* | 243901 | 13438945 |
| Professional Services – 0.3% | Professional Services – 0.3% |  |
| Korn Ferry | 175687 | 8893276 |
| Real Estate Management & Development – 0.4% | Real Estate Management & Development – 0.4% |  |
| Marcus & Millichap Inc | 299222 | 10308198 |
| Semiconductor & Semiconductor Equipment – 1.6% | Semiconductor & Semiconductor Equipment – 1.6% |  |
| Diodes Inc\* | 238114 | 18130000 |
| Ultra Clean Holdings Inc\* | 729307 | 24176527 |
|  |  | 42306527 |
| Software – 0.4% | Software – 0.4% |  |
| ACI Worldwide Inc\* | 493819 | 11357837 |
| Specialty Retail – 1.3% | Specialty Retail – 1.3% |  |
| Academy Sports & Outdoors Inc | 482013 | 25324963 |
| Leslie's Inc\* | 727361 | 8881078 |
|  |  | 34206041 |
| Textiles, Apparel & Luxury Goods – 1.1% | Textiles, Apparel & Luxury Goods – 1.1% |  |
| Steven Madden Ltd | 879110 | 28096356 |
| Thrifts & Mortgage Finance – 1.4% | Thrifts & Mortgage Finance – 1.4% |  |
| WSFS Financial Corp | 823967 | 37358664 |
| Trading Companies & Distributors – 3.7% | Trading Companies & Distributors – 3.7% |  |
| GATX Corp | 375198 | 39898555 |
| H&E Equipment Services Inc | 841450 | 38201830 |
| MSC Industrial Direct Co Inc | 222136 | 18148511 |
|  |  | 96248896 |
| Total Common Stocks (cost $2,059,630,258) | Total Common Stocks (cost $2,059,630,258) | 2523785749 |
| Investment Companies– 1.5% | Investment Companies– 1.5% |  |
| Exchange-Traded Funds (ETFs) – 1.5% | Exchange-Traded Funds (ETFs) – 1.5% |  |
| SPDR S&P Biotech\*((cost $40,420,523) | 482692 | 40063436 |
| Repurchase Agreements– 1.1% | Repurchase Agreements– 1.1% |  |
| ING Financial Markets LLC, Joint repurchase agreement, 4.2600%, dated 12/30/22, maturing 1/3/23 to be repurchased at $13,306,295 collateralized by $15,615,680 in U.S. Treasuries 0.2500% - 5.3750%, 6/15/24 - 5/15/52 with a value of $13,572,423 | $13300000 | 13300000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 4.2100%, dated 12/30/22, maturing 1/3/23 to be repurchased at $15,007,017 collateralized by $16,323,795 in U.S. Treasuries 0.7500% - 4.4334%, 7/31/23 - 2/15/29 with a value of $15,307,161 | 15000000 | 15000000 |
| Total Repurchase Agreements (cost $28,300,000) | Total Repurchase Agreements (cost $28,300,000) | 28300000 |
| Total Investments (total cost $2,128,350,781) – 100.3% | Total Investments (total cost $2,128,350,781) – 100.3% | 2592149185 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.3)% | Liabilities, net of Cash, Receivables and Other Assets – (0.3)% | (7969713) |
| Net Assets – 100% | Net Assets – 100% | $2584179472 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $2479855415 | 95.7% |
| Canada | 49026684 | 1.9 |
| India | 33161374 | 1.3 |
| United Kingdom | 30105712 | 1.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $2592149185 | 100.0 | % |

---

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income<sup>(1)</sup>* | *Realized*<br>*Gain/(Loss)<sup>(1)</sup>* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation<sup>(1)</sup>* | *Value*<br>*at 12/31/22* |
| Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% |
| Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A |
| Varex Imaging Corp<sup>\*,š</sup> | $- | $(862396) | $(1465026) | $N/A |
| Hotels, Restaurants & Leisure - 0.6% | Hotels, Restaurants & Leisure - 0.6% | Hotels, Restaurants & Leisure - 0.6% | Hotels, Restaurants & Leisure - 0.6% | Hotels, Restaurants & Leisure - 0.6% |
| Century Casinos Inc<sup>\*</sup> | - | - | (354543) | 14661374 |
| Total Affiliated Investments - 0.6% | $- | $(862396) | $(1819569) | $14661374 |

---

(1) For securities that were affiliated for a portion of the period ended December 31, 2022, this column reflects amounts for the entire period ended December 31, 2022 and not just the period in which the security was affiliated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 6/30/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% |
| Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A |
| Varex Imaging Corp<sup>\*,š</sup> | 42753840 | 4572481 | (4930069) | 40068830 |
| Hotels, Restaurants & Leisure - 0.6% | Hotels, Restaurants & Leisure - 0.6% | Hotels, Restaurants & Leisure - 0.6% | Hotels, Restaurants & Leisure - 0.6% | Hotels, Restaurants & Leisure - 0.6% |
| Century Casinos Inc<sup>\*</sup> | 15015917 | - | - | 14661374 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Small Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| ING Financial Markets LLC | ING Financial Markets LLC | $13300000 | $— | $(13300000) | $— |
| Royal Bank of Canada, NY Branch | Royal Bank of Canada, NY Branch | 15000000 |  | (15000000) |  |
| Total | Total | $28300000 | $— | $(28300000) | $— |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small Cap Value Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> Russell 2000<sup><sup>®</sup></sup> Value Index Russell 2000<sup><sup>®</sup></sup> Value Index reflects the performance of U.S. small-cap equities with lower price-to-book ratios and lower forecasted growth values.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |

---

<br> \* Non-income producing security.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

<br> š Company was no longer an affiliate as of December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* | $2523785749 | $- | $- |
| *Investment Companies* | 40063436 | - | - |
| *Repurchase Agreements* | - | 28300000 | - |
| **Total Assets** | $2563849185 | $28300000 | $- |

---

<br> Janus Investment Fund 11

------

### Janus Henderson Small Cap Value Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Unaffiliated investments, at value (cost $2,083,381,158) | $2549187811 |
| Affiliated investments, at value (cost $16,669,623) | 14661374 |
| Repurchase agreements, at value (cost $28,300,000) | 28300000 |
| Cash  | 99257 |
| Cash denominated in foreign currency (cost $1,962) | 1962 |
| Trustees' deferred compensation | 84453 |
| Receivables: |  |
| Investments sold | 10536213 |
| Dividends  | 2649597 |
| Fund shares sold | 1769321 |
| Interest | 13312 |
| Other assets | 30573 |
| Total Assets  | 2607333873 |
| Liabilities:  |  |
| Payables: |  |
| Fund shares repurchased | 20339738 |
| Advisory fees | 1314248 |
| Investments purchased  | 795866 |
| Transfer agent fees and expenses | 325861 |
| Trustees' deferred compensation fees | 84453 |
| 12b-1 Distribution and shareholder servicing fees | 49691 |
| Professional fees | 30224 |
| Affiliated fund administration fees payable | 6043 |
| Custodian fees | 3581 |
| Trustees' fees and expenses | 2060 |
| Accrued expenses and other payables | 202636 |
| Total Liabilities  | 23154401 |
| Net Assets  | $2584179472 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small Cap Value Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $2053974880 |
| Total distributable earnings (loss) | 530204592 |
| Total Net Assets  | $2584179472 |
| Net Assets - Class A Shares  | $29237715 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1318349 |
| Net Asset Value Per Share<sup>(1)</sup>  | $22.18 |
| Maximum Offering Price Per Share<sup>(2)</sup>  | $23.53 |
| Net Assets - Class C Shares | $17873019 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 874832 |
| Net Asset Value Per Share<sup>(1)</sup> | $20.43 |
| Net Assets - Class D Shares | $90640080 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4142180 |
| Net Asset Value Per Share | $21.88 |
| Net Assets - Class I Shares | $1424412927 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 64763366 |
| Net Asset Value Per Share | $21.99 |
| Net Assets - Class L Shares | $83117580 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3659829 |
| Net Asset Value Per Share | $22.71 |
| Net Assets - Class N Shares | $526671933 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 23994667 |
| Net Asset Value Per Share | $21.95 |
| Net Assets - Class R Shares | $43540772 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2044717 |
| Net Asset Value Per Share | $21.29 |
| Net Assets - Class S Shares | $27752178 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1275396 |
| Net Asset Value Per Share | $21.76 |
| Net Assets - Class T Shares | $340933268 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15512744 |
| Net Asset Value Per Share | $21.98 |

---

<br> (1) Redemption price per share may be reduced for any applicable contingent deferred sales charge.(2) Maximum offering price is computed at 100/94.25 of net asset value.

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Small Cap Value Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Dividends | $22614170 |
| Interest | 546943 |
| Other income | 189 |
| Foreign tax withheld | (10957) |
| Total Investment Income  | 23150345 |
| Expenses:  |  |
| Advisory fees | 7475983 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 38790 |
| Class C Shares | 90804 |
| Class R Shares | 117251 |
| Class S Shares | 36225 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 54778 |
| Class L Shares | 91091 |
| Class R Shares | 58768 |
| Class S Shares | 36304 |
| Class T Shares | 479976 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 43627 |
| Class C Shares | 8298 |
| Class I Shares | 1160702 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 1109 |
| Class C Shares | 438 |
| Class D Shares | 9533 |
| Class I Shares | 40846 |
| Class L Shares | 889 |
| Class N Shares | 12978 |
| Class R Shares | 503 |
| Class S Shares | 331 |
| Class T Shares | 2754 |
| Registration fees | 125880 |
| Shareholder reports expense | 76411 |
| Trustees' fees and expenses | 39405 |
| Affiliated fund administration fees | 34958 |
| Professional fees | 33782 |
| Custodian fees | 10823 |
| Other expenses | 103307 |
| Total Expenses  | 10186544 |
| Less: Excess Expense Reimbursement and Waivers | (165142) |
| Net Expenses  | 10021402 |
| Net Investment Income/(Loss)  | 13128943 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small Cap Value Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments and foreign currency transactions | $58716831 |
| Investments in affiliates | (862396) |
| Total Net Realized Gain/(Loss) on Investments  | 57854435 |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 170073973 |
| Investments in affiliates | (1819569) |
| Total Change in Unrealized Net Appreciation/Depreciation  | 168254404 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $239237782 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Small Cap Value Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $13128943 | $17827750 |
| Net realized gain/(loss) on investments | 57854435 | 235198671 |
| Change in unrealized net appreciation/depreciation | 168254404 | (685581612) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 239237782 | (432555191) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1201002) | (1127366) |
| Class C Shares | (797503) | (333534) |
| Class D Shares | (4306275) | (1952056) |
| Class I Shares | (67590940) | (35391712) |
| Class L Shares | (3957051) | (2168424) |
| Class N Shares | (26860645) | (17702297) |
| Class R Shares | (1858291) | (834998) |
| Class S Shares | (1201026) | (623421) |
| Class T Shares | (15583510) | (9580571) |
| Net Decrease from Dividends and Distributions to Shareholders | (123356243) | (69714379) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (1841633) | (32725992) |
| Class C Shares | (228034) | (2210185) |
| Class D Shares | 1191932 | (6166574) |
| Class I Shares | (70871176) | (424960781) |
| Class L Shares | (11252126) | (14048314) |
| Class N Shares | (86084934) | (217820011) |
| Class R Shares | (3231806) | 3548749 |
| Class S Shares | (417121) | (11119133) |
| Class T Shares | (64057086) | (116734518) |
| Net Increase/(Decrease) from Capital Share Transactions | (236791984) | (822236759) |
| Net Increase/(Decrease) in Net Assets | (120910445) | (1324506329) |
| Net Assets: |  |  |
| Beginning of period | 2705089917 | 4029596246 |
| End of period | $2584179472 | $2705089917 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $21.24  | $24.95  | $17.59  | $21.57  | $23.18  | $23.19  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.09  | 0.04  | 0.13  | 0.15  | 0.25  | 0.09  |
| Net realized and unrealized gain/(loss) | 1.80  | (3.32)  | 7.40  | (4.00)  | (0.39)  | 1.87  |
| Total from Investment Operations | 1.89  | (3.28)  | 7.53  | (3.85)  | (0.14)  | 1.96  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | —  | (0.17)  | (0.17)  | (0.13)  | —  | (0.01)  |
| Distributions (from capital gains) | (0.95)  | (0.26)  | —  | —  | (1.47)  | (1.96)  |
| Total Dividends and Distributions | (0.95)  | (0.43)  | (0.17)  | (0.13)  | (1.47)  | (1.97)  |
| Net Asset Value, End of Period | $22.18  | $21.24  | $24.95  | $17.59  | $21.57  | $23.18  |
| Total Return\* | 8.91% | (13.44)% | 42.99% | (17.98)% | 0.56% | 8.44% |
| Net Assets, End of Period (in thousands) | $29238  | $29651  | $69385  | $64025  | $61505  | $54782  |
| Average Net Assets for the Period (in thousands) | $30459  | $61533  | $68997  | $62337  | $48049  | $53655  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.12% | 1.77% | 1.76% | 1.86% | 1.27% | 1.35% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | 1.05% | 1.11% | 1.39% | 1.14% | 1.26% |
| Ratio of Net Investment Income/(Loss) | 0.81% | 0.18% | 0.59% | 0.77% | 1.15% | 0.40% |
| Portfolio Turnover Rate | 20% | 44% | 53% | 59% | 39% | 51% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Small Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $19.71  | $23.27  | $16.41  | $20.12  | $21.87  | $22.09  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | —<sup>(2)</sup>  | (0.10)  | (0.01)  | 0.06  | 0.11  | (0.05)  |
| Net realized and unrealized gain/(loss) | 1.67  | (3.10)  | 6.91  | (3.77)  | (0.39)  | 1.79  |
| Total from Investment Operations | 1.67  | (3.20)  | 6.90  | (3.71)  | (0.28)  | 1.74  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | —  | (0.10)  | (0.04)  | —  | —  | —  |
| Distributions (from capital gains) | (0.95)  | (0.26)  | —  | —  | (1.47)  | (1.96)  |
| Total Dividends and Distributions | (0.95)  | (0.36)  | (0.04)  | —  | (1.47)  | (1.96)  |
| Net Asset Value, End of Period | $20.43  | $19.71  | $23.27  | $16.41  | $20.12  | $21.87  |
| Total Return\* | 8.48% | (14.02)% | 42.07% | (18.44)% | (0.07)% | 7.84% |
| Net Assets, End of Period (in thousands) | $17873  | $17440  | $22889  | $20967  | $29619  | $26828  |
| Average Net Assets for the Period (in thousands) | $18243  | $21362  | $22037  | $26855  | $26902  | $23627  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.67% | 1.69% | 1.77% | 1.92% | 1.75% | 1.86% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.67% | 1.69% | 1.77% | 1.92% | 1.75% | 1.86% |
| Ratio of Net Investment Income/(Loss) | 0.01% | (0.45)% | (0.06)% | 0.30% | 0.56% | (0.24)% |
| Portfolio Turnover Rate | 20% | 44% | 53% | 59% | 39% | 51% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $21.08  | $24.75  | $17.44  | $21.38  | $22.99  | $23.01  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.12  | 0.18  | 0.24  | 0.32  | 0.16  |
| Net realized and unrealized gain/(loss) | 1.78  | (3.32)  | 7.35  | (3.96)  | (0.41)  | 1.86  |
| Total from Investment Operations | 1.89  | (3.20)  | 7.53  | (3.72)  | (0.09)  | 2.02  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14)  | (0.21)  | (0.22)  | (0.22)  | (0.05)  | (0.08)  |
| Distributions (from capital gains) | (0.95)  | (0.26)  | —  | —  | (1.47)  | (1.96)  |
| Total Dividends and Distributions | (1.09)  | (0.47)  | (0.22)  | (0.22)  | (1.52)  | (2.04)  |
| Net Asset Value, End of Period | $21.88  | $21.08  | $24.75  | $17.44  | $21.38  | $22.99  |
| Total Return\* | 8.99% | (13.24)% | 43.43% | (17.65)% | 0.82% | 8.79% |
| Net Assets, End of Period (in thousands) | $90640  | $86052  | $107471  | $86650  | $116468  | $127533  |
| Average Net Assets for the Period (in thousands) | $91094  | $101735  | $94637  | $105847  | $117978  | $130614  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.73% | 0.75% | 0.84% | 1.01% | 0.83% | 0.96% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.73% | 0.75% | 0.84% | 1.01% | 0.83% | 0.96% |
| Ratio of Net Investment Income/(Loss) | 0.96% | 0.49% | 0.84% | 1.20% | 1.48% | 0.70% |
| Portfolio Turnover Rate | 20% | 44% | 53% | 59% | 39% | 51% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson Small Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $21.18  | $24.86  | $17.53  | $21.50  | $23.12  | $23.13  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.11  | 0.12  | 0.19  | 0.24  | 0.33  | 0.18  |
| Net realized and unrealized gain/(loss) | 1.79  | (3.33)  | 7.37  | (3.97)  | (0.41)  | 1.87  |
| Total from Investment Operations | 1.90  | (3.21)  | 7.56  | (3.73)  | (0.08)  | 2.05  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14)  | (0.21)  | (0.23)  | (0.24)  | (0.07)  | (0.10)  |
| Distributions (from capital gains) | (0.95)  | (0.26)  | —  | —  | (1.47)  | (1.96)  |
| Total Dividends and Distributions | (1.09)  | (0.47)  | (0.23)  | (0.24)  | (1.54)  | (2.06)  |
| Net Asset Value, End of Period | $21.99  | $21.18  | $24.86  | $17.53  | $21.50  | $23.12  |
| Total Return\* | 8.98% | (13.21)% | 43.36% | (17.62)% | 0.89% | 8.85% |
| Net Assets, End of Period (in thousands) | $1424413  | $1436933  | $2121333  | $1584586  | $1531568  | $1264218  |
| Average Net Assets for the Period (in thousands) | $1482985  | $1839602  | $1887591  | $1646400  | $1337975  | $1150680  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.73% | 0.74% | 0.81% | 1.01% | 0.79% | 0.88% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.73% | 0.74% | 0.81% | 1.01% | 0.79% | 0.88% |
| Ratio of Net Investment Income/(Loss) | 0.95% | 0.50% | 0.87% | 1.19% | 1.52% | 0.77% |
| Portfolio Turnover Rate | 20% | 44% | 53% | 59% | 39% | 51% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class L Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $21.86  | $25.62  | $18.05  | $22.13  | $23.73  | $23.69  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.16  | 0.22  | 0.28  | 0.36  | 0.20  |
| Net realized and unrealized gain/(loss) | 1.85  | (3.43)  | 7.60  | (4.10)  | (0.42)  | 1.91  |
| Total from Investment Operations | 1.98  | (3.27)  | 7.82  | (3.82)  | (0.06)  | 2.11  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.18)  | (0.23)  | (0.25)  | (0.26)  | (0.07)  | (0.11)  |
| Distributions (from capital gains) | (0.95)  | (0.26)  | —  | —  | (1.47)  | (1.96)  |
| Total Dividends and Distributions | (1.13)  | (0.49)  | (0.25)  | (0.26)  | (1.54)  | (2.07)  |
| Net Asset Value, End of Period | $22.71  | $21.86  | $25.62  | $18.05  | $22.13  | $23.73  |
| Total Return\* | 9.05% | (13.07)% | 43.60% | (17.53)% | 0.97% | 8.91% |
| Net Assets, End of Period (in thousands) | $83118  | $90492  | $120351  | $97950  | $148304  | $173144  |
| Average Net Assets for the Period (in thousands) | $89931  | $111073  | $109087  | $130117  | $155137  | $187635  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.77% | 0.81% | 0.88% | 1.06% | 0.88% | 1.02% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.58% | 0.62% | 0.69% | 0.87% | 0.69% | 0.84% |
| Ratio of Net Investment Income/(Loss) | 1.09% | 0.63%  | 1.00% | 1.36% | 1.62% | 0.84% |
| Portfolio Turnover Rate | 20% | 44% | 53% | 59% | 39% | 51% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 21 |

---

------

### Janus Henderson Small Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $21.16  | $24.82  | $17.50  | $21.46  | $23.08  | $23.09  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.13  | 0.16  | 0.22  | 0.26  | 0.35  | 0.19  |
| Net realized and unrealized gain/(loss) | 1.79  | (3.33)  | 7.36  | (3.95)  | (0.42)  | 1.88  |
| Total from Investment Operations | 1.92  | (3.17)  | 7.58  | (3.69)  | (0.07)  | 2.07  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.18)  | (0.23)  | (0.26)  | (0.27)  | (0.08)  | (0.12)  |
| Distributions (from capital gains) | (0.95)  | (0.26)  | —  | —  | (1.47)  | (1.96)  |
| Total Dividends and Distributions | (1.13)  | (0.49)  | (0.26)  | (0.27)  | (1.55)  | (2.08)  |
| Net Asset Value, End of Period | $21.95  | $21.16  | $24.82  | $17.50  | $21.46  | $23.08  |
| Total Return\* | 9.08% | (13.09)% | 43.57% | (17.48)% | 0.97% | 8.97% |
| Net Assets, End of Period (in thousands) | $526672  | $586927  | $922073  | $676894  | $585199  | $470614  |
| Average Net Assets for the Period (in thousands) | $580878  | $822081  | $839582  | $632706  | $515945  | $402129  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.57% | 0.60% | 0.67% | 0.86% | 0.68% | 0.81% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.57% | 0.60% | 0.67% | 0.86% | 0.68% | 0.81% |
| Ratio of Net Investment Income/(Loss) | 1.09% | 0.65% | 1.01% | 1.31% | 1.65% | 0.83% |
| Portfolio Turnover Rate | 20% | 44% | 53% | 59% | 39% | 51% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 22 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $20.47  | $24.12  | $17.03  | $20.84  | $22.53  | $22.64  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.04  | (0.03)  | 0.05  | 0.11  | 0.18  | 0.02  |
| Net realized and unrealized gain/(loss) | 1.73  | (3.22)  | 7.16  | (3.87)  | (0.40)  | 1.83  |
| Total from Investment Operations | 1.77  | (3.25)  | 7.21  | (3.76)  | (0.22)  | 1.85  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | —  | (0.14)  | (0.12)  | (0.05)  | —  | —  |
| Distributions (from capital gains) | (0.95)  | (0.26)  | —  | —  | (1.47)  | (1.96)  |
| Total Dividends and Distributions | (0.95)  | (0.40)  | (0.12)  | (0.05)  | (1.47)  | (1.96)  |
| Net Asset Value, End of Period | $21.29  | $20.47  | $24.12  | $17.03  | $20.84  | $22.53  |
| Total Return\* | 8.65% | (13.73)% | 42.49% | (18.11)% | 0.20% | 8.15% |
| Net Assets, End of Period (in thousands) | $43541  | $44592  | $48908  | $33724  | $37555  | $39887  |
| Average Net Assets for the Period (in thousands) | $46155  | $49737  | $42169  | $36610  | $36037  | $38061  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.33% | 1.36% | 1.42% | 1.61% | 1.43% | 1.56% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.33% | 1.36% | 1.42% | 1.61% | 1.43% | 1.56% |
| Ratio of Net Investment Income/(Loss) | 0.34% | (0.11)% | 0.25% | 0.57% | 0.87% | 0.09% |
| Portfolio Turnover Rate | 20% | 44% | 53% | 59% | 39% | 51% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 23 |

---

------

### Janus Henderson Small Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $20.91  | $24.57  | $17.32  | $21.23  | $22.85  | $22.89  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.07  | 0.03  | 0.11  | 0.17  | 0.24  | 0.09  |
| Net realized and unrealized gain/(loss) | 1.76  | (3.28)  | 7.29  | (3.95)  | (0.39)  | 1.83  |
| Total from Investment Operations | 1.83  | (3.25)  | 7.40  | (3.78)  | (0.15)  | 1.92  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.03)  | (0.15)  | (0.15)  | (0.13)  | —  | —  |
| Distributions (from capital gains) | (0.95)  | (0.26)  | —  | —  | (1.47)  | (1.96)  |
| Total Dividends and Distributions | (0.98)  | (0.41)  | (0.15)  | (0.13)  | (1.47)  | (1.96)  |
| Net Asset Value, End of Period | $21.76  | $20.91  | $24.57  | $17.32  | $21.23  | $22.85  |
| Total Return\* | 8.78% | (13.49)% | 42.91% | (17.96)% | 0.52% | 8.37% |
| Net Assets, End of Period (in thousands) | $27752  | $26996  | $42715  | $43538  | $55050  | $61772  |
| Average Net Assets for the Period (in thousands) | $28502  | $36165  | $45978  | $56349  | $55579  | $66582  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.09% | 1.11% | 1.18% | 1.36% | 1.18% | 1.30% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.09% | 1.11% | 1.18% | 1.36% | 1.18% | 1.30% |
| Ratio of Net Investment Income/(Loss) | 0.60% | 0.14% | 0.55% | 0.87% | 1.14% | 0.37% |
| Portfolio Turnover Rate | 20% | 44% | 53% | 59% | 39% | 51% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 24 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $21.14  | $24.82  | $17.49  | $21.44  | $23.03  | $23.05  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.10  | 0.10  | 0.17  | 0.22  | 0.30  | 0.14  |
| Net realized and unrealized gain/(loss) | 1.79  | (3.33)  | 7.36  | (3.98)  | (0.40)  | 1.86  |
| Total from Investment Operations | 1.89  | (3.23)  | 7.53  | (3.76)  | (0.10)  | 2.00  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.10)  | (0.19)  | (0.20)  | (0.19)  | (0.02)  | (0.06)  |
| Distributions (from capital gains) | (0.95)  | (0.26)  | —  | —  | (1.47)  | (1.96)  |
| Total Dividends and Distributions | (1.05)  | (0.45)  | (0.20)  | (0.19)  | (1.49)  | (2.02)  |
| Net Asset Value, End of Period | $21.98  | $21.14  | $24.82  | $17.49  | $21.44  | $23.03  |
| Total Return\* | 8.94% | (13.29)% | 43.30% | (17.74)% | 0.76% | 8.69% |
| Net Assets, End of Period (in thousands) | $340933  | $386007  | $574472  | $516634  | $652049  | $787120  |
| Average Net Assets for the Period (in thousands) | $377125  | $511237  | $555651  | $621808  | $681320  | $805838  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.82% | 0.85% | 0.92% | 1.10% | 0.92% | 1.05% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.82% | 0.85% | 0.92% | 1.10% | 0.92% | 1.05% |
| Ratio of Net Investment Income/(Loss) | 0.84% | 0.40% | 0.78% | 1.11% | 1.38% | 0.60% |
| Portfolio Turnover Rate | 20% | 44% | 53% | 59% | 39% | 51% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 25 |

---

------

### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Small Cap Value Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class L Shares are designed for pension and profit-sharing plans, employee benefit trusts, endowments, foundations and corporations, as well as high net worth individuals and financial intermediaries who are willing to maintain a minimum account balance of $250,000.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial

<br> 26 DECEMBER 31, 2022

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### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)
intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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:

<br> Janus Investment Fund 27

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### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and

<br> 28 DECEMBER 31, 2022

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### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)
would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

#### Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

#### Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Other Investments and Strategies

#### Additional Investment Risk
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor

<br> Janus Investment Fund 29

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### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)
sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Exchange-Traded Funds
The Fund may invest in exchange-traded funds ("ETFs") to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. 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 ETF trades at a premium or discount. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund's performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, and commodity-linked investments risk. The Fund is also subject to substantially the same risks as those associated with direct exposure to the securities held by the ETF.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

<br> 30 DECEMBER 31, 2022

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### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)

#### Repurchase Agreements
The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-

<br> Janus Investment Fund 31

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### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)
month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.72%, and the Fund's benchmark index used in the calculation is the Russell 2000<sup><sup>®</sup></sup> Value Index.

No Performance Adjustment is applied unless the difference between the Fund's investment performance and the cumulative investment record of the Fund's benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund's full performance rate of ±5.50%. Because the Performance Adjustment is tied to a Fund's relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser's fee even if the Fund's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Fund's Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund's benchmark index.

The Fund's prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended December 31, 2022, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.54%.

The Adviser has contractually agreed to waive the 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, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.91% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on

<br> 32 DECEMBER 31, 2022

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### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)
behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

The Transfer Agent receives an administrative fee based on the average daily net assets Class L Shares of the Fund based on the average proportion of the Fund's total net assets sold directly and the average proportion of the Fund's net assets sold through financial intermediaries on a monthly basis. The asset-weighted fee is calculated by applying a blended annual fee rate of 0.12% on average net assets for the proportion of assets sold directly and 0.25% on average net assets for the proportion of assets sold through financial intermediaries. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations. The Transfer Agent has agreed to waive all or a portion of this fee. Such waiver is voluntary and could change or be terminated at any time at the discretion of the Transfer Agent or the Adviser without prior notification to shareholders. Removal of this fee waiver may have a significant impact on Class L Shares' total expense ratio. If applicable, amounts waived to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class L Shares and Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R

<br> Janus Investment Fund 33

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### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)
Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $609.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended December 31, 2022, redeeming shareholders of Class C Shares paid CDSCs of $213.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $2132535206  | $553093842  | $(93479863) | $459613979  |

---

<br> 34 DECEMBER 31, 2022

------

### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)
5. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107059  | $2415409  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502071  | $12324447  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42433  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935219  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19815  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498339  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5192261) | &nbsp;&nbsp;&nbsp;&nbsp;(1906388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45548778) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77872) | $(1841633) | &nbsp;&nbsp;&nbsp;&nbsp;(1384502) | $(32725992) |
| Class C Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12309  | $265896  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51858  | $1184720  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38642  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784812  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13998  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327829  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1278742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3722734) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9969) | $(228034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98720) | $(2210185) |
| Class D Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52178  | $1183434  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246003  | $6013235  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193144  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198951  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76267  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1901327  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4190453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14081136) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60369  | $1191932  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261279) | $(6166574) |
| Class I Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687246  | $129462399  | &nbsp;&nbsp;&nbsp;&nbsp;13316385  | $324356312  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 3061205  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66887325  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371811  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34350140  |
| Shares repurchased | (11825233) | &nbsp;&nbsp;&nbsp;&nbsp;(267220900) | (32181491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(783667233) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(3076782) | $(70871176) | (17493295) | $(424960781) |
| Class L Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48195  | $1133887  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89379  | $2255291  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147934  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3338863  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72633  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876099  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(676559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15724876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(718940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18179704) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480430) | $(11252126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556928) | $(14048314) |
| Class N Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460260  | $32950800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219322  | $232336998  |
| Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; 1023510  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22322753  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618226  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15455657  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(6225873) | &nbsp;&nbsp;&nbsp;&nbsp;(141358487) | (19252161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465612666) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(3742103) | $(86084934) | &nbsp;&nbsp;&nbsp;&nbsp;(9414613) | $(217820011) |
| Class R Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98239  | $2168599  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425497  | $10043495  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87817  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858216  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34389  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834969  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7258621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7329715) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133395) | $(3231806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150749  | $3548749  |
| Class S Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89287  | $2007890  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225119  | $5399452  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55265  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194831  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24901  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616559  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3619842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17135144) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15946) | $(417121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446975) | $(11119133) |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403195  | $9135049  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396696  | $33944957  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698074  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15245927  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375679  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9391965  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(3851148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88438062) | &nbsp;&nbsp;&nbsp;&nbsp;(6657712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160071440) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(2749879) | $(64057086) | &nbsp;&nbsp;&nbsp;&nbsp;(4885337) | $(116734518) |

---

<br> Janus Investment Fund 35

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### Janus Henderson Small Cap Value Fund

#### Notes to Financial Statements (unaudited)
6. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $535010185  | $883272947  | $-  | $-  |

---

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 36 DECEMBER 31, 2022

------

### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 37

------

### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 38 DECEMBER 31, 2022

------

### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 39

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### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 40 DECEMBER 31, 2022

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### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 41

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### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 42 DECEMBER 31, 2022

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### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 43

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### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 44 DECEMBER 31, 2022

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### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 45

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### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 46 DECEMBER 31, 2022

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### Janus Henderson Small Cap Value Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 47

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### Janus Henderson Small Cap Value Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 48 DECEMBER 31, 2022

------

### Janus Henderson Small Cap Value Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 49

------

### Janus Henderson Small Cap Value Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 50 DECEMBER 31, 2022

------

### Janus Henderson Small Cap Value Fund

#### Notes

#### NotesPage1
<br> Janus Investment Fund 51

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### Janus Henderson Small Cap Value Fund

#### Notes

#### NotesPage2
<br> 52 DECEMBER 31, 2022

------

### Janus Henderson Small Cap Value Fund

#### Notes

#### NotesPage3
<br> Janus Investment Fund 53

------

---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93034 03-23 |

---

------

---

| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Small-Mid Cap Value Fund** | **Janus Henderson Small-Mid Cap Value Fund** |
| Janus Investment Fund | Janus Investment Fund |

---

**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Small-Mid Cap Value Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_20) | [1](#1_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_20) | [9](#2_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_20) | [10](#3_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_20) | [12](#4_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_20) | [13](#5_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_20) | [14](#6_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_20) | [21](#7_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_20) | [32](#8_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_20) | [43](#9_20) |

---

<br> Justin Tugmanco-portfolio manager Kevin Prelogerco-portfolio manager <br>     

------

### Janus Henderson Small-Mid Cap Value Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **5 Top Contributors - Holdings** | **5 Top Contributors - Holdings** | **5 Top Contributors - Holdings** | **5 Top Detractors - Holdings** | **5 Top Detractors - Holdings** | **5 Top Detractors - Holdings** |
|  | **Average <br>Weight** | **Relative <br>Contribution** |  | **Average <br>Weight** | **Relative <br>Contribution** |
| ChampionX Corp | 2.62% | 0.99% | Nomad Foods Ltd | 2.15% | -0.58% |
| Burlington Stores Inc | 1.94% | 0.91% | Portillo's Inc - Class A | 1.21% | -0.44% |
| Cardinal Health Inc | 2.24% | 0.84% | Take-Two Interactive Software Inc | 2.12% | -0.41% |
| Commercial Metals Co | 2.11% | 0.70% | Vontier Corp | 1.80% | -0.38% |
| Globus Medical Inc | 2.81% | 0.68% | Exelixis Inc | 0.70% | -0.37% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **5 Top Contributors - Sectors**\* |  |  |  |
|  |  | **Relative** | **Fund** | **Russell 2500 Value Index** |
|  |  | **Contribution** | **Average Weight** | **Average Weight** |
|  | Financials | 1.38% | 15.66% | 21.94% |
|  | Real Estate | 1.20% | 8.88% | 11.72% |
|  | Health Care | 1.20% | 11.93% | 8.88% |
|  | Materials | 0.82% | 6.99% | 5.91% |
|  | Consumer Discretionary | 0.59% | 9.57% | 10.74% |
|  | **5 Top Detractors - Sectors**\* |  |  |  |
|  |  | **Relative** | **Fund** | **Russell 2500 Value Index** |
|  |  | **Contribution** | **Average Weight** | **Average Weight** |
|  | Information Technology | -0.36% | 8.59% | 8.69% |
|  | Industrials | -0.26% | 19.80% | 17.16% |
|  | Other\*\* | -0.21% | 2.39% | 0.00% |
|  | Consumer Staples | -0.12% | 4.63% | 2.99% |
|  | Communication Services | -0.09% | 2.12% | 3.13% |
|  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  | Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. <br>Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.  |
| \* | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. | Based on sector classification according to the Global Industry Classification Standard ("GICS") codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| \*\* | Not a GICS classified sector. | Not a GICS classified sector. | Not a GICS classified sector. | Not a GICS classified sector. |

---

<br> Janus Investment Fund 1

------

### Janus Henderson Small-Mid Cap Value Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

---

| | |
|:---|:---|
| 5 Largest Equity Holdings - (% of Net Assets) | 5 Largest Equity Holdings - (% of Net Assets) |
| ChampionX Corp |  |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 3.0% |
| Burlington Stores Inc |  |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 2.9% |
| Hartford Financial Services Group Inc |  |
| &nbsp;&nbsp;&nbsp;Insurance | 2.8% |
| Magnolia Oil & Gas Corp |  |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 2.5% |
| Hillenbrand Inc |  |
| &nbsp;&nbsp;&nbsp;Machinery | 2.5% |
|  | 13.7% |

---

---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Common Stocks | 98.4% | 98.4% |
| Repurchase Agreements | 2.0% | 2.0% |
| Other | Other | (0.4)% |
|  |  | 100.0% |

---

---

| | |
|:---|:---|
| Top Country Allocations - Long Positions - (% of Investment Securities) | Top Country Allocations - Long Positions - (% of Investment Securities) |
| **As of December 31, 2022**<br>![](img_bd7cf3518e644f20.jpg) | **As of June 30, 2022**<br>![](img_93768845a8c94f20.jpg) |

---

<br> 2 DECEMBER 31, 2022

------

#### Janus Henderson Small-Mid Cap Value Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Average Annual Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Fiscal <br>Year-to-Date** | **One <br>Year** | **Five <br>Year** | **Ten <br>Year** | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class A Shares at NAV | 8.24% | -9.13% | 3.66% | 7.84% | 8.41% | 1.28% | 1.12% |
| Class A Shares at MOP | 1.98% | -14.34% | 2.43% | 7.20% | 7.83% |  |  |
| Class C Shares at NAV | 7.84% | -9.77% | 2.86% | 7.00% | 7.57% | 2.52% | 1.85% |
| Class C Shares at CDSC | 6.84% | -10.67% | 2.86% | 7.00% | 7.57% |  |  |
| Class D Shares | 8.30% | -8.97% | 3.85% | 8.06% | 8.63% | 0.95% | 0.88% |
| Class I Shares | 8.41% | -8.86% | 3.90% | 8.13% | 8.71% | 0.91% | 0.81% |
| Class N Shares | 8.46% | -8.83% | 4.00% | 8.15% | 8.66% | 0.80% | 0.73% |
| Class S Shares | 8.10% | -9.26% | 3.57% | 7.76% | 8.31% | 1.56% | 1.23% |
| Class T Shares | 8.29% | -8.97% | 3.75% | 7.96% | 8.53% | 1.07% | 0.98% |
| Russell 2500 Value Index | 4.29% | -13.08% | 4.75% | 8.93% | 10.20% |  |  |
| Morningstar Quartile - Class I Shares | - | 3rd | 4th | 4th | 4th |  |  |
| Morningstar Ranking - based on total returns for Mid-Cap Blend Funds | - | 243/411 | 335/393 | 292/335 | 302/331 |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.*

*Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.*

This Fund has a performance-based management fee that may adjust up or down based on the Fund's performance.

<br> Janus Investment Fund 3

------

#### Janus Henderson Small-Mid Cap Value Fund (unaudited)

#### Performance
*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class N Shares commenced operations on August 4, 2017. Performance shown for periods prior to August 4, 2017 reflects the historical performance of the Fund's Class I Shares, calculated using the fees and expenses of Class N Shares, without the effect of any fee and expense limitations or waivers.

If Class N Shares of the Fund had been available during periods prior August 4, 2017, the performance shown may have been different. The performance shown for periods following the Fund's commencement Class N Shares reflects the fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See "Useful Information About Your Fund Report."

\*The Fund's inception date – December 15, 2011

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> 4 DECEMBER 31, 2022

------

#### Janus Henderson Small-Mid Cap Value Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(7/1/22 - 12/31/22)** |
| Class A Shares | Class A Shares | $1000.00  | $1082.40  | $5.77  | $1000.00  | $1019.66  | $5.60  | 1.10% |
| Class C Shares | Class C Shares | $1000.00  | $1078.40  | $9.90  | $1000.00  | $1015.68  | $9.60  | 1.89% |
| Class D Shares | Class D Shares | $1000.00  | $1083.00  | $4.52  | $1000.00  | $1020.87  | $4.38  | 0.86% |
| Class I Shares | Class I Shares | $1000.00  | $1084.10  | $4.20  | $1000.00  | $1021.17  | $4.08  | 0.80% |
| Class N Shares | Class N Shares | $1000.00  | $1084.60  | $3.73  | $1000.00  | $1021.63  | $3.62  | 0.71% |
| Class S Shares | Class S Shares | $1000.00  | $1081.00  | $6.14  | $1000.00  | $1019.31  | $5.96  | 1.17% |
| Class T Shares | Class T Shares | $1000.00  | $1082.90  | $5.04  | $1000.00  | $1020.37  | $4.89  | 0.96% |
| † | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

---

<br> Janus Investment Fund 5

------

### Janus Henderson Small-Mid Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– 98.4% | Common Stocks– 98.4% |  |
| Aerospace & Defense – 2.0% | Aerospace & Defense – 2.0% |  |
| BWX Technologies Inc | 34632 | $2011427 |
| Auto Components – 1.8% | Auto Components – 1.8% |  |
| Aptiv PLC\* | 19987 | 1861389 |
| Banks – 7.9% | Banks – 7.9% |  |
| Ameris Bancorp | 44662 | 2105367 |
| First Interstate BancSystem Inc - Class A | 66323 | 2563384 |
| SVB Financial Group\* | 5330 | 1226646 |
| Synovus Financial Corp | 60234 | 2261787 |
|  |  | 8157184 |
| Building Products – 6.2% | Building Products – 6.2% |  |
| Armstrong World Industries Inc | 24988 | 1713927 |
| Carlisle Cos Inc | 9795 | 2308192 |
| Fortune Brands Home & Security Inc | 40534 | 2314897 |
|  |  | 6337016 |
| Capital Markets – 1.9% | Capital Markets – 1.9% |  |
| Jefferies Financial Group Inc | 56002 | 1919749 |
| Chemicals – 3.7% | Chemicals – 3.7% |  |
| FMC Corp | 16570 | 2067936 |
| Innospec Inc | 17027 | 1751397 |
|  |  | 3819333 |
| Containers & Packaging – 1.8% | Containers & Packaging – 1.8% |  |
| Graphic Packaging Holding Co | 81136 | 1805276 |
| Electrical Equipment – 2.2% | Electrical Equipment – 2.2% |  |
| Acuity Brands Inc | 13766 | 2279787 |
| Electronic Equipment, Instruments & Components – 5.0% | Electronic Equipment, Instruments & Components – 5.0% |  |
| Insight Enterprises Inc\* | 13288 | 1332388 |
| Vontier Corp | 109539 | 2117389 |
| Zebra Technologies Corp\* | 6596 | 1691280 |
|  |  | 5141057 |
| Energy Equipment & Services – 3.0% | Energy Equipment & Services – 3.0% |  |
| ChampionX Corp | 105521 | 3059054 |
| Entertainment – 2.1% | Entertainment – 2.1% |  |
| Take-Two Interactive Software Inc\* | 20730 | 2158615 |
| Equity Real Estate Investment Trusts (REITs) – 10.2% | Equity Real Estate Investment Trusts (REITs) – 10.2% |  |
| Apple Hospitality Inc | 113507 | 1791140 |
| Equity LifeStyle Properties Inc | 33214 | 2145624 |
| Lamar Advertising Co | 24733 | 2334795 |
| PotlatchDeltic Corp | 46710 | 2054773 |
| STAG Industrial Inc | 67987 | 2196660 |
|  |  | 10522992 |
| Food & Staples Retailing – 1.9% | Food & Staples Retailing – 1.9% |  |
| Casey's General Stores Inc | 8558 | 1919987 |
| Food Products – 1.6% | Food Products – 1.6% |  |
| Nomad Foods Ltd\* | 95916 | 1653592 |
| Gas Utilities – 2.2% | Gas Utilities – 2.2% |  |
| ONE Gas Inc | 30519 | 2310899 |
| Health Care Equipment & Supplies – 5.7% | Health Care Equipment & Supplies – 5.7% |  |
| Embecta Corp | 74691 | 1888935 |
| Envista Holdings Corp\* | 45014 | 1515621 |
| Globus Medical Inc\* | 33237 | 2468512 |
|  |  | 5873068 |
| Health Care Providers & Services – 4.1% | Health Care Providers & Services – 4.1% |  |
| Cardinal Health Inc | 29331 | 2254674 |
| Henry Schein Inc\* | 24346 | 1944515 |
|  |  | 4199189 |
| Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% |  |
| Portillo's Inc - Class A\* | 95349 | 1556096 |
| Insurance – 4.0% | Insurance – 4.0% |  |
| Hartford Financial Services Group Inc | 37465 | 2840971 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *Shares or*<br>*Principal Amounts* | *Shares or*<br>*Principal Amounts* | *Value* |
| Common Stocks– (continued) | Common Stocks– (continued) |  |
| Insurance– (continued) | Insurance– (continued) |  |
| Reinsurance Group of America Inc | 9049 | $1285772 |
|  |  | 4126743 |
| Life Sciences Tools & Services – 1.3% | Life Sciences Tools & Services – 1.3% |  |
| Charles River Laboratories International Inc\* | 6342 | 1381922 |
| Machinery – 4.2% | Machinery – 4.2% |  |
| Hillenbrand Inc | 60111 | 2564936 |
| Lincoln Electric Holdings Inc | 12247 | 1769569 |
|  |  | 4334505 |
| Metals & Mining – 2.3% | Metals & Mining – 2.3% |  |
| Commercial Metals Co | 49339 | 2383074 |
| Oil, Gas & Consumable Fuels – 4.3% | Oil, Gas & Consumable Fuels – 4.3% |  |
| Gulfport Energy Corp\* | 24186 | 1781057 |
| Magnolia Oil & Gas Corp | 111560 | 2616082 |
|  |  | 4397139 |
| Semiconductor & Semiconductor Equipment – 2.4% | Semiconductor & Semiconductor Equipment – 2.4% |  |
| Microchip Technology Inc | 35451 | 2490433 |
| Software – 2.5% | Software – 2.5% |  |
| Black Knight Inc\* | 27942 | 1725419 |
| Nice Ltd (ADR)\* | 4240 | 815352 |
|  |  | 2540771 |
| Specialty Retail – 4.9% | Specialty Retail – 4.9% |  |
| Bath & Body Works Inc | 49447 | 2083697 |
| Burlington Stores Inc\* | 14469 | 2933734 |
|  |  | 5017431 |
| Textiles, Apparel & Luxury Goods – 2.2% | Textiles, Apparel & Luxury Goods – 2.2% |  |
| Steven Madden Ltd | 71389 | 2281592 |
| Thrifts & Mortgage Finance – 1.5% | Thrifts & Mortgage Finance – 1.5% |  |
| WSFS Financial Corp | 34219 | 1551489 |
| Trading Companies & Distributors – 4.0% | Trading Companies & Distributors – 4.0% |  |
| GATX Corp | 18277 | 1943576 |
| MSC Industrial Direct Co Inc | 27125 | 2216113 |
|  |  | 4159689 |
| Total Common Stocks (cost $95,657,254) | Total Common Stocks (cost $95,657,254) | 101250498 |
| Repurchase Agreements– 2.0% | Repurchase Agreements– 2.0% |  |
| ING Financial Markets LLC, Joint repurchase agreement, 4.2600%, dated 12/30/22, maturing 1/3/23 to be repurchased at $2,100,994 collateralized by $2,465,634 in U.S. Treasuries 0.2500% - 5.3750%, 6/15/24 - 5/15/52 with a value of $2,143,014((cost $2,100,000) | $2100000 | 2100000 |
| Total Investments (total cost $97,757,254) – 100.4% | Total Investments (total cost $97,757,254) – 100.4% | 103350498 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.4)% | Liabilities, net of Cash, Receivables and Other Assets – (0.4)% | (457347) |
| Net Assets – 100% | Net Assets – 100% | $102893151 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** | ***Summary of Investments by Country - (Long Positions) (unaudited)*** |
|  |  | *% of* |
|  |  | *Investment* |
| *Country* | *Value* | *Securities* |
| United States | $100881554 | 97.6% |
| United Kingdom | 1653592 | 1.6 |
| Israel | 815352 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total | $103350498 | 100.0 | % |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 7 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  |  | *Gross Amounts* |  |  |  |
|  |  | *of Recognized* | *Offsetting Asset* | *Collateral* |  |
| *Counterparty* | *Counterparty* | *Assets* | *or Liability<sup>(a)</sup>* | *Pledged<sup>(b)</sup>* | *Net Amount* |
| ING Financial Markets LLC | ING Financial Markets LLC | $2100000 | $— | $(2100000) | $— |
| (a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
| (b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Schedule of Investments and Other Information (unaudited)
<br> Russell 2500<sup>TM</sup> Value Index Russell 2500<sup>TM</sup> Value Index reflects the performance of U.S. small to mid-cap equities with lower price-to-book ratios and lower forecasted growth values.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |

---

<br> \* Non-income producing security.

---

| | | | |
|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* | $101250498 | $- | $- |
| *Repurchase Agreements* | - | 2100000 | - |
| **Total Assets** | $101250498 | $2100000 | $- |

---

<br> Janus Investment Fund 9

------

### Janus Henderson Small-Mid Cap Value Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022
<br> See footnotes at the end of the Statement.

---

| | |
|:---|:---|
| Assets:  |  |
| Investments, at value (cost $95,657,254) | $101250498 |
| Repurchase agreements, at value (cost $2,100,000) | 2100000 |
| Cash  | 50012 |
| Trustees' deferred compensation | 3872 |
| Receivables: |  |
| Investments sold | 15847568 |
| Dividends  | 167199 |
| Fund shares sold | 55441 |
| Interest | 994 |
| Other assets | 1302 |
| Total Assets  | 119476886 |
| Liabilities:  |  |
| Payables: |  |
| Fund shares repurchased | 16453550 |
| Advisory fees | 44365 |
| Professional fees | 28097 |
| Transfer agent fees and expenses | 10299 |
| Trustees' deferred compensation fees | 3872 |
| 12b-1 Distribution and shareholder servicing fees | 998 |
| Affiliated fund administration fees payable | 275 |
| Custodian fees | 88 |
| Trustees' fees and expenses | 61 |
| Accrued expenses and other payables | 42130 |
| Total Liabilities  | 16583735 |
| Net Assets  | $102893151 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $102923081 |
| Total distributable earnings (loss) | (29930) |
| Total Net Assets  | $102893151 |
| Net Assets - Class A Shares  | $2290778 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 181170 |
| Net Asset Value Per Share<sup>(1)</sup>  | $12.64 |
| Maximum Offering Price Per Share<sup>(2)</sup>  | $13.41 |
| Net Assets - Class C Shares | $379661 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 31399 |
| Net Asset Value Per Share<sup>(1)</sup> | $12.09 |
| Net Assets - Class D Shares | $42169215 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3315423 |
| Net Asset Value Per Share | $12.72 |
| Net Assets - Class I Shares | $6791674 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 528403 |
| Net Asset Value Per Share | $12.85 |
| Net Assets - Class N Shares | $44677135 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3513322 |
| Net Asset Value Per Share | $12.72 |
| Net Assets - Class S Shares | $173771 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 13865 |
| Net Asset Value Per Share | $12.53 |
| Net Assets - Class T Shares | $6410917 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 503553 |
| Net Asset Value Per Share | $12.73 |

---

<br> (1) Redemption price per share may be reduced for any applicable contingent deferred sales charge.(2) Maximum offering price is computed at 100/94.25 of net asset value.

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Dividends | $1100208 |
| Interest | 41900 |
| Other income | 50 |
| Total Investment Income  | 1142158 |
| Expenses:  |  |
| Advisory fees | 361865 |
| 12b-1 Distribution and shareholder servicing fees:  |  |
| Class A Shares | 2857 |
| Class C Shares | 2012 |
| Class S Shares | 909 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 25409 |
| Class S Shares | 1019 |
| Class T Shares | 9038 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 1422 |
| Class C Shares | 237 |
| Class I Shares | 3030 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 87 |
| Class C Shares | 16 |
| Class D Shares | 5902 |
| Class I Shares | 227 |
| Class N Shares | 1430 |
| Class S Shares | 14 |
| Class T Shares | 85 |
| Registration fees | 72739 |
| Non-affiliated fund administration fees | 33345 |
| Professional fees | 23210 |
| Shareholder reports expense | 7667 |
| Trustees' fees and expenses | 1774 |
| Custodian fees | 1696 |
| Affiliated fund administration fees | 1555 |
| Other expenses | 703 |
| Total Expenses  | 558248 |
| Less: Excess Expense Reimbursement and Waivers | (68251) |
| Net Expenses  | 489997 |
| Net Investment Income/(Loss)  | 652161 |
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments | (3166042) |
| Total Net Realized Gain/(Loss) on Investments  | (3166042) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments and Trustees' deferred compensation | 12497940 |
| Total Change in Unrealized Net Appreciation/Depreciation  | 12497940 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $9984059 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 12 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)* | *Year ended*<br> *June 30, 2022* |
| Operations: |  |  |
| Net investment income/(loss) | $652161 | $950847 |
| Net realized gain/(loss) on investments | (3166042) | 1636295 |
| Change in unrealized net appreciation/depreciation | 12497940 | (21819692) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 9984059 | (19232550) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (6350) | (79135) |
| Class C Shares |  | (12497) |
| Class D Shares | (231444) | (1467870) |
| Class I Shares | (37979) | (310688) |
| Class N Shares | (420035) | (2081053) |
| Class S Shares |  | (30861) |
| Class T Shares | (24323) | (239738) |
| Net Decrease from Dividends and Distributions to Shareholders | (720131) | (4221842) |
| Capital Share Transactions:  |  |  |
| Class A Shares | (257280) | (428805) |
| Class C Shares | (99529) | 22667 |
| Class D Shares | (1829392) | (17630182) |
| Class I Shares | (2170591) | (4610382) |
| Class N Shares | (16651963) | (2767610) |
| Class S Shares | (846343) | (5229) |
| Class T Shares | (1647183) | (9681030) |
| Net Increase/(Decrease) from Capital Share Transactions | (23502281) | (35100571) |
| Net Increase/(Decrease) in Net Assets | (14238353) | (58554963) |
| Net Assets: |  |  |
| Beginning of period | 117131504 | 175686467 |
| End of period | $102893151 | $117131504 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 13 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.72  | $13.98  | $10.17  | $13.17  | $14.13  | $13.71  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.05  | 0.06  | 0.10  | 0.10  | 0.10  | 0.04  |
| Net realized and unrealized gain/(loss) | 0.91  | (1.93)  | 3.78  | (1.71)  | 0.65  | 1.12  |
| Total from Investment Operations | 0.96  | (1.87)  | 3.88  | (1.61)  | 0.75  | 1.16  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04)  | (0.05)  | (0.07)  | (0.11)  | (0.18)  | —<sup>(2)</sup>  |
| Distributions (from capital gains) | —  | (0.34)  | —  | (1.28)  | (1.53)  | (0.74)  |
| Total Dividends and Distributions | (0.04)  | (0.39)  | (0.07)  | (1.39)  | (1.71)  | (0.74)  |
| Net Asset Value, End of Period | $12.64  | $11.72  | $13.98  | $10.17  | $13.17  | $14.13  |
| Total Return\* | 8.16% | (13.78)% | 38.27% | (14.37)% | 7.46% | 8.49% |
| Net Assets, End of Period (in thousands) | $2291  | $2387  | $3279  | $3039  | $2055  | $521  |
| Average Net Assets for the Period (in thousands) | $2242  | $2920  | $3034  | $2169  | $852  | $501  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.32% | 1.28% | 1.35% | 1.78% | 1.91% | 1.55% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.10% | 1.12% | 1.07% | 1.34% | 1.31% | 1.31% |
| Ratio of Net Investment Income/(Loss) | 0.76% | 0.42% | 0.81% | 0.88% | 0.79% | 0.29% |
| Portfolio Turnover Rate | 31% | 80% | 99% | 152% | 40% | 58% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 14 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.22  | $13.45  | $9.80  | $12.74  | $13.73  | $13.43  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | —<sup>(2)</sup>  | (0.04)  | 0.02  | 0.01  | 0.02  | (0.06)  |
| Net realized and unrealized gain/(loss) | 0.87  | (1.85)  | 3.63  | (1.66)  | 0.60  | 1.10  |
| Total from Investment Operations | 0.87  | (1.89)  | 3.65  | (1.65)  | 0.62  | 1.04  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | —  | —  | —  | (0.01)  | (0.08)  | —  |
| Distributions (from capital gains) | —  | (0.34)  | —  | (1.28)  | (1.53)  | (0.74)  |
| Total Dividends and Distributions | —  | (0.34)  | —  | (1.29)  | (1.61)  | (0.74)  |
| Net Asset Value, End of Period | $12.09  | $11.22  | $13.45  | $9.80  | $12.74  | $13.73  |
| Total Return\* | 7.75% | (14.41)% | 37.24% | (15.04)% | 6.52% | 7.75% |
| Net Assets, End of Period (in thousands) | $380  | $450  | $515  | $353  | $398  | $262  |
| Average Net Assets for the Period (in thousands) | $382  | $493  | $427  | $380  | $318  | $319  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 2.76% | 2.51% | 2.70% | 3.23% | 3.30% | 2.38% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.89% | 1.84% | 1.81% | 2.14% | 2.09% | 2.05% |
| Ratio of Net Investment Income/(Loss) | (0.03)% | (0.33)% | 0.14% | 0.12% | 0.16% | (0.46)% |
| Portfolio Turnover Rate | 31% | 80% | 99% | 152% | 40% | 58% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>(2) Less than $0.005 on a per share basis.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 15 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class D Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.81  | $14.08  | $10.24  | $13.24  | $14.19  | $13.76  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.06  | 0.08  | 0.10  | 0.13  | 0.16  | 0.08  |
| Net realized and unrealized gain/(loss) | 0.92  | (1.93)  | 3.83  | (1.72)  | 0.61  | 1.13  |
| Total from Investment Operations | 0.98  | (1.85)  | 3.93  | (1.59)  | 0.77  | 1.21  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07)  | (0.08)  | (0.09)  | (0.13)  | (0.19)  | (0.04)  |
| Distributions (from capital gains) | —  | (0.34)  | —  | (1.28)  | (1.53)  | (0.74)  |
| Total Dividends and Distributions | (0.07)  | (0.42)  | (0.09)  | (1.41)  | (1.72)  | (0.78)  |
| Net Asset Value, End of Period | $12.72  | $11.81  | $14.08  | $10.24  | $13.24  | $14.19  |
| Total Return\* | 8.30% | (13.54)% | 38.52% | (14.20)% | 7.57% | 8.81% |
| Net Assets, End of Period (in thousands) | $42169  | $40878  | $66854  | $21708  | $23948  | $22006  |
| Average Net Assets for the Period (in thousands) | $42254  | $49604  | $34811  | $22879  | $22739  | $23560  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.97% | 0.95% | 1.06% | 1.51% | 1.45% | 1.19% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | 0.87% | 0.89% | 1.17% | 1.10% | 1.07% |
| Ratio of Net Investment Income/(Loss) | 1.00% | 0.62% | 0.78% | 1.06% | 1.22% | 0.53% |
| Portfolio Turnover Rate | 31% | 80% | 99% | 152% | 40% | 58% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 16 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.93  | $14.22  | $10.34  | $13.36  | $14.21  | $13.78  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.06  | 0.09  | 0.13  | 0.11  | 0.16  | 0.10  |
| Net realized and unrealized gain/(loss) | 0.93  | (1.96)  | 3.84  | (1.72)  | 0.63  | 1.11  |
| Total from Investment Operations | 0.99  | (1.87)  | 3.97  | (1.61)  | 0.79  | 1.21  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07)  | (0.08)  | (0.09)  | (0.13)  | (0.11)  | (0.04)  |
| Distributions (from capital gains) | —  | (0.34)  | —  | (1.28)  | (1.53)  | (0.74)  |
| Total Dividends and Distributions | (0.07)  | (0.42)  | (0.09)  | (1.41)  | (1.64)  | (0.78)  |
| Net Asset Value, End of Period | $12.85  | $11.93  | $14.22  | $10.34  | $13.36  | $14.21  |
| Total Return\* | 8.32% | (13.56)% | 38.58% | (14.19)% | 7.66% | 8.84% |
| Net Assets, End of Period (in thousands) | $6792  | $8309  | $14659  | $9848  | $7535  | $5391  |
| Average Net Assets for the Period (in thousands) | $7186  | $10673  | $13258  | $6734  | $6250  | $60942  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.92% | 0.91% | 1.10% | 1.47% | 1.39% | 1.08% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.80% | 0.82% | 0.89% | 1.13% | 1.06% | 0.99% |
| Ratio of Net Investment Income/(Loss) | 0.99% | 0.67% | 1.02% | 0.93% | 1.20% | 0.69% |
| Portfolio Turnover Rate | 31% | 80% | 99% | 152% | 40% | 58% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 17 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class N Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year or period ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018<sup>(1)</sup> |
| Net Asset Value, Beginning of Period | $11.81  | $14.09  | $10.24  | $13.24  | $14.20  | $14.06  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> | 0.07  | 0.11  | 0.11  | 0.15  | 0.19  | 0.10  |
| Net realized and unrealized gain/(loss) | 0.93  | (1.95)  | 3.84  | (1.72)  | 0.59  | 0.85  |
| Total from Investment Operations | 1.00  | (1.84)  | 3.95  | (1.57)  | 0.78  | 0.95  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.09)  | (0.10)  | (0.10)  | (0.15)  | (0.21)  | (0.07)  |
| Distributions (from capital gains) | —  | (0.34)  | —  | (1.28)  | (1.53)  | (0.74)  |
| Total Dividends and Distributions | (0.09)  | (0.44)  | (0.10)  | (1.43)  | (1.74)  | (0.81)  |
| Net Asset Value, End of Period | $12.72  | $11.81  | $14.09  | $10.24  | $13.24  | $14.20  |
| Total Return\* | 8.46% | (13.48)% | 38.72% | (14.09)% | 7.73% | 6.77% |
| Net Assets, End of Period (in thousands) | $44677  | $56752  | $70581  | $1806  | $1852  | $1585  |
| Average Net Assets for the Period (in thousands) | $62138  | $65311  | $28417  | $2112  | $1782  | $1164  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 0.80% | 0.80% | 0.88% | 1.48% | 1.41% | 1.12% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.71% | 0.74% | 0.76% | 1.03% | 0.96% | 0.95% |
| Ratio of Net Investment Income/(Loss) | 1.15% | 0.79%  | 0.83% | 1.24% | 1.40% | 0.76% |
| Portfolio Turnover Rate | 31% | 80% | 99% | 152% | 40% | 58% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Period from August 4, 2017 (inception date) through June 30, 2018.<br>(2) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 18 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.60  | $13.84  | $10.06  | $13.07  | $14.12  | $13.71  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.03  | 0.04  | 0.08  | 0.08  | 0.09  | 0.04  |
| Net realized and unrealized gain/(loss) | 0.90  | (1.91)  | 3.75  | (1.69)  | 0.65  | 1.12  |
| Total from Investment Operations | 0.93  | (1.87)  | 3.83  | (1.61)  | 0.74  | 1.16  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | —  | (0.03)  | (0.05)  | (0.12)  | (0.26)  | (0.01)  |
| Distributions (from capital gains) | —  | (0.34)  | —  | (1.28)  | (1.53)  | (0.74)  |
| Total Dividends and Distributions | —  | (0.37)  | (0.05)  | (1.40)  | (1.79)  | (0.75)  |
| Net Asset Value, End of Period | $12.53  | $11.60  | $13.84  | $10.06  | $13.07  | $14.12  |
| Total Return\* | 8.02% | (13.85)% | 38.16% | (14.51)% | 7.51% | 8.47% |
| Net Assets, End of Period (in thousands) | $174  | $939  | $1136  | $1004  | $390  | $100  |
| Average Net Assets for the Period (in thousands) | $807  | $1110  | $1084  | $890  | $115  | $114  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.63% | 1.54% | 1.71% | 2.16% | 4.23% | 2.17% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.17% | 1.20% | 1.23% | 1.51% | 1.29% | 1.34% |
| Ratio of Net Investment Income/(Loss) | 0.51% | 0.31% | 0.68% | 0.71% | 0.70% | 0.27% |
| Portfolio Turnover Rate | 31% | 80% | 99% | 152% | 40% | 58% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 19 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class T Shares** |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2022 (unaudited) and the year ended June 30 | 2022 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $11.81  | $14.07  | $10.21  | $13.22  | $14.16  | $13.76  |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> | 0.05  | 0.06  | 0.06  | 0.14  | 0.15  | 0.06  |
| Net realized and unrealized gain/(loss) | 0.92  | (1.93)  | 3.86  | (1.76)  | 0.61  | 1.13  |
| Total from Investment Operations | 0.97  | (1.87)  | 3.92  | (1.62)  | 0.76  | 1.19  |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.05)  | (0.05)  | (0.06)  | (0.11)  | (0.17)  | (0.05)  |
| Distributions (from capital gains) | —  | (0.34)  | —  | (1.28)  | (1.53)  | (0.74)  |
| Total Dividends and Distributions | (0.05)  | (0.39)  | (0.06)  | (1.39)  | (1.70)  | (0.79)  |
| Net Asset Value, End of Period | $12.73  | $11.81  | $14.07  | $10.21  | $13.22  | $14.16  |
| Total Return\* | 8.21% | (13.67)% | 38.50% | (14.40)% | 7.51% | 8.65% |
| Net Assets, End of Period (in thousands) | $6411  | $7416  | $18663  | $38649  | $23144  | $30287  |
| Average Net Assets for the Period (in thousands) | $7102  | $8946  | $11012  | $17402  | $27284  | $22955  |
| Ratios to Average Net Assets\*\*: |  |  |  |  |  |  |
| Ratio of Gross Expenses  | 1.09% | 1.07% | 1.18% | 1.55% | 1.51% | 1.29% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.96% | 0.99% | 1.02% | 1.27% | 1.20% | 1.19% |
| Ratio of Net Investment Income/(Loss) | 0.85% | 0.46% | 0.49% | 1.08% | 1.14% | 0.43% |
| Portfolio Turnover Rate | 31% | 80% | 99% | 152% | 40% | 58% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 20 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Small-Mid Cap Value Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to,

<br> Janus Investment Fund 21

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### 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 Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 Adviser-approved 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 nonvalued 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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

<br> 22 DECEMBER 31, 2022

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

<br> Janus Investment Fund 23

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)

#### Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Other Investments and Strategies

#### Additional Investment Risk
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund's investments, impair a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund's service providers, including the Adviser or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations.

<br> 24 DECEMBER 31, 2022

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund's investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

#### Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

#### Repurchase Agreements
The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

#### Counterparties
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 extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. 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.

#### Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

<br> Janus Investment Fund 25

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.70%. The Fund's primary benchmark index is the Russell 2500<sup><sup>®</sup></sup> Value Index. The Russell 3000<sup><sup>®</sup></sup> Value Index was used to calculate the Fund's performance fee adjustment prior to August 1, 2019. For a period of 36 months beginning on August 1, 2019, the Fund's performance fee adjustment was calculated based on a combination of the Russell 2500<sup><sup>®</sup></sup> Value Index and the Russell 3000<sup><sup>®</sup></sup> Value Index. Effective August 1, 2022, the Russell 3000<sup><sup>®</sup></sup> Value Index was eliminated from the performance adjustment calculation for the Fund, and the performance adjustment now only includes the Fund's performance relative to the Russell 2500<sup><sup>®</sup></sup> Value Index.

No Performance Adjustment is applied unless the difference between the Fund's investment performance and the cumulative investment record of the Fund's benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund's full performance rate of ±5.00%. Because the Performance Adjustment is tied to a Fund's relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser's fee even if the Fund's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Fund's Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund's benchmark index.

The Fund's prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended December 31, 2022, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.59%.

The Adviser has contractually agreed to waive the 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, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.82% of the Fund's average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2022. If applicable, amounts waived and/or reimbursed

<br> 26 DECEMBER 31, 2022

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such

<br> Janus Investment Fund 27

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### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2022, the Distributor retained upfront sales charges of $15.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2022.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

<br> 28 DECEMBER 31, 2022

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
As of December 31, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

---

| | | | |
|:---|:---|:---|:---|
| *Class* | *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class A Shares | Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - % |
| Class C Shares | Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| Class D Shares | Class D Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| Class I Shares | Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| Class N Shares | Class N Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19  |
| Class S Shares | Class S Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0\*  |
| Class T Shares | Class T Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| \*  | Less than 0.50% |  |  |

---

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $98621395  | $11926375  | $(7197272) | $4729103  |

---

<br> Janus Investment Fund 29

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
5. Capital Share Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2022* | *Period ended December 31, 2022* | *Year ended June 30, 2022* | *Year ended June 30, 2022* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644  | $71318  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15045  | $202833  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6350  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79135  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(710773) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22449) | $(257280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30838) | $(428805) |
| Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128  | $37236  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225  | $66326  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12497  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56156) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8711) | $(99529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857  | $22667  |
| Class D Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192292  | $2436354  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788962  | $10804986  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17788  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224835  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103899  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1423415  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4490581) | (2177708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29858583) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146538) | $(1829392) | (1284847) | $(17630182) |
| Class I Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46788  | $604269  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128465  | $1787759  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37979  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22449  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310688  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2812839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6708829) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168062) | $(2170591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334652) | $(4610382) |
| Class N Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1031326  | $13181385  | &nbsp;&nbsp;&nbsp;&nbsp;1218146  | $16587943  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33231  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420035  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151902  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2081053  |
| Shares repurchased | (2354759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30253383) | (1574792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21436606) |
| Net Increase/(Decrease) | (1290202) | $(16651963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204744) | $(2767610) |
| Class S Shares: |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990  | $37012  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8954  | $119811  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30861  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(883355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155901) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67150) | $(846343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1050) | $(5229) |
| Class T Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151808  | $1938593  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142207  | $1927674  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1923  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24323  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17486  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239738  |
| Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3610099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(857665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11848442) |
| Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124606) | $(1647183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697972) | $(9681030) |

---

6. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $37074469  | $59117485  | $-  | $-  |

---

<br> 30 DECEMBER 31, 2022

------

### Janus Henderson Small-Mid Cap Value Fund

#### Notes to Financial Statements (unaudited)
7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> Janus Investment Fund 31

------

### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> 32 DECEMBER 31, 2022

------

### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> Janus Investment Fund 33

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### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> 34 DECEMBER 31, 2022

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### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> Janus Investment Fund 35

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### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> 36 DECEMBER 31, 2022

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### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> Janus Investment Fund 37

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### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> 38 DECEMBER 31, 2022

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### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> Janus Investment Fund 39

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### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> 40 DECEMBER 31, 2022

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### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> Janus Investment Fund 41

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### Janus Henderson Small-Mid Cap Value Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> 42 DECEMBER 31, 2022

------

### Janus Henderson Small-Mid Cap Value Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> Janus Investment Fund 43

------

### Janus Henderson Small-Mid Cap Value Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> 44 DECEMBER 31, 2022

------

### Janus Henderson Small-Mid Cap Value Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> Janus Investment Fund 45

------

---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93033 03-23 |

---

------

---

| | |
|:---|:---|
|  | SEMIANNUAL REPORT<br>December 31, 2022 |
| **Janus Henderson Sustainable Multi-Asset Allocation Fund** | **Janus Henderson Sustainable Multi-Asset Allocation Fund** |
| Janus Investment Fund | Janus Investment Fund |

---

**HIGHLIGHTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment strategy behind your fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fund performance, characteristics<br>and holdings<br>

------

### **Table of Contents**

#### Janus Henderson Sustainable Multi-Asset Allocation Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund At A Glance and Schedule of Investments](#1_21) | [1](#1_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Schedule of Investments and Other Information](#2_21) | [7](#2_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#3_21) | [8](#3_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#4_21) | [9](#4_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#5_21) | [10](#5_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#6_21) | [11](#6_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#7_21) | [12](#7_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#8_21) | [17](#8_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Useful Information About Your Fund Report](#9_21) | [28](#9_21) |

---

<br> Oliver Blackbournco-portfolio manager Nick Harperco-portfolio manager <br>     

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund (unaudited)

#### Fund At A Glance

#### December 31, 2022

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| | |
|:---|:---|
| Holdings - (% of Net Assets) |  |
| Janus Henderson U.S. Sustainable Equity | 31.1<br>&nbsp;&nbsp;% |
| Janus Henderson Sustainable & Impact Core Bond | 30.8 |
| Janus Henderson International Sustainable Equity | 14.2 |
| Janus Henderson Cash Liquidity Fund LLC | 8.4 |
| Janus Henderson Net Zero Transition Resources | 8.2 |
| Janus Henderson Sustainable Corporate Bond | 8.2 |

---

---

| | | |
|:---|:---|:---|
| Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) | Asset Allocation **-** (% of Net Assets) |
| Investment Companies | 100.9% | 100.9% |
| Other | Other | (0.9)% |
|  |  | 100.0% |

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<br> Janus Investment Fund 1

------

#### Janus Henderson Sustainable Multi-Asset Allocation Fund (unaudited)

#### Performance
<br> *See important disclosures on the next page.*

---

| | | | |
|:---|:---|:---|:---|
| **Cumulative Total Return - for the periods ended December 31, 2022** | **Cumulative Total Return - for the periods ended December 31, 2022** | **Prospectus Expense Ratios** | **Prospectus Expense Ratios** |
|  | **Since <br>Inception\*** | **Total Annual Fund <br>Operating Expenses<sup>‡</sup>** | **Net Annual Fund <br>Operating Expenses<sup>‡</sup>** |
| Class D Shares | -6.63% | 2.23% | 0.74% |
| 60% MSCI ACWI / 40% Bloomberg US Aggregate Bond | -6.31% |  |  |
| Morningstar Quartile - Class D Shares | 3rd |  |  |
| Morningstar Ranking - based on total returns for US Fund World Allocation | 507/773 |  |  |

---

*Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).*

*Net expense ratios reflect the advisory fee waiver contractually agreed to through at least October 31, 2023. See Financial Highlights for actual expense ratios during the reporting period.*

*Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.* 

*Performance of the Fund depends on that of the underlying funds. They are subject to the volatility of the financial markets. Because Janus Henderson Investors US LLC is the adviser to the Fund and to the underlying affiliated funds held within the Fund, it is subject to certain potential conflicts of interest.*

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.© 2022 Morningstar, Inc. All Rights Reserved.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

<br> 2 DECEMBER 31, 2022

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#### Janus Henderson Sustainable Multi-Asset Allocation Fund (unaudited)

#### Performance
See "Useful Information About Your Fund Report."

\*The Fund's inception date – August 16, 2022

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

<br> Janus Investment Fund 3

------

#### Janus Henderson Sustainable Multi-Asset Allocation Fund (unaudited)

#### Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

#### Actual Expenses
The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based upon the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund's prospectus. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** |  |
|  |  | **Beginning<br>Account<br>Value<br>(8/16/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(8/16/22 - 12/31/22)\*** | **Beginning<br>Account<br>Value<br>(7/1/22)** | **Ending<br>Account<br>Value<br>(12/31/22)** | **Expenses<br>Paid During<br>Period<br>(7/1/22 - 12/31/22)†** | **Net Annualized<br>Expense Ratio<br>(8/16/22 - 12/31/22)** |
| Class D Shares | Class D Shares | $1000.00  | $933.70  | $1.39  | $1000.00  | $1017.47  | $1.45  | 0.38% |
| \* | Actual Expenses Paid During Period reflects only the inception period for the Fund (August 16, 2022 to December 31, 2022) and is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 138/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. | Actual Expenses Paid During Period reflects only the inception period for the Fund (August 16, 2022 to December 31, 2022) and is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 138/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. | Actual Expenses Paid During Period reflects only the inception period for the Fund (August 16, 2022 to December 31, 2022) and is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 138/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. | Actual Expenses Paid During Period reflects only the inception period for the Fund (August 16, 2022 to December 31, 2022) and is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 138/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. | Actual Expenses Paid During Period reflects only the inception period for the Fund (August 16, 2022 to December 31, 2022) and is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 138/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. | Actual Expenses Paid During Period reflects only the inception period for the Fund (August 16, 2022 to December 31, 2022) and is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 138/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. | Actual Expenses Paid During Period reflects only the inception period for the Fund (August 16, 2022 to December 31, 2022) and is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 138/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. | Actual Expenses Paid During Period reflects only the inception period for the Fund (August 16, 2022 to December 31, 2022) and is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 138/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. |
| † | Hypothetical Expenses Paid During Period is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Hypothetical Expenses Paid During Period is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Hypothetical Expenses Paid During Period is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Hypothetical Expenses Paid During Period is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Hypothetical Expenses Paid During Period is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Hypothetical Expenses Paid During Period is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Hypothetical Expenses Paid During Period is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. | Hypothetical Expenses Paid During Period is equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund's prospectuses for more information regarding waivers and/or reimbursements. |

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<br> 4 DECEMBER 31, 2022

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| *<br>*Shares* | *<br>*Shares* | *Value* |
| Investment Companies<sup>£</sup>– 100.9% | Investment Companies<sup>£</sup>– 100.9% |  |
| Exchange-Traded Funds (ETFs) – 92.5% | Exchange-Traded Funds (ETFs) – 92.5% |  |
| Janus Henderson International Sustainable Equity | 18988 | $310091 |
| Janus Henderson Net Zero Transition Resources | 7739 | 180506 |
| Janus Henderson Sustainable & Impact Core Bond | 16268 | 675610 |
| Janus Henderson Sustainable Corporate Bond | 4484 | 180347 |
| Janus Henderson U.S. Sustainable Equity | 35884 | 682675 |
|  |  | 2029229 |
| Money Markets – 8.4% | Money Markets – 8.4% |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 184464 | 184501 |
| Total Investments (total cost $2,243,753) – 100.9% | Total Investments (total cost $2,243,753) – 100.9% | 2213730 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.9)% | Liabilities, net of Cash, Receivables and Other Assets – (0.9)% | (19325) |
| Net Assets – 100% | Net Assets – 100% | $2194405 |

---

#### Schedules of Affiliated Investments – (% of Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Dividend*<br>*Income* | *Realized*<br>*Gain/(Loss)* | *Change in*<br>*Unrealized*<br>*Appreciation/* <br>*Depreciation* | *Value*<br>*at 12/31/22* |
| Investment Companies - 100.9% | Investment Companies - 100.9% | Investment Companies - 100.9% | Investment Companies - 100.9% | Investment Companies - 100.9% |
| Exchange-Traded Funds (ETFs) - 92.5% | Exchange-Traded Funds (ETFs) - 92.5% | Exchange-Traded Funds (ETFs) - 92.5% | Exchange-Traded Funds (ETFs) - 92.5% | Exchange-Traded Funds (ETFs) - 92.5% |
| Janus Henderson International Sustainable Equity | $1064 | $- | $1189 | $310091 |
| Janus Henderson Net Zero Transition Resources | 877 | (1283) | 4363 | 180506 |
| Janus Henderson Sustainable & Impact Core Bond | 3697 | - | (14616) | 675610 |
| Janus Henderson Sustainable Corporate Bond | 1601 | - | (2895) | 180347 |
| Janus Henderson U.S. Sustainable Equity | 1038 | - | (18075) | 682675 |
| Total Exchange-Traded Funds (ETFs) | $8277 | $(1283) | $(30034) | $2029229 |
| Money Markets - 8.4% | Money Markets - 8.4% | Money Markets - 8.4% | Money Markets - 8.4% | Money Markets - 8.4% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> | 1710 | (1) | 11 | 184501 |
| Total Affiliated Investments - 100.9% | $9987 | $(1284) | $(30023) | $2213730 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 5 |

---

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Schedule of Investments (unaudited)

#### December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Value*<br> *at 8/16/22* | *Purchases* | *Sales Proceeds* | *Value*<br>*at 12/31/22* |
| Investment Companies - 100.9% | Investment Companies - 100.9% | Investment Companies - 100.9% | Investment Companies - 100.9% | Investment Companies - 100.9% |
| Exchange-Traded Funds (ETFs) - 92.5% | Exchange-Traded Funds (ETFs) - 92.5% | Exchange-Traded Funds (ETFs) - 92.5% | Exchange-Traded Funds (ETFs) - 92.5% | Exchange-Traded Funds (ETFs) - 92.5% |
| Janus Henderson International Sustainable Equity |  | 308902 | - | 310091 |
| Janus Henderson Net Zero Transition Resources |  | 188436 | (11010) | 180506 |
| Janus Henderson Sustainable & Impact Core Bond |  | 690226 | - | 675610 |
| Janus Henderson Sustainable Corporate Bond |  | 183242 | - | 180347 |
| Janus Henderson U.S. Sustainable Equity |  | 700750 | - | 682675 |
| Money Markets - 8.4% | Money Markets - 8.4% | Money Markets - 8.4% | Money Markets - 8.4% | Money Markets - 8.4% |
| Janus Henderson Cash Liquidity Fund LLC, 4.2633%<sup>ºº</sup> |  | 1826760 | (1642269) | 184501 |

---

---

| | |
|:---|:---|
| See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. | See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| 6 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Notes to Schedule of Investments and Other Information (unaudited)

---

| | |
|:---|:---|
| 60% MSCI ACWI / 40% Bloomberg US Aggregate Bond | 60% MSCI ACWI / 40% Bloomberg US Aggregate Bond is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index<sup>SM</sup> (60%) and the Bloomberg Global Aggregate Bond Index (40%). |

---

<br> ETF Exchange-Traded Fund <br> LLC Limited Liability Company

<br> ºº Rate shown is the 7-day yield as of December 31, 2022.

£The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.<br>

---

| | | | |
|:---|:---|:---|:---|
| 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. | 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 December 31, 2022. See Notes to Financial Statements for more information. |
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  |  | ***Level 2 -*** | ***Level 3 -*** |
|  | ***Level 1 -*** | ***Other Significant*** | ***Significant*** |
|  | ***Quoted Prices*** | ***Observable Inputs*** | ***Unobservable Inputs*** |
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Investment Companies* | $2029229 | $184501 | $- |

---

<br> Janus Investment Fund 7

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Statement of Assets and Liabilities (unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| Assets:  |  |
| Affiliated investments, at value (cost $2,243,753) | $2213730 |
| Cash  | 2035 |
| Trustees' deferred compensation | 71 |
| Receivables: |  |
| Fund shares sold | 22337 |
| Due from adviser | 12491 |
| Dividends from affiliates | 603 |
| Other assets | 13 |
| Total Assets  | 2251280 |
| Liabilities:  |  |
| Payables: |  |
| Professional fees | 15976 |
| Fund shares repurchased | 996 |
| Transfer agent fees and expenses | 502 |
| Custodian fees | 358 |
| Advisory fees | 94 |
| Trustees' deferred compensation fees | 71 |
| Accrued expenses and other payables | 38878 |
| Total Liabilities  | 56875 |
| Net Assets  | $2194405 |
| Net Assets Consist of:  |  |
| Capital (par value and paid-in surplus) | $2226054 |
| Total distributable earnings (loss) | (31649) |
| Total Net Assets  | $2194405 |
| Net Assets - Class D Shares | $2194405 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 235994 |
| Net Asset Value Per Share | $9.30 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 8 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Statement of Operations (unaudited)

#### For the period ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income:  |  |
| Dividends from affiliates | $9987 |
| Other income | 138 |
| Total Investment Income  | 10125 |
| Expenses:  |  |
| Advisory fees | 257 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 608 |
| Other transfer agent fees and expenses: |  |
| Class D Shares | 469 |
| Registration fees | 34216 |
| Professional fees | 16014 |
| Non-affiliated fund administration fees | 5712 |
| Custodian fees | 617 |
| Shareholder reports expense | 320 |
| Trustees' fees and expenses | 18 |
| Total Expenses  | 58231 |
| Less: Excess Expense Reimbursement and Waivers | (56336) |
| Net Expenses  | 1895 |
| Net Investment Income/(Loss)  | 8230 |
| Net Realized Gain/(Loss) on Investments:  |  |
| Investments in affiliates | (1284) |
| Total Net Realized Gain/(Loss) on Investments  | (1284) |
| Change in Unrealized Net Appreciation/Depreciation:  |  |
| Investments in affiliates | (30023) |
| Total Change in Unrealized Net Appreciation/Depreciation  | (30023) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | $(23077) |

---

<br> (1) Period from August 16, 2022 (inception date) through December 31, 2022.

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 9 |

---

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Statements of Changes in Net Assets

---

| | |
|:---|:---|
|  | *Period ended*<br> *December 31, 2022 (unaudited)<sup>(1)</sup>* |
| Operations: |  |
| Net investment income/(loss) | $8230 |
| Net realized gain/(loss) on investments | (1284) |
| Change in unrealized net appreciation/depreciation | (30023) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (23077) |
| Dividends and Distributions to Shareholders: |  |
| Class D Shares | (8572) |
| Net Decrease from Dividends and Distributions to Shareholders | (8572) |
| Capital Share Transactions:  |  |
| Class D Shares | 2226054 |
| Net Increase/(Decrease) from Capital Share Transactions | 2226054 |
| Net Increase/(Decrease) in Net Assets | 2194405 |
| Net Assets: |  |
| Beginning of period |  |
| End of period | $2194405 |

---

<br> (1) Period from August 16, 2022 (inception date) through December 31, 2022.

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| 10 | &nbsp;&nbsp;DECEMBER 31, 2022 |

---

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Financial Highlights

---

| | |
|:---|:---|
| **Class D Shares** |  |
| For a share outstanding during the period ended December 31 (unaudited) | 2022<sup>(1)</sup> |
| Net Asset Value, Beginning of Period | $10.00  |
| Income/(Loss) from Investment Operations: |  |
| Net investment income/(loss)<sup>(2)</sup> | 0.06  |
| Net realized and unrealized gain/(loss) | (0.72)  |
| Total from Investment Operations | (0.66)  |
| Less Dividends and Distributions: |  |
| Dividends (from net investment income) | (0.04)  |
| Total Dividends and Distributions | (0.04)  |
| Net Asset Value, End of Period | $9.30  |
| Total Return\* | (6.63)% |
| Net Assets, End of Period (in thousands) | $2194  |
| Average Net Assets for the Period (in thousands) | $1329  |
| Ratios to Average Net Assets\*\*: |  |
| Ratio of Gross Expenses  | 11.59% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.38% |
| Ratio of Net Investment Income/(Loss) | 1.64% |
| Portfolio Turnover Rate | 1% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.<br>\*\* Annualized for periods of less than one full year.<br>(1) Period from August 16, 2022 (inception date) through December 31, 2022.<br>(2) Per share amounts are calculated based on average shares outstanding during the year or period.<br>

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
| &nbsp;&nbsp;Janus Investment Fund | 11 |

---

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Notes to Financial Statements (unaudited)
**1. Organization and Significant Accounting Policies**

Janus Henderson Sustainable Multi-Asset Allocation Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Fund operates as a "fund of funds," meaning substantially all of the Fund's assets will be invested in other Janus Henderson mutual funds and exchange-traded funds ("ETFs") (the "underlying funds"). The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund currently offers Class D Shares. Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's Shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

#### Underlying Funds
The Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. The Fund has a target allocation, which is how the Fund's investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which the Fund's asset class allocations generally will vary over short-term periods. The Fund's long-term expected average asset allocation is as follows: 60% to equity investments, 40% to fixed-income securities and money market instruments, and 0% to alternative investments. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the Fund's and underlying funds' prospectuses available at janushenderson.com. The Trustees of the underlying funds may change the investment objectives or strategies of the underlying funds at any time without prior notice to the Fund's shareholders.

#### Investment Valuation
The Fund's net asset value ("NAV") is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.

#### 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

<br> 12 DECEMBER 31, 2022

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Notes to Financial Statements (unaudited)
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 year.

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 December 31, 2022 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 and Other Information.

#### Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes*.* Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

#### Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

#### Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

#### Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the

<br> Janus Investment Fund 13

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Notes to Financial Statements (unaudited)
Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The underlying funds may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the underlying funds distribute such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

#### Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's "base" fee rate prior to any performance adjustment (expressed as an annual rate) is 0.05%.

The Adviser has contractually agreed to waive the 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, such as transfer agency fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, and extraordinary expenses, exceed the annual rate of 0.16% of the Fund's average daily net assets. The Adviser has agreed to continue the waiver until at least October 31, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement, and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. The Adviser does not receive compensation for serving as administrator and it bears the expenses related to operation of the Fund, such as, but not limited to fund accounting and tax services; shareholder servicing; and preparation of various documents filed with the SEC. The Fund bears costs related to any compensation, fees, or reimbursements paid to Trustees who are independent of the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; custody fees; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; blue sky registration costs; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; expenses of printing and mailing to existing shareholders prospectuses, statements of additional information, shareholder reports, and other materials required to be mailed to shareholders by federal or state laws or regulations; transfer agency fees and expenses payable pursuant to a transfer agency agreement between the Trust and the Transfer Agent on behalf of the Fund; any litigation; and other extraordinary expenses. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $240,740 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2022. The Fund's portion is reported as part of "Other expenses" on the Statement of Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the Statement of Operations.

<br> 14 DECEMBER 31, 2022

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Notes to Financial Statements (unaudited)
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds*  | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion – $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.12%.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2022 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2022 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $206,925 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2022 can be found in the "Schedules of Affiliated Investments" located in the Schedule of Investments.

<br> Janus Investment Fund 15

------

### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Notes to Financial Statements (unaudited)
As of December 31, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

---

| | | |
|:---|:---|:---|
| *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class D Shares | 21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |

---

3. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2022 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | *Unrealized* <br>*Appreciation* | *Unrealized* <br>*(Depreciation)* | *Net Tax Appreciation/* <br>*(Depreciation)* |
| $2245041  | $4275  | $(35586) | $(31311) |

---

4. Capital Share Transactions

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Period ended December 31, 2022<sup>(1)</sup>* | *Period ended December 31, 2022<sup>(1)</sup>* |
|  |  | *Shares* | *Amount* |
| Class D Shares: | Class D Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 239727  | $2260081  |
| Reinvested dividends and distributions | Reinvested dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42427) |
| Net Increase/(Decrease) | Net Increase/(Decrease) | 235994  | $2226054  |
| (1) | Period from August 16, 2022 (inception date) through December 31, 2022. | Period from August 16, 2022 (inception date) through December 31, 2022. | Period from August 16, 2022 (inception date) through December 31, 2022. |

---

5. Purchases and Sales of Investment Securities

For the period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities* | *Proceeds from Sales* <br>*of Securities* | *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations* | *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations* |
| $2071556  | $11010  | $-  | $-  |

---

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2022 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

<br> 16 DECEMBER 31, 2022

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)

#### Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund's website at janushenderson.com/proxyvoting; and (iii) on the SEC's website at http://www.sec.gov. Additionally, information regarding the Fund's proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC's website at http://www.sec.gov.

**Full Holdings**

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund's Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

#### APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series, each of whom serves as an "independent" Trustee (the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "VIT Portfolio," and collectively, the "VIT Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the VIT Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 9-10, 2022 and December 13-14, 2022, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2023 through February 1, 2024, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

#### Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson

<br> Janus Investment Fund 17

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)
Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

#### Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, and with the Janus Henderson Fund's benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds' performance has been reasonable, noting that: (i) for the 36 months ended May 31, 2022, approximately 38% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; (ii) for the 36 months ended September 30, 2022, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar, and (iii) for the 12 months ended September 30, 2022, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge

<br> 18 DECEMBER 31, 2022

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)
quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

<br> Janus Investment Fund 19

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted that 36 month-end performance was not yet available.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's performance was in bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

<br> 20 DECEMBER 31, 2022

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the bottom Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the first Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended May 31, 2022 and the third Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps the Adviser had taken or was taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May 31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2022 and the second Broadridge quartile for the 12 months ended May

<br> Janus Investment Fund 21

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)
31, 2022. The Trustees noted the reasons for the Fund's underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

#### Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 6% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 5% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) as part of its 2022 review, 9 of 11 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser. The Trustees noted that for the two Janus Henderson Funds that did not, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2021 and noted the following with regard to each Janus Henderson Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

<br> 22 DECEMBER 31, 2022

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)
*<u>Asset Allocation Funds</u>*

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Fixed-Income Funds</u>*

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Global and International Equity Funds</u>*

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The

<br> Janus Investment Fund 23

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)
Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Responsible International Dividend Fund (formerly the Janus Henderson Dividend & Income Builder Fund), the Trustees noted that, although the Fund's total expenses exceeded the peer group for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

*<u>Money Market Funds</u>*

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

*<u>Multi-Asset Funds</u>*

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

<br> 24 DECEMBER 31, 2022

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)
*<u>U.S. Equity Funds</u>*

· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

· For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses, although this limit did not apply because the Fund's total expenses as shown were below the applicable fee limit.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

<br> Janus Investment Fund 25

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

#### Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in June 2022 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 75% of these Janus Henderson Funds' have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following from the independent fee consultant's report: (1) that 31% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (2) that 29% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (3) that 39% of Janus Henderson Funds have low flat-rate fees versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant's conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus

<br> 26 DECEMBER 31, 2022

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Additional Information (unaudited)
Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

#### Other Benefits to the Adviser
The Trustees also considered benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

<br> Janus Investment Fund 27

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Useful Information About Your Fund Report (unaudited)

#### Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund's unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund's subsidized expense ratio. Ratios may be higher or lower than those shown in the "Financial Highlights" in this report.

#### Schedule of Investments
Following the performance overview section is the Fund's Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities, or the country where a majority of the company's revenues are derived. The Fund's Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund's Schedule of Investments (if applicable).

#### Statement of Assets and Liabilities
This statement is often referred to as the "balance sheet." It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund's assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund's liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled "Net Assets Consist of" breaks down the components of the Fund's net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value ("NAV") per share on the last day of the reporting period. The NAV is calculated by dividing the Fund's net assets for each share class (assets minus liabilities) by the number of shares outstanding.

<br> 28 DECEMBER 31, 2022

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Useful Information About Your Fund Report (unaudited)

#### Statement of Operations
This statement details the Fund's income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled "Investment Income," reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. "Net Realized and Unrealized Gain/(Loss) on Investments" is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

#### Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund's net assets during the reporting period. Changes in the Fund's net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund's net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund's investment operations. The Fund's net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund's net assets will not be affected.

The reinvestment of dividends and distributions is included under "Capital Share Transactions." "Capital Shares" refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund's net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

#### Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund's NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund's expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund's yield. The net investment income ratio is not a true measure of the Fund's yield because it does not take into account the dividends distributed to the Fund's investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund's investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the

<br> Janus Investment Fund 29

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

<br> 30 DECEMBER 31, 2022

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Notes

#### NotesPage1
<br> Janus Investment Fund 31

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Notes

#### NotesPage2
<br> 32 DECEMBER 31, 2022

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### Janus Henderson Sustainable Multi-Asset Allocation Fund

#### Notes

#### NotesPage3
<br> Janus Investment Fund 33

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---

| |
|:---|
| ***This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*** |
| Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc.<br>Janus Henderson Distributors US LLC |
| 125-24-93096 03-23 |

---

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Item 2 - Code of Ethics

Not applicable to semiannual reports.

Item 3 - Audit Committee Financial Expert

Not applicable to semiannual reports.

Item 4 - Principal Accountant Fees and Services

Not applicable to semiannual reports.

Item 5 - Audit Committee of Listed Registrants

Not applicable.

Item 6 - Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is contained in the Reports to Shareholders included under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant.

Item 8 - Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant.

Item 9 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant.

Item 10 - Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

Item 11 - Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 13 - Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable because the Registrant has posted its Code of Ethics (as defined in Item 2(b) of <br>Form N-CSR) on its website pursuant to paragraph (f)(2) of Item 2 of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (2) Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required under Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as [<u>Ex99.CERT</u>](ex99cert-1.htm).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A certification for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as [<u>Ex99.906CERT</u>](ex99906cert-1.htm).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Janus Investment Fund

By: /s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 1, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 1, 2023

By: /s/ Jesper Nergaard

Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund

(Principal Accounting Officer and Principal Financial Officer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: March 1, 2023

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## Ex-99.Cert

Section 302 Certifications

I, Michelle Rosenberg, certify that:

1. I have reviewed this report on Form N-CSR of Janus Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 1, 2023

/s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

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Section 302 Certifications

I, Jesper Nergaard, certify that:

1. I have reviewed this report on Form N-CSR of Janus Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 1, 2023

/s/ Jesper Nergaard

Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund

(Principal Accounting Officer and Principal Financial Officer)

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## Exhibit 99.906

Section 906 Certification

The following certification is provided by the undersigned Principal Executive Officer and Principal Financial Officer of Registrant on the basis of such officers' knowledge and belief for the sole purpose of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940.

Certification

In connection with the Semi-Annual Report of Janus Investment Fund (the "Registrant") on Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission on March 1, 2023 (the "Report"), we, Michelle Rosenberg, Principal Executive Officer of the Registrant, and Jesper Nergaard, Principal Accounting Officer and Principal Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940, that:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

March 1, 2023

/s/ Jesper Nergaard

Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund

(Principal Accounting Officer and Principal Financial Officer)

March 1, 2023

This certification is being furnished to the Commission solely pursuant to the requirements of Form N-CSR and is not being "filed" as part of this report. A signed original of this written statement required by Section 906, or other documents authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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